The new FD interest rates have come into effect from August 10. The bank is now offering higher interest rates on FDs with maturities ranging from 7 days to 555 days with interest rates ranging from 2.75% to 5.55%.
New Delhi. Public sector Bank of India has announced a hike in interest rates on fixed deposit accounts of less than Rs 2 crore. According to the official website of the bank, the new FD interest rates have come into effect from August 10. The bank is now offering higher interest rates on FDs with maturities ranging from 7 days to 555 days with interest rates ranging from 2.75% to 5.55%.
The bank will continue to offer an interest rate of 2.75% on FDs maturing in 7 to 14 days, while the Central Bank of India will continue to offer interest at the rate of 2.90% on FDs maturing in 15 to 30 days. FDs maturing in 31-45 days will continue to get 3.00% interest rate and FDs maturing in 46-90 days will continue to get 3.35% interest rate. Central Bank of India will continue to offer 3.85% interest rate on FDs maturing in 91 to 179 days, but on FDs maturing in 180 to 364 days, the bank has increased the interest rate by 10 basis points from 4.40% to 4.50% have make.
10 bps hike
Apart from this, on FDs maturing in 1 year in less than 2 years, the bank has increased the interest rate by 10 bps from 5.25% to 5.35%. On FDs maturing in 2 years but less than 3 years, the bank has increased the interest rate by 10 bps from 5.30% to 5.40%. FDs maturing in 3 years to less than 5 years will now be offered an interest rate of 5.40% as against 5.35% earlier and 5.60% for FDs maturing in 5 years and above up to 10 years will continue to offer an interest rate of Rs.
SBI also increased the interest rate
On the other hand, SBI has announced an increase in interest rates for FDs below Rs 2 crore. According to the bank’s official website, the new interest rates are effective from August 13, 2022. SBI has increased interest rates by 15 basis points over several tenors in response to the revision. SBI Fixed Deposit interest rates now range from 2.90% to 5.65% for general public and 3.40% to 6.45% for senior citizens on deposits of 7 days to 10 years.
