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Tuesday, June 28, 2022
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    HomeBusinessIDBI Bank raises interest rates on retail term deposits by up to...

    IDBI Bank raises interest rates on retail term deposits by up to 25 bps

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    The revised rates would be applicable across various tenors for domestic term deposits, non-resident ordinary (NRO) and non-resident external (NRE) term deposits, effective June 15

    IDBI Bank on Tuesday said it has raised interest rates by up to 25 basis points (bps) on retail term deposits of less than Rs 2 crore. The revised rates would be applicable across various tenors for domestic term deposits, non-resident ordinary (NRO) and non-resident external (NRE) term deposits, effective June 15, a release said.

    The lender has increased the interest rate by 25 basis points to 4 per cent from 3.75 per cent on retail term deposits maturing between 91 days and six months. For fixed deposits maturing in 3 years to less than 5 years, the rate has been hiked by 10 bps to 5.60 per cent, compared to 5.50 per cent earlier.

    Retail term deposits with a maturity of more than 5 years and up to 7 years will now fetch an interest rate of 5.75 per cent against 5.60 per cent. The interest rate on fixed deposits maturing above 7 years and up to 10 years has been revised to 5.75 per cent from 5.50 per cent.

    The country’s largest lender State Bank of India (SBI) has raised interest rates by 0.20 per cent on domestic term deposits of below Rs 2 crore for select tenors. The revised interest rates on retail domestic term deposits (below Rs 2 crore) come into effect from June 14, 2022, State Bank of India (SBI) informed on its website.

    For deposits of 211 days to less than 1 year, the lender will offer an interest rate of 4.60 per cent against 4.40 per cent earlier. Senior citizens will be offered an interest of 5.10 per cent compared to 4.90 per cent earlier.

    Likewise, for domestic term deposits of 1 year to less than 2 years, customers can earn interest of 5.30 per cent, up by 0.20 per cent. For senior citizens, the interest rate will be higher by a similar margin at 5.80 per cent.

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