NEWS & ADVICE : FIXED DEPOSITS
Non public sector banks increase rates of interest for fixed deposits by up to four percent
By Neelima Shankar
Aug 19, 2013
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Faced with a good liquidity condition, the leading non-public sector banks Axis Bank and HDFC Bank have increased fixed deposit rates by up to four percent. HDFC Bank, the second-largest non-public sector investor of India, has increased fixed deposit rates by one per cent for deposits that ripen between fifteen days to six months in some unspecified time in the future, with effect from 27th July. Consistent with data accessible on the official web site of the bank, the rate of interest has been inflated by 0.75 percent for maturity buckets below one year, but above six months in some unspecified time in the future.

Axis Bank has increased the rate of interest on term deposits that mature between 14 days and 29 days by four to eight percent, whereas just in case of deposits that mature between 7 days and 14 days the increase is from 3.5 to 7.5 percent of bulk deposits exceeding one crore rupees with effect from Thursday. In accordance with the official web site of the bank, the rate of interest has been increased by 0.5 percent to 2.25 percent across the assorted maturities below one year, but above 29 days.


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