Fixed deposit investment is the only debt instrument available to the general public and senior citizens when it comes to getting safe returns that are not market dependent and deposit security is guaranteed 5 lakh by DICGC. Another significant benefit for taxpayers is the ability to claim Section 80C tax benefits on fixed deposits. To make a better financial decision while investing in fixed deposits, it is important to compare bank interest rates. Currently, as the repo rates have risen, interest rates are skyrocketing, making this task all the more important. Here is a list of major banks whose fixed deposit interest rates have been hiked recently in the month of July.
BoB FD Rates
Bank of Baroda hikes interest rates on fixed deposits 2 crore on Thursday, July 28, 2022. The bank has consequently increased the interest rates over several periods. The bank currently offers an interest rate of 3 per cent to 5.50 per cent to the general public and 3.50 per cent to 6.50 per cent to senior citizens on deposits maturing in 7 days to 10 years. Bank of Baroda is now offering a maximum interest rate of 5.50 percent to the general public on deposits maturing in 2 to 10 years and 6 to 6.50 percent to senior citizens. Senior citizens will get an additional rate of 0.50 per cent on deposits maturing in 7 days and up to 3 years; On deposits maturing in 3 to 5 years, they will get an additional ROI of 0.50 percent +0.15%; And on deposits maturing in 5 to 10 years, they will get an additional ROI of 0.50 percent +0.50 percent.
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axis Bank
Axis Bank revised down its interest rates for fixed deposits 2 crore on July 28, 2022. After the amendment, the bank is now offering interest rates ranging from 2.50% to 5.75% and 2.50% to 6.50% on deposits maturing in 7 days to 10 years to senior citizens. In Axis Bank, deposits maturing in 5 years to 10 years will now attract a maximum interest rate of 5.75% for regular customers and 6.50% for senior citizens.
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Kotak Mahindra Bank
Under the rate of interest on fixed deposits 2 crore was raised by Kotak Mahindra Bank on July 26, 2022. As a result of the amendment, the bank increased the interest rates on fixed deposits with a maturity of 365-days to 389-days. The bank is now offering interest rates on deposits with maturities ranging from 7 days to 10 years which range from 2.50% to 5.90% for general public and 3.0% to 6.40% for senior citizens. The bank offers a maximum interest rate of 5.90 per cent to the general public on deposits maturing in three years or more than ten years, while seniors get a maximum interest rate of 6.40 per cent.
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PNB
Punjab National Bank (PNB) hikes interest rates on fixed deposits 2 crore on 20 July 2022. The bank is now offering interest rates ranging from 3.00 per cent to 5.60 per cent for general public and 3.50 per cent to 6.10 per cent for seniors on deposits with maturities ranging from 7 days to 10 years. Citizen. The bank offers a maximum interest rate of 5.75 per cent for fixed deposits maturing in more than three years and five years and 1111 days and 6.25 per cent for elderly individuals.
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RBL Bank
RBL Bank hikes interest rates on fixed deposits 2 crore on July 21, 2022. After the revision, the bank is now offering interest rates on deposits maturing in 7 days to 240 months which range from 3.25 per cent to 5.75 per cent and 3.75 per cent to 6.25 per cent for general public. for seniors. As a result of the change, the bank is now offering a maximum interest rate of 7 per cent for general public and 7.50 per cent for senior citizens on fixed deposits maturing in 15 months.
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IDFC First Bank
On July 18, 2022, IDFC First Bank last adjusted its interest rates on fixed deposits under 2 crore as per the revised, the bank is now providing interest rate for both general public and senior people which ranges from 3.50 per cent to 6.00 per cent and 4 per cent to 6.50 per cent respectively on deposits maturing in 7 days to 10 years. , The bank will now offer a maximum interest rate of 6.50 per cent for general public and 7 per cent for deposits maturing in 500 days to 5 years for senior citizens.
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