Vijaya Bank is a public sector bank which offers its customers the best interest rates for fixed deposits held with them. These rates are provided to customers via various schemes and deposit tenors. These tensors can be short, medium or long term tenors.
The interest rates are also decided based on the amount that is deposited in the fixed deposit. Vijaya Bank offers customers the opportunity to open FD accounts for deposits in excess of Rs.200 Cr. too. They also offer options to withdraw interest at monthly, quarterly, half-yearly and yearly intervals.
The updated list of Vijaya Bank FD Rates, for Regular and Senior Citizen, is listed below:
|Tenure||Regular FD Rates||Senior Citizen FD Rates|
|7 days to 29 days||4||4.5|
|30 days to 45 days||4||4.5|
|46 days to 60 days||4.5||5|
|61 days to 90 days||4.5||5|
|91 days to 180 days||5.25||5.75|
|181 days to 269 days||6.25||6.75|
|270 days to less than 1 Yr||6.25||6.75|
|More than 1 Yr to less than 2 Yrs||6.5||7|
|More than 2 Yrs to less than 3 Yrs||6.5||7|
|3 years to 5 Yrs||6.5||7|
|Above 5 Yrs||6.25||6.75|
If you open a fixed deposit with Vijaya bank for periods of 7 days to 45 days, you can expect to expect to earn interest at the rate of 4% per annum. For periods ranging from 46 days to 90 days the interest rate goes up by 2% per annum. For deposits opened for 91 to 180 days the interest rates go up by an additional 2% making the annual interest rate 8%.
Fixed deposits that are opened for periods ranging from 181 days to 1 year the interest rates offered are 8.25% per annum which is up by 0.25% compared to shorter period term deposits.
For fixed deposits that are opened for tenures of 1 year to just under 2 years the bank offers an annual interest rate of 8.75%. Deposits opened for 2 years, 2 years to 3 years and 3 years to 5 years earn an interest rate that is 0.10% lesser at 8.65% per annum.
Vijaya Bank offers senior citizens special interest rates of 0.5% over the prescribed interest rates. This means that the lowest interest rate offered to senior citizens is 4.5% per annum and the highest is 9.25% per annum. These special interest rates, however, are applicable subject to certain conditions.
A closer examination would reveal that the if customers want to get the most out of their fixed deposits then the ideal tenor would be greater than 1 year because the best interest rates are being provided for medium and long term deposits.
Vijaya Bank has reduced its fixed deposit interest rates by 25 basis points with effect from April 12. The move follows the implementation of marginal cost of funds-based lending rate (MLCR) that became effective on April 1 this year.
The new rates will be applicable for term deposits of tenures from 91 days to above 5 years, the bank said. Its 1-year term deposit plan will not garner an interest of 7.5 percent. Vijaya Bank’s total business was more than Rs. 2,16,000 crore as on March 31.
14th April 2016