4 Government Banks That Hiked Deposit Rates In The Last 1-Month

A fixed deposit (FD), also known as a "time deposit" or "term deposit," is a type of investment that enables savers to save their extra cash for a certain amount of time while earning a set interest rate on it at regular intervals until maturity. While some banks have already increased their interest rates, others are slowly raising the interest rates on fixed deposits. Here are 4 banks which raised their interest rates on deposits in the last 1 month.

Bank of India

It offers an interest rate of 7.15% for regular customers and 7.65% for additional elderly citizens. The interest rates for other term deposits range from 3% to 6.75% for normal clients and up to 7.40% for super senior citizens, with maturities from seven days to 10 years. The new interest rates apply to domestic, NRO, and NRE deposits as well.

Central bank of India

On FDs maturing in 7 to 14 days, the Central Bank of India offers a minimum rate of 4 percent for the general public and 4.50 percent for senior citizens. For FDs maturing in 1 year or less than 2 years, the general public can receive a maximum rate of 6.75 percent and senior citizens can receive a rate of 7.25 percent.

Bank of Baroda

The bank provides a 3% interest rate on deposits with maturities of seven to 45 days. FDs with maturities of 46 to 180 days will earn interest at a rate of 4.5%. For fixed deposits that mature in between 181 and 210 days, Bank of Baroda will give an interest rate of 5.25 percent. Fixed deposits with maturities of 211 days or fewer will earn interest at a rate of 5.75 percent. The bank will provide a 6.75 percent interest rate on fixed deposits with maturities of one year to three years. The bank will provide fixed deposits with maturities of three years to ten years at an interest rate of 6.5%.

For deposits due between 7 and 45 days, the bank gives elderly people an interest rate of 3.5%. FDs with maturities of 46 and 180 days will earn interest at a rate of 5%. Interest will be paid on deposits that mature in a period of 181 to 210 days at a rate of 5.75 percent. For deposits due in 211 days or fewer, senior people will get interest at a rate of 6.25 percent. Seniors can receive an interest rate of 7.25 percent on fixed deposits with maturities of one year to three years. The bank would give elderly people an interest rate of 7.15% on fixed deposits with maturities of three years to five years. The Bank of Baroda provides an interest rate of 7.5% on deposits with maturities of more than five years and up to ten years.

Indian Bank

The interest rate on fixed-rate deposits (FDs) with terms of two years to three years or less has increased by 20 basis points (bps) to 6.70% at Indian Bank. For FDs with different tenures, interest rates are unchanged. Senior persons can receive a 0.50% p.a. higher interest rate from Indian Bank on balances up to Rs. 10 crore. The maximum interest rate available is 7.2% for a duration of two to three years or less.

A unique offer for senior citizens that offers an extra 0.25% higher rate of interest on top of the additional rate already paid for regular senior citizens on term deposits (0.50 + 0.25 = 0.75) for deposit buckets more than or equal to 5 years and less than or equal to 10 years. For super senior citizens, Indian Bank additionally provides the IB-Golden Age term deposit. The bank is increasing the interest rate on term deposits for all deposit buckets for super senior citizens by 0.25% above and above the higher rate presently being provided to senior persons under the age of 80.