ING Vysya Bank, as of April 2015, has merged with Kotak Mahindra Bank. All its products, services, branches, ATMs, outlets and operations will carry on under the Kotak Mahindra Bank banner.
Kotak completed the merger through an all-stock buyout of ING Vysya Bank. The deal, estimated at a value of Rs.15,000 crores, was proposed in Nov. 2014 and was completed this year after receiving appropriate approvals from RBI.
Kotak Mahindra Bank, post the merger, becomes India's 4th largest bank in the private sector.
The updated list of ING Vysya Bank FD Rates, for Regular and Senior Citizen, is listed below:
|Tenure||Regular FD Rate||Senior Citizen FD Rate|
|Upto Amount||Rs. 1 Crore||Rs. 1 Crore|
|7 - 14 Days||3.50%||4.00%|
|15 - 30 Days||4.00%||4.50%|
|31 - 45 Days||5.00%||5.50%|
|46 - 90 Days||5.50%||6.00%|
|91 - 120 Days||6.00%||6.50%|
|121 - 179 days||6.00%||6.50%|
|181 Days to 269 Days||6.50%||7.00%|
|271 Days to 363 Days||6.50%||7.00%|
|365 Days to 389 Days||6.75%||7.25%|
|390 Days (12 months 25 days)||6.90%||7.40%|
|391 Days - Less than 23 Months||6.25%||6.75%|
|23 months 1 Day- less than 2 years||6.25%||6.75%|
|2 years- less than 3 years||6.25%||6.75%|
|3 years and above but less than 4 years||6.25%||6.75%|
|4 years and above but less than 5 years||6.25%||6.75%|
|5 years and above upto and inclusive of 10 years||6.00%||6.50%|
ING Vysya Bank provides its customers with competitive rates of interest for short term deposits. For fixed deposits of tenure 30 days, the rate of interest is 4.50% p.a. The rate of interest offered for a tenure of 31-60 days is increased by 1.00%, thus making it 5.50% p.a. A tenure of 6 months and 9 months attracts interest at the rate of a booming 8.25% p.a. and 8.50 respectively. The rate of interest for a tenure of 1 year ranges at 8.75% p.a.
The bank offers high interest rates for medium and long term deposits. The rate of interest levied on term deposits of 1 year 6 months is 8.75% p.a. Term deposits of a tenure ranging 3 years and 5 years earn interest at the rate of 8.50% p.a. and 8.25% p.a. Respectively.
It offers a comparatively higher rate of interest for senior citizens. The highest rate of interest offered in short term deposits and long term deposits is 9.25% p.a.
ING Vysya Bank offers fixed deposits with attractive interest rates for short term and long term deposits. The rate of interest is higher with long term deposits since the tenure is higher.
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