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After SBI, now this big bank has given relief to customers from inflation, now more money will be available on deposits

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Highlights

  • IDBI Bank hikes interest rates on retail time deposits by up to 0.25 percent
  • The bank reduced the interest rate on retail fixed deposits from 91 days to 6 months to 4 percent
  • Interest rate increased by 0.10 percent to 5.60% on deposits of less than 3 years to 5 years

Even though the Reserve Bank has given a new installment of inflation to the common man by increasing the repo rate, yet some relief for the common people is also hidden in this increase. In fact, after the increase in the repo rate, the interest on the deposits of banks has started increasing. On Wednesday, the country’s largest bank SBI increased the rates of its fixed deposits.

After SBI, now private sector IDBI Bank has increased the interest rates by up to 0.25 percent on retail time deposits of less than Rs 2 crore. The bank said in a release that the revised rates would be effective from June 15.

Know how much increase

According to the release, the bank has increased the interest rate on retail fixed deposits with maturity between 91 days to six months by 0.25 percent to four percent. It was earlier 3.75 per cent. At the same time, the interest rate on deposits ranging from three years to less than five years has been increased by 0.10 percent to 5.60 percent, from 5.50 percent earlier. Apart from this, interest at the rate of 5.75 percent will now be given on retail fixed deposits of five years to seven years. Earlier it was 5.60 percent.

SBI also increased interest rates

As per the information available on SBI’s website, the interest rate on deposits ranging from 211 days to less than one year will be 4.60 percent as against 4.40 percent at present. Senior citizens will get 5.10 percent interest as against 4.90 percent at present. Similarly, customers will get 5.30 per cent interest on deposits with tenures ranging from one year to less than two years. It has increased by 0.20 percent. At the same time, senior citizens will get 5.80 percent interest. Apart from this, SBI has increased the interest rate from 5.20 percent to 5.35 percent on deposits of two years to less than three years. In this, senior citizens will get 5.85 percent interest, which was 5.70 percent earlier. At the same time, the bank has increased the interest rate by up to 0.75 percent on domestic wholesale fixed deposits of Rs 2 crore and above.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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