A private sector lender, Karur Vysya Bank increased the interest rates on fixed deposits under Rs. 2 crore. The bank's official website states that the higher interest rates will take effect on September 1, 2022. The bank raised interest rates on fixed deposits with maturities ranging from 31 days to 6 years and beyond following the adjustment.
Rates for FD at Karur Vysya Bank
On fixed deposits maturing in 7 days to 30 days, the bank will continue to pay an interest rate of 4.00%, however on fixed deposits maturing in 31 days to 45 days, the interest rate has increased from 4% to 5.25%. Karur Vysya Bank raised the interest rate on fixed deposits from 4.25% to 5.25% on deposits with maturities ranging from 46 to 90 days. Fixed deposit interest rates between 91 and 120 days are now 5.25% (formerly 4.5%), while interest rates on term deposits between 121 and 180 days are now 5.50% (previously 4.5%).
Karur Vysya Bank will now guarantee an interest rate of 5.90% on fixed deposits maturing in less than a year and will now offer an interest rate of 5.75% on fixed deposits maturing in 181 days to 270 days, up from 5%. The interest rate on fixed deposits with maturities of one to two years has increased to 6.10% from the previous rate of 5.75%, while the interest rate on term deposits with maturities of two to three years has increased to 6.10% from the previous rate of 5.85%. The interest rate on fixed deposits maturing in three to six years or more was raised by the bank from 6% to 6.10%.
The bank will continue to provide KVB - Tax Shield, a 5-year fixed deposit scheme that saves taxes, at an interest rate of 5.90%.
Senior Citizen FD Rates at Karur Vysya Bank
The bank has increased its interest rate for elderly citizens from 6.25% to 6.50% on fixed deposits with maturities of one year to less than two years. The bank is now paying senior citizens an interest rate of 6.50% on deposits maturing in 2 years to less than 3 years, up from 6.35% previously. The interest rate on fixed deposits with maturities of 3 years to less than 5 years has increased to 6.60% from 6.50% for senior citizens, while the interest rate on term deposits with maturities of 5 years to 10 years has increased to 6.60% from 6.50% for senior people. Senior citizens will continue to receive an interest rate of 5.90% on KVB - Tax Shield Deposits.
.
