Private sector lender, ING Vysya Bank has increased interest rates of fixed deposits by as much as 100 basis points across different maturities. The revised rates have come into effect from January 14.
Deposits having tenor of 501-729 days will now have interest rate of 8.75% as compared to 7.75% earlier. Maturities of 201-364 days have interest rate of 7.75% from 7.25% earlier.
Interest rates have been raised from 7.75% to 8.5% for maturities of 365-499 days deposits.
For tenor of 500 days , there has been a 0.5% increase in deposit rates to 9.25%.
For tenor of 730 days to less than 5 years and 5 years to less than 8 years, interest rates have been revised to 8.75% and 8.5% respectively.