IndusInd Bank, City Union Bank and Shivalik Small Finance Bank revise Fixed Deposit rates; Should you invest?

The revised Fixed Deposits rates for IndusInd Bank, City Union Bank and Shivalik Small Finance Bank have already come into effect.

The new FD rates for the City Union Bank have come into effect from September 23, 2022.

In a bid to attract more investors, the banks have been tweaking their fixed deposit interest rates. Since FDs are one of the safest investment avenues, senior citizens and investors with zero risk appetite prefer to park their money in them. In the recent past, financial institutions like Punjab National Bank and the State Bank of India have revised their FD rates. Now, three banks - IndusInd Bank, City Union Bank and Shivalik Small Finance Bank have revised their FD rates.

For the Shivalik Small Finance Bank, the new FD rates have come into effect from September 19. The bank now offers fixed deposits with interest rates up to 7 per cent. For an FD between Rs 25 lakhs and up to Rs 2 crore with a maturity period of 7 days to 14 days, the interest rate is 3.75%. For deposits with a maturity period of 15 days to 29 days, the ROI is 4%. For FDs maturing between 30 days and 90 days, the interest rate is 4.5%. The bank is offering an interest rate of 5 per cent on term deposits maturing from 91 days to 179 days. For deposits maturing between 180 days and 364 days, the rate of interest is 5.75%, it is 6.75% for deposits maturing between 365 days and 729 days, 7 per cent for deposits maturing from 730 days to 998 days, and 5.75 per cent on deposits maturing in 999 days and above. The bank is now offering an interest rate of 6.25% for the general public and 6.75% for senior citizens on tax-saver fixed deposits of 5 years.

As per the revised rates, the IndusInd Bank now offers a revised interest rate with effect from September 23. The bank now offers an interest rate ranging between 4% to 6.65% on FDs maturing between 7 days to 61 months and above. The interest rate is 4.35% for FDs maturing in 31 days to 45 days, 4.45% on FDs maturing in 46 days to 60 days, 4.65% on deposits maturing in 61 days to 90 days, 5.15% on deposits maturing in 91 days to 120 days, 5.25% on deposits maturing from 121 days to 180 days, 5.40 per cent on term deposits maturing from 181 days to 210 days, 5.55% on deposits maturing from 211 days to 269 days, 5.9% on deposits maturing from 270 days to 354 days, 6.15% on fixed deposits maturing in 355 days to 364 days, 6.4% on FDs maturing in 1 year to 1 year 6 months and 7 per cent on FDs maturing in 1 Year 6 Months to 61 months. On fixed deposits over 61 months and above, the bank is offering an interest rate of 6.65%.

The new FD rates for the City Union Bank have come into effect from September 23, 2022.  The revised interest rate is 4.1% on deposits maturing in 15 to 45 days, 4.5% for fixed deposits with maturities between 46 and 90 days, 5% on the FDs with maturities between 91 and 180 days, 5.25% on fixed deposits maturing from 181 days to 270 days, 5.75% on deposits maturing in 271 days to 364 days, 6.15% on term deposits maturing in 365 days to 399 days, 6.25% on fixed deposits maturing in 400 days, 6.25% on deposits maturing in 401 to 699 days, 6.3% on deposits maturing in 700 days, 6.25% on fixed deposits maturing in 701 to 3 years, 6% on deposits maturing in above 3 years up to 10 years and 6% on deposits above five years.