Mumbai: Leading private sector bank in the country, Karur Vysya Bank has hiked the interest rates on fixed deposits below Rs 2 crore. The new hike will be effective from July 8.
As per the bank, fixed deposits maturing in 7 days to 45 days will now get 3.25% interest and fixed deposits maturing in 46 days to 90 days will get 3.50% interest. The interest rate on fixed deposits maturing in 91 days to 120 days is now 3.75% and interest rate on fixed deposits maturing in 121 days to 180 days is 4%.
Fixed deposits that mature between 181 and 270 days will get interest at a rate of 4.75%. Term deposits that mature between 271 and less than a year will earn interest at a rate of 5%.
The bank will give interest rate of 5.55% on fixed deposits with terms of 1 year to less than 2 years and 5.60% on term deposits with duration of 2 years to less than 3 years. The FDs maturing between 3 years to less than 5 years will fetch an interest rate of 5.80% and 5.90% for FDs maturing between 5 years to less than 6 years.