Interest rates

This 84-year-old private sector bank raises interest rates on term deposits

Incorporated in 1938, Jammu and Kashmir Bank (J&K Bank) is one of India’s oldest private sector banks and a scheduled commercial bank. Srinagar is the headquarters of the city. For the past 84 years, the bank has operated as a leading bank in the union territories of Jammu and Kashmir and Ladakh. The interest rate on term deposits below 2 crore was increased by the bank. According to the bank’s official website, the new rates will take effect on August 11, 2022. The bank has raised interest rates on all terms in response to the change.

Rates Jammu and Kashmir FD

The bank raised the interest rate on term deposits maturing in 7 days to 30 days from 2.90% to 3.50%, and on term deposits maturing in 31 days to 45 days from 3.00% to 3.70%. Term deposits with a maturity between 46 and 90 days will now have interest rates of 4.00% instead of 3.90%, while term deposits with a maturity between 91 and 180 days will now have interest rates of 4.50% instead of 4.00%. On fixed deposits maturing in 181 days to 270 days, J&K Bank will now offer an interest rate of 5.00%, down from 4.45% previously. The bank raised the interest rate on term deposits maturing in 271 days to less than one year from 4.50% to 5.25%, and on term deposits maturing in 1 year to less than 2 years from 5.30% to 6.25%. Deposits with a maturity between 2 years and less than 5 years will now offer an interest rate of 5.75%, which was 5.50% previously, and term deposits with a maturity between 5 years and less than 10 years will now offer an interest rate of 6.00%, which was 5.55% previously. .

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Rates Jammu and Kashmir FD (jkbank.com)

Jammu and Kashmir Bank mentioned on its website that “the above rates are applicable to new deposits and renewal of maturing deposits for amounts less than 2.00 crore. The minimum contractual term for NRE deposits is 1 year.” For the benefit of the elderly, the bank also stated on its website that “domestic term deposits of senior citizens over 60 will continue to receive an additional rate of 0 .50% on the whole territory “all maturities.”

Today, Yes Bank announced its interest rate hike on term deposits and IndusInd Bank announced its interest rate hike on savings accounts. The revised rates will take effect from August 10, 2022, for all terms offered by Yes Bank. Savings account interest rates have increased at IndusInd Bank and as of August 10, 2022 the highest interest rate is now 5.50%. On term deposits below 2 Cr, Kotak Mahindra Bank also announced an increase in interest rates. Effective August 10, 2022, Kotak Bank’s new fixed deposit interest rates will be in effect. The RBI’s Monetary Policy Committee (MPC) held in August 2022 raised the repo rate by 50 basis points and now stands at 5.40% resulting in all these rate hikes interest on deposit accounts.

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