OPEN APP
Home / Industry / Banking /  This 100-year-old private sector bank revises interest rates on fixed deposits

This 100-year-old private sector bank revises interest rates on fixed deposits

Nainital Bank now offers deposits maturing in 7 days to 10 years at an interest rate of 3.25 per cent to 5.75 per cent.Premium
Nainital Bank now offers deposits maturing in 7 days to 10 years at an interest rate of 3.25 per cent to 5.75 per cent.

  • Nainital Bank is a private sector lender that has been in existence since 1922, bringing its total presence in the country to 100 years. On the 18th of June 2022, the bank announced that interest rates on fixed deposits of less than 2 crore have been revised.

Listen to this article

Nainital Bank is a private sector lender that has been in existence since 1922, bringing its total presence in the country to 100 years. On the 18th of June 2022, the bank announced that interest rates on fixed deposits of less than 2 crore have been revised. Following the modification, the bank now offers deposits maturing in 7 days to 10 years at an interest rate of 3.25 per cent to 5.75 per cent.

Nainital Bank FD Rates

The bank is currently offering a 3.25 per cent interest rate on deposits maturing in 7 to 45 days and a 4.25 per cent interest rate on deposits maturing in 46 to 179 days. Nainital Bank will now give a 4.95 per cent interest rate on deposits with a maturity tenor of 180 days or more but less than 270 days, and a 5.05 per cent interest rate on deposits with a maturity period of 270 days or more but less than one year.

Fixed deposits maturing in more than 1 year but less than or equal to 18 months will now earn 5.55 per cent, while deposits maturing in more than 18 months but less than or equal to 5 years will now return 5.60 per cent. The bank is now giving a 5.35 per cent interest rate on term deposits maturing in more than 5 years but less than or equal to up to 10 years, and a tax-saving fixed deposit scheme called as Naini Tax Saver Scheme will now fetch the maximum interest rate of 5.75 per cent.

For the purpose of additional interest rate benefits for senior citizens, Nainital Bank has mentioned on its website that “Branches may continue to pay an additional interest of 0.50% on domestic term deposits of less than Rs. 2.00 crore to Senior Citizens for all tenors in terms of extant guidelines, except under Naini Tax Saver Scheme."

Nainital Bank FD Rates
View Full Image
Nainital Bank FD Rates (nainitalbank.co.in)

Meanwhile, today on 18th June 2022, Yes Bank also hiked its interest rates on fixed deposits of less than 2 Cr. The bank has increased interest rates on fixed deposits with maturities ranging from one year to ten years, and currently offers a regular rate of 3.25 per cent to 6.50 per cent and 3.75 per cent to 7.25 per cent to senior citizens on fixed deposits with maturities ranging from seven days to ten years.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout