Bank Fixed Deposit Interest Rate Hike: Private and public sector banks are increasing interest on most all types of loans, savings accounts and fixed deposits (FD) after increasing the repo rate of the Reserve Bank.
Bank Fixed Deposit Interest Rate Hike: Private and public sector banks are increasing interest on most all types of loans, savings accounts and fixed deposits (FD) after increasing the repo rate of the Reserve Bank. The increased EMI can definitely spoil the budget of your household, but you will definitely benefit from the increase in interest on FD. Recently, DBS Bank and Central Bank of India have increased the loan interest by 0.50 percent. This comes as the RBI hiked its interest rates by 50 basis points as it plans to move away from its soft stance. However, both these banks have also increased the interest on FD.
DBS Bank is paying so much interest on FD
DBS Bank India Limited has revised the FD rate. FD interest rates have been increased from 0.10 percent to 0.50 percent. 0.50 per cent higher interest for senior citizens DBS Bank has increased rates by 10 to 50 basis points for deposits of less than Rs 2 crore. DBS Bank has increased the interest rates on 7 days FD from 4.50 percent to 5 percent. For general public, interest on FDs between one year and 375 days has been increased by 20 basis points to 5.30 percent. Interest on FDs from 276 days to less than 2 years has been reduced to 5.50 percent.
FD interest rates have been increased from 0.10 percent to 0.50 percent.
Central Bank of India increased interest on FD
Public sector bank Central Bank of India has also increased its fixed deposit interest rates. According to the official website of the bank, it is offering 2.75 percent interest rate on FDs of 7 to 14 days. 2.90 percent on FDs maturing between 15 to 45 days. The rates on FDs maturing between 46 and 90 days are 3.25 percent, while the interest rates on FDs maturing between 91 and 179 days have been fixed at 3.80 percent. FDs with maturities of 180 to 364 days are giving returns of 4.35 percent. The bank is offering a maximum interest rate of 5.60 per cent per annum on FDs above five years and up to 10 years.
