Several banks have recently increased fixed deposit rates. Following this trend of rising term deposit rates, two banks today announced a revision in their fixed deposit interest rates on Monday (22 August).
Unity Small Finance Bank (USFB) has revised the interest rates on its non-callable bulk deposits with effect from 20 August 2022. This bank is offering up to 7.1% interest on term deposits of over Rs 2 crore for 2-3 years and 3-5 years tenors.
Under non-callable deposits, premature withdrawal is not allowed. Also, interest on these deposits will be calculated on a quarterly compounding basis for deposits with tenor 6 months and above, USFB said in a statement. The bank further said that non-callable deposits are not offered to senior citizens due to the urgency of the requirement.
USFB had earlier revised its FD rates for retail investors with effect from 6th July 2022. It is currently offering up to 8.15% interest to senior citizens for term deposits of tenors 2-3 years and 3-5 years. For customers below 60 years of age, USFB offers a maximum of 7.65% interest on FDs of terns 2-3 years and 3-5 years.
IDBI Bank New FD Rate
The IDBI Bank has also revised the interest rates upward on Term deposits across various tenors with effect from August 22, 2022.
“The Bank is now offering the highest rate of 6.55% on select tenors. The Bank has also introduced a limited period special 500 days deposit under the Amrit Mahotsav FD scheme, offering a peak rate of 6.70. The Amrit Mahotsav offer is a limited offer available up to September 30, 2022,” IDBI Bank said in a statement.
IDBI Bank is also offering a special bucket of 500 days for US Dollar-designated FCNR (B) deposits at a peak rate of 3.63%.
ICICI FD Rate Revised
Last week, the ICICI Bank revised fixed deposit rates for select tenors. The private sector bank has set the rates on retail fixed deposits ranging from one year to five years between 5.50% and 6.10%, with rates on one-year deposits being 5.50%.