Private sector lender Nainital Bank raised interest rates on fixed deposits of less than ₹2 cr. According to the bank’s official website, the new interest rates are effective from September 03, 2022. Following the revision, the bank raised interest rates on term deposits maturing in 1 year and more but also less than or equal to 18 months. as added a new term named Naini Utkrisht Term Deposit Scheme – 605 days.
Nainital Bank FD Rates
On time deposits with a maturity between 7 days and 45 days, the bank will continue to offer an interest rate of 3.25% and on time deposits with a maturity between 46 days and 179 days, the bank will continue to offer an interest rate of 4.25%. Fixed deposits maturing in 180 days or more but less than 270 days will continue to earn an interest rate of 4.95% and term deposits maturing in 270 days or more but less than a year will continue to earn an interest rate of 5.05%.
On fixed deposits maturing in 1 year and over but less than or equal to 18 months, Nainital Bank raised the interest rate from 5.55% to 5.75%, an increase of 20 basis points, and the bank has added a new term named Naini Utkrisht Term Deposit Scheme – 605 days, during which customers will get the highest interest rate of 6.05% on their deposits. An interest rate of 5.60% will continue to be offered on term deposits with maturities between 18 months and 5 years, and an interest rate of 5.35% will be offered on term with a maturity of 5 years but less than or equal to 10 years. The bank will continue to pay interest at the rate of 5.75% on the Naini Tax Saver Scheme for 5 years.
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“A new 605 day Naini Utkrisht term deposit scheme was introduced on 03.09.2022. Note: This scheme is only valid for 60 days and all terms and conditions will remain the same. The term deposit under this slab n is non-revolving and the deposit amount will be credited to the clients account on maturity,” Nainital Bank said at the launch of the Naini Utkrisht Term Deposit Scheme.
For the benefit of the elderly, Nainital Bank has mentioned on its website that “Branches may continue to pay an additional 0.50% interest on domestic term deposits below Rs. 2.00 crores to the elderly for all the tenors in terms of existing guidelines, except under the Naini tax savings scheme. »
“We reiterate that in the event of premature payment of term deposits, the interest rate will be 1% lower than the applicable interest rate for the period the deposit has remained with the bank in accordance with the guidelines in force” , Nainital Bank said on its website.
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