IDFC First Bank and Bandhan Bank have increased their fixed deposit interest rates. IDFC First Bank has decided to pay higher interest on FDs ranging from Rs 2 crore to Rs 25 crore. Similarly, Bandhan Bank has also decided to pay more interest on FDs of Rs 2 crore and above. The bank is now giving up to 7.80 percent interest on FD. The new interest rates have come into effect from 26 September.
According to a Live Mint report, IDFC First Bank will pay 7.10% interest on FDs ranging from Rs 2 crore to Rs 25 crore with a maturity period of 366 days to 731 days. Similarly, the bank will pay interest at the rate of 7 per cent per annum on FDs completed in 732 days to 10 years. The bank has decided to pay 6.85% interest on FDs maturing in 271 days to 365 days, while customers will now get 6.45% interest on FDs maturing in 181 days to 270 days.
Will get more interest
The bank has decided to pay 6.35% interest on FDs maturing in 92 days to 180 days. Interest will be 5.60% on FDs with tenor of 61-91 days, and 5.05% on fixed deposits of 46-60 days. Similarly, the bank will give 4.70% to 4.95% interest on fixed deposits that are completed in 7 days to 45 days.
Bandhan Bank also increased interest rates
Bandhan Bank has increased the interest rates of Bulk FDs from Rs 2 crore to Rs 50 crore and above. The bank has decided to pay 7.25% interest on fixed deposits with tenure ranging from 365 days to less than 15 months. The interest rate on FDs ranging from 15 months to less than 5 years is 6.15%. The bank is paying 5% interest on FDs maturing in a period of 5 years to 10 years. The interest rate on FDs maturing from 91 days to 364 days is 6%. Similarly, FDs with tenures ranging from 46 days to 90 days will get 5.05% interest. The bank is giving 3.25% to 3.75% interest on FDs that are completed in 7 days to 45 days.
