Bank FD Rates Hike: Before this meeting of RBI, many banks of the country have changed the interest rates of their fixed deposits. Actually, five banks have increased the interest rate on fixed deposits. Let us know which banks have increased the interest rates on fixed deposits
Bank FD Rates Hike: A decision on repo rates will be taken in the meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on February 7. Before this meeting of RBI, many banks of the country have changed the interest rates of their fixed deposits (FD). In January, Union Bank, PNB, Axis Bank, Shivalik Small Finance Bank, Karnataka Bank and Federal Bank have implemented new rates on FD. This new change will be applicable to the fixed deposits of common citizens.
Let us tell you that Fixed Deposit (FD) is a safe and beneficial investment option. Investment in fixed deposit gives pre-determined interest. In this, guaranteed return is available on keeping the deposit amount in the bank for a fixed time. This is a good option for those who want to get a fixed profit on their savings while keeping them safe.
Punjab National Bank (PNB)
Punjab National Bank (PNB) has started a new FD period of 303 days, in which 7 percent interest rate is being given. At the same time, common citizens are being given 6.7 percent interest rate in FD period of 506 days. This new interest rate has come into effect from January 1. PNB offers interest rate of 3.50 percent to 7.25 percent to common citizens on FDs ranging from seven days to ten years. The highest interest rate is 7.25 percent on FD of 400 days.
Union Bank of India
Union Bank of India has changed the interest rates on fixed deposits (FD) of less than Rs 3 crore. Now the interest rate for FD period from 7 days to 10 years has been increased from 3.5 percent to 7.30 percent. At the same time, the highest interest rate of 7.30 percent FD is available for 456 days for common citizens. These new rates have come into effect from January 1.
Karnataka Bank
Karnataka Bank has changed the interest rates of its fixed deposit (FD). The bank now gives interest ranging from 3.50 percent to 7.50 percent for FD periods ranging from 7 days to 10 years to common citizens. This bank is giving the highest interest rate of 7.50 percent for 375 days. These new rates have come into effect from January 2.
Shivalik Small Finance Bank (SFB)
Shivalik Small Finance Bank (SFB) has updated its fixed deposit (FD) interest rates, which have come into effect from January 22. For common citizens, the interest rate on FD will be from 3.50 percent to 8.80 percent, while for senior citizens this rate will be from 4 percent to 9.30 percent. The bank has given this information on its website.
Axis Bank
Axis Bank has changed the fixed deposit (FD) interest rates for funds less than Rs 3 crore. Now the bank offers interest rates ranging from 3 percent to 7.25 percent to common citizens on a period of 7 days to 10 years. These new rates are applicable from January 27.
