Home / Industry / Banking /  This private bank revises FD rates, launches special FD scheme of 700 days

The Nainital Bank Limited was founded in 1922, and it is now commemorating 100 years of existence. The interest rates on fixed deposits under 2 Cr have been amended by the bank, and the new rates are effective as of November 21st, 2022. Following the revision, the bank is now providing an interest rate on fixed deposits maturing in 7 days to 10 years that range from 3.25% to 5.35%. Additionally, the bank has introduced a special fixed deposit programme for retail investors, Naini Shatabdi Plus Deposit (Callable) -700 days.

Nainital Bank FD Rates

Nainital Bank is now guaranteeing an interest rate of 3.25% on FDs maturing in 7 days to 45 days, and an interest rate of 4.25% on those maturing in 46 days to 179 days. On FDs maturing in 180 days or more but less than 270 days, Nainital Bank is now promising an interest rate of 4.95%, and on FDs maturing in 270 days or more but less than 1 year, 5.05%. Deposits maturing in 1 year and above but less than or equal to 18 months will now fetch an interest rate of 5.75% and on Naini Centenary Deposit Scheme – 625 days the bank will offer an interest rate of 6.25%.

On the new special FD scheme Naini Shatabdi Plus Deposit (Callable) -700 days and Naini Shatabdi Plus Deposit ( Non Callable) – 700 days, the interest rates applicable are 6.80% and 6.90% respectively. “New Scheme Naini Shatabdi Plus Deposit (Callable and Non-callable) of 700 days has been introduced w.e.f 21.11.2022," mentioned Nainital Bank on its website.

The bank is now offering an interest rate of 5.60% on FDs maturing in the next 18 months to 3 years, while Nainital Bank is also offering an interest rate of 5.75% on FDs maturing in the next 3 years or more but less than or equal to 5 years. Deposits maturing in more than five years but less than or equal to ten years will earn interest at a rate of 5.35%, while the Naini Tax Saver Scheme will now pay interest at 5.75%.

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

Nainital Bank has also introduced a new scheme for Defense and Para Military Personals. The interest rates of the scheme are as below:

a) If age is less than 60 years than additional interest 0.10% will be given on normal rates.

b) If age is more than 60 years but less than 80 years than additional interest of 0.55% will be given on normal rates.

c) If age is more than 80 years than additional interest of 0.65% will be given on normal rates.

With the exception of the Naini Tax Saver Scheme, the bank will continue to pay an additional interest of 0.50% on domestic term deposits to senior citizens for all tenors. However, for domestic term deposits to super senior citizens (customers who have reached the age of 80 years), the bank will now pay an additional interest of 0.60% (0.50% + 0.10%).

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout