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2 Public Sector Banks That Revised Their Interest Rates On FD In October 2021
While investing in fixed deposits, it is imperative to analyse the applicable interest rates, since this consideration helps you to plan your goals depending on the maturity duration you have chosen. In the same month where the Reserve Bank of India held the repo rate and reverse repo rate constant at 4 percent and 3.35 percent, respectively, two public sector banks in India altered their interest rates on fixed deposits as well. The following are the two public sector banks that have modified their interest rates on fixed deposits of less than Rs 2 crore.
Indian Bank
Indian Bank revised its fixed deposit interest rates for deposits of less than Rs 2 Cr and Rs 2 Cr to Rs 5 Cr on October 5, 2021. Following the most recent adjustment, Indian Bank now offers the highest interest rate of 5.25 percent to the general public and 5.75 percent to senior citizens on deposits maturing in 3 years to less than 5 years and 5 years, respectively. The bank offers Senior Citizen Domestic Term Deposit Accounts where senior citizens will continue to earn an additional rate of 0.50% p.a. for an amount up to Rs 10 crore for all tenors. The latest interest rates on fixed deposits of Indian Bank are listed below.
| Period | % per annum (For deposits of less than Rs 2 Cr) |
|---|---|
| 7 days to 14 days | 2.8 |
| 15 days to 29 days | 2.8 |
| 30 days to 45 days | 2.8 |
| 46 days to 90 days | 3.25 |
| 91 days to 120 days | 3.35 |
| 121 days to 180 days | 3.5 |
| 181 days to less than 9 months | 4 |
| 9 months to less than 1 year | 4.4 |
| 1 year | 4.95 |
| Above 1 year to less than 2 years | 5 |
| 2 years to less than 3 years | 5.1 |
| 3 years to less than 5 years | 5.25 |
| 5 year | 5.25 |
| Above 5 years | 5.15 |
| Source: Bank Website |
Central Bank of India
The other public sector bank is the Central Bank of India, which has also changed its fixed deposit interest rates, and the new applicable rates are in force from 10.10.2021. Upon the recent revision on interest rates, the bank is now offering the highest interest rate of 5.00% to the general public and 5.50% to senior citizens on deposits maturing in 2 years to 10 years. On their deposits, senior citizens will continue to get an additional card rate of 0.50% per annum across all tenors. The bank's most recent interest rates on fixed deposits are provided below.
| Maturity Period | Less than 2 cr w.e.f 10.10.2021 | 2 Cr to 10 Cr (Single deposit) w.e.f 10.07.2021 (Linked with REPO Rate) |
|---|---|---|
| 7 -14 days | 2.75 | 2.9 |
| 15 - 30 days | 2.9 | 2.9 |
| 31 - 45 days | 2.9 | 2.9 |
| 46 - 59 days | 3.25 | 2.9 |
| 60 - 90 days | 3.25 | 2.9 |
| 91 - 179 days | 3.8 | 2.9 |
| 180 - 270 days | 4.25 | 3 |
| 271 - 364 days | 4.25 | 3.25 |
| 1 yr to less than 2 yrs | 4.9 | 3.25 |
| 2 yr to less than 3 years | 5 | 3.25 |
| 3 yr to less than 5 years | 5 | 3.25 |
| 5 years & above upto 10 years | 5 | 3.25 |
| Source: Bank Website |
