Gradually, FD interest rates are being announced by banks and finance companies. In this episode, now Bandhan Bank and Jana Small Finance Bank have increased the interest rates of FD. Earlier, private sector ICICI Bank had announced a 25 basis points increase in FD interest rates.
New Delhi . After the increase in the repo rate and CRR, now the era of getting higher returns on fixed deposits has started. Gradually, FD interest rates are being announced by banks and finance companies. In this episode, now Bandhan Bank and Jana Small Finance Bank of the private sector have increased the interest rates of FD.
Earlier, private sector ICICI Bank had announced an increase in FD interest rates by 25 basis points. The Reserve Bank on Wednesday raised the repo rate by 40 basis points to 4.4 per cent and CRR by half a percentage point to 4.5 per cent. Due to the increase in CRR, about 87,000 crore rupees were removed from the banking system in one stroke. This reduced the lending capital with the banks. For this reason, banks are now offering more interest on FDs.
Bandhan Bank FD Rates
Bandhan Bank has increased the interest rates by 50 basis points on FDs of less than Rs 2 crore maturing in 1 to 2 years. According to the bank’s official website, the interest rate for this period has increased from 5.25 percent to 5.75 percent. This increase has been made on deposits of 1 year to 18 months and more than 18 months but less than 2 years. The new rate has become effective from May 4, 2022. Bandhan Bank has kept the interest rates on the deposits of the remaining tenors at the previous level. At present, the highest interest of 6.25 percent is being offered by the bank to the common citizens on deposits from 2 years to 5 years. Whereas senior citizens are being given an additional interest of 0.75 percent for all tenors.
Jana Small Finance Bank
Jana Small Finance Bank has also announced to increase the interest rate by 25 per cent i.e. 25 basis points on deposits up to Rs 2 crore. The new rate has become effective from May 5, 2022. This increase has been made for FDs with maturity from 3 years to 5 years. Investors will now get 7 percent interest on deposits of this period instead of 6.75 percent. Jana Small Finance Bank has kept the interest rate constant on deposits for the rest of the term.
