Major banks have revised interest rates on bank fixed deposits (FDs). On April 23, Bank of Baroda reduced interest rates in the smaller tenure FDs and raised interest rates for the longer duration FDs. Banks have raised interest rates for some long-term duration FDs even as they cut rates in the short-term maturity basket. “You don’t need to continue maintaining fixed deposit as this is a falling interest rate scenario. Also since some new banks have launched recently, you have the option of getting higher interest rates on FDs.

Source: Hindustan Times May 03, 2017 05:03 UTC