Mumbai: Leading private sector bank in the country, IDFC Bank has hiked the fixed deposit interest rates on various terms. The bank took this decision as Reserve Bank of India (RBI) hiked the repo rate by 40 basis points or 0.40% to 4.40%.
IDFC Bank has increased the interest rates on fixed deposits (FDs) worth below Rs 2 crore. Fixed deposits (FDs) with a maturity period of 7-29 days will now get 3.50% interest. It was at 2.5%. The bank has increased the interest rate on FDs maturing in 7 days to 14 days to 3.50%. The interest rate on FDs maturing in 15 days to 29 days has been increased to 3.50%.
The interest rate on FD investments maturing in 30 days to 45 days is hiked to 4.00%. The interest rate on FD investments with a maturity period of 46 days to 90 days is also 4.00%.
Investors can get returns at 4.50% on FDs maturing between 91 days to 180 days. Interest rate on FD investments maturing in 181 days to less than 1 year is 5.75%. The interest rate on FD investments with a maturity period of 3 years 1 day to 5 years is hiked to 6.25%. Senior citizens can get a 6.75%interest rate on a similar FD scheme.
Earlier, several public and private banks such as HDFC Bank, ICICI Bank, Bank of Baroda, and Axis Bank, among others, have increased the interest rates on fixed deposit investments.