Recently, some major banks revised their interest rates on bank fixed deposits (FDs). On 23 April, Bank of Baroda, the third largest public sector bank in terms of assets, had also reduced its interest rates in the smaller tenure FDs while increasing interest rates for the longer duration deposits. However, in the 3-year to less than 5-year tenure, it has increased the FD rates from 6.50% to 6.75%. Meanwhile, on 28 April, Axis Bank Ltd increased interest rates in select maturity baskets by 25 bps. The interest rates for these range between 3.75% and 4.25%.

Source: Mint May 03, 2017 11:15 UTC