Vijaya Bank is a public sector financial institution which offers its customers with lucrative schemes on fixed deposits which can avail attractive returns with flexible tenures like the short, mid and long term. The interest rates offered by the bank will totally depend on the amount that is deposited under the scheme.
Moreover, Vijaya Bank provides the customers with an opportunity to open fixed deposit accounts of more than Rs 200 crore also along with the option to withdraw their deposit interest on a monthly, 4-month, 6-month and yearly basis.
For the holding period of 7-45 days, the bank offers the interest rate of 4% per annum on deposits. On the other hand, for the tenures ranging from 46 days to three months, the rate of interest calculated is at 6% per annum, and it gets enhanced by 2% to 8% per annum for the holding period of 3-6 months.
Compared to short-term deposits, the interest rate of 8.25% per annum is genuinely high for the holding period ranging from six months to one year.
The fixed deposit opened for the holding period of one year to under two years provides with the interest rate of 8.75% per annum, and it is decreased by 0.10% to 8.65% per annum for the holding period two years, 2-3 years and 3-5 years.
Like most of the public sector financial institutions, Vijaya Bank also provides the senior citizens with an additional 0.5% on their fixed deposits. Therefore, the rate of interest for the senior citizens will vary from 4.5% per annum (lowest) to 9.25% per annum (highest) both being for the above-mentioned tenures.
A close inspection suggests that the tenures greater than one year can get the customers attractive returns on their fixed deposits.