On September 30, the Reserve Bank of India increased the repo rate by 50 basis points. This hike in repo rate will encourage banks to increase interest rates on FDs, which is expected to attract investors.
New Delhi. Fixed deposits (FDs) are considered the safest for investment. We can get FD of our money for a minimum period of seven days and maximum period of five years to ten years. This is such a scheme which is not affected by the fluctuations in the stock market. In this the returns are fixed, as they are not linked to the market. In this, the tenure of your FD affects the interest rate. On Friday, September 30, the Reserve Bank of India increased the repo rate by 50 basis points. RBI has increased the repo rate four times since May. After the recent hike, the current repo rate is 5.90 percent.
According to experts, this increase in repo rate will encourage banks to increase interest rates on FDs, which will attract investors. Due to the increase in interest rates in the recent past, FDs have been attracting the attention of investors. Today we will tell you about the FD rates offered by 3 major public sector banks so that you can choose the bank of your choice for maximum returns.
Canara Bank FD Rates
Public sector lender Canara Bank has increased interest rates on FDs below Rs 2 crore. According to the bank’s website, the bank has changed the interest rates of FD on August 8, 2022. After which the bank is now offering interest rates ranging from 2.90 percent to 6 percent on FDs maturing in 7 days to 10 years. At the same time, this rate for senior citizens ranges from 2.90 percent to 6.50 percent.
According to the bank, these rates are applicable only for single deposits of Rs 5 lakh and above. The minimum tenure for FDs below Rs 5 lakh is 15 days. Also, the bank says that an additional interest rate of 0.50 percent is available for senior citizens.
Bank of Baroda FD Rates
Bank of Baroda is also a leading public sector lender bank which offers FD facility for tenors ranging from 7 days to 10 years. The bank has recently increased the interest rates on FD on September 13, 2022. After this increase, the interest rates offered by the bank for the given period for the general public have gone up from 3 per cent to 5.65 per cent. Whereas for senior citizens it has been increased from 3.50 percent to 6.65 percent for the given period.
Punjab National Bank
Punjab National Bank (PNB) is one of the leading public sector banks. This bank offers FD facility for various tenors ranging from 7 days to 10 years. According to the PNB website, the new interest rates offered by the bank are effective from August 19, 2022. The FD rates offered by the bank to senior citizens and super senior citizens are effective from September 13, 2022, according to the website.
PNB has also recently added two new FD tenors for amounts below Rs 2 crore. These two new periods are 405 days and 406 days to two years. For common people, the interest rates offered by the bank range from 3 per cent to 5.75 per cent and for senior citizens (60-80 years of age) the FD rates range from 3.50 per cent to 6.60 per cent. Whereas, the interest rate for super senior citizens (above 80 years of age) ranges from 3.80 percent to 6.90 percent.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
