This 100-year-old private sector bank hikes fixed deposit interest rates

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The private sector lender Nainital Bank has hiked interest rates on fixed deposits of less than 2 Cr. As per the official website of the bank, the new interest rates are effective as of 03rd September 2022. Following the revision, the bank has hiked interest rates on fixed deposits maturing in 1 year and above but less than or equal to 18 months as well as has added a new tenure named Naini Utkrisht Term Deposit Scheme – 605 days.

Nainital Bank FD Rates

On fixed deposits maturing in 7 days to 45 days, the bank will continue to offer an interest rate of 3.25% and on term deposits maturing in 46 days to 179 days the bank will continue to offer an interest rate of 4.25%. Fixed deposits maturing in 180 days and above but less than 270 days will continue to fetch an interest rate of 4.95% and term deposits maturing in 270 days and above but less than 1 year will continue to fetch an interest rate of 5.05%.

On fixed deposits maturing in 1 year and above but less than or equal to 18 months, Nainital Bank has hiked the interest rate from 5.55% to 5.75% a hike of 20 bps and the bank has added a new tenure named Naini Utkrisht Term Deposit Scheme – 605 days, on which the customers will get the highest interest rate of 6.05% on their deposits. A 5.60% interest rate will continue to be offered on fixed deposits maturing in 18 months to 5 years, and a 5.35% interest rate will be offered on term deposits maturing in 5 years but less than or equal to 10 years. The bank will continue to pay interest at a rate of 5.75% on the Naini Tax Saver Scheme for 5 years.

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Nainital Bank FD Rates (nainitalbank.co.in)

“New scheme Naini Utkrisht Term Deposit of 605 days has been introduced w.e.f. 03.09.2022. Note : This scheme is valid for only 60 days and all terms and conditions will remain same. The term deposit under this slab is non-renewable and the deposit amount will be credited to customers account on maturity,” said Nainital Bank while launching Naini Utkrisht Term Deposit Scheme.

For the benefit of 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.”

“We reiterate that in case of premature payment of term deposits, interest rate shall be 1% less than the interest rate applicable for the period the deposit remained with the bank as per existing guidelines,” Nainital Bank mentioned on its website.

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