Bank FD rate hike – Due to the increase in the repo rate of the Reserve Bank of India (Rapo Rate), the customers making fixed deposits (FD) in banks have benefited well. Banks have been increasing the interest rates on FDs since the repo rate hike. Public sector banks have also increased interest rates.
New Delhi. The Reserve Bank of India (RBI) has increased the repo rate four times so far this year. The effect of increasing the interest of the central bank is now also on the interest rates of bank loans and FDs (Bank FD Rate Hike). Banks have increased the interest rates of FDs along with the interest rates of home loans, car loans and personal loans.
Banks which have increased fixed deposit interest rates recently include State Bank of India (SBI), Bank of Baroda HDFC Bank, ICICI Bank, Bank of India, Canara Bank, Union Bank of India and IDFC First Bank. Today we are giving you information about those public sector banks which are giving more than 7 percent annual interest rate on fixed deposits.
According to a report by Bank of Baroda
Live Mint , Bank of Baroda has started Baroda Tiranga Plus Deposit Scheme from 1st November. Under this scheme, customers will get interest at the rate of 7.50 per cent on FD of 399 days. This scheme is for retail term deposits of less than Rs 2 crore. Bank of Baroda has increased the premium on non-callable retail term deposits from 0.15% p.a. to 0.25% p.a.
Bank of India
Bank of India has also launched high interest paying FD ‘Star Super Triple Seven Fixed Deposit’ scheme. In this newly introduced FD, investors can deposit money for 777 days. If the bank will give 7.25% interest to the common customer, then senior citizens will be given interest at the rate of 7.75%.
Union Bank of India
Union Bank of India has also increased its interest rates for customers making fixed deposits. The bank is paying interest ranging from 3 percent to 7 percent on FDs maturing in a period of 7 days to 10 years.
Canara Bank
Canara Bank FD has introduced a special fixed deposit maturing in 666 days. In this, the common customer depositing money will get interest at the rate of 7% per annum, while the senior citizens will be given 7.5% interest.
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