Private sector lender IndusInd Bank today announced an increase in fixed deposit rates by up to 175 basis, or 1.75 per cent, in line with other banks.
These new rates will come into effect from January 8.
The interest rate on fixed deposits with a maturity period of 7-14 days has been increased by 25 basis points to 3 per cent. Furthermore, the interest rate on term deposits with a tenor of 15-30 days has been hiked by 100 basis points to 4 per cent, IndusInd Bank said in a statement.
Another major hike has been effected on term deposits with a tenor of 1-2 years. The interest on these term deposits has been increased by 175 basis points to 9 per cent, while term deposits of 181-269 days' tenor will attract 7.75 per cent interest after the rate was hiked by 150 basis points.
For term deposits with a maturity period of 46-60 days, the bank has revised the interest rate to 5.5 per cent, 125 basis points more than the prevailing rate.
For fixed deposits with a maturity of 2-3 years, the new rate is 8.75 per cent after the IndusInd Bank effected a 125 basis points hike.
For deposits of up to Rs 15 lakh with a tenor of 36-61 months, the rates have been revised upward by 100 basis points to 8.75 per cent.