FD Rate Hike: Bandhan bank has also joined the list of banks increasing interest rates on fixed deposits. The bank has increased the interest rates of FD by up to 0.5 percent.
New Delhi. If you are also thinking of getting FD in the bank, then there is good news for you. Bandhan Bank has announced an increase in FD interest rates (Bandhan bank FD Rate Hike) by 0.50 percent. The increased interest rates have come into effect from 6 February itself. The bank will now give 8.5 percent interest to senior citizens and 8 percent interest to general customers on making fixed deposits.
Significantly, last year, the Reserve Bank of India had increased the repo rate significantly. The result of this was that the banks also increased the rates of fixed deposits. Along with this, banks also made loans like home loan and personal loan expensive.
Bandhan Bank told on Monday (January 6) that it has also increased the interest rates of some of its fixed deposits. After increasing the interest, now the bank will now pay interest at the rate of 8.5 per cent to senior citizens and 8 per cent per annum to other citizens on fixed deposits of 600 days duration. Similarly, the interest rate on fixed deposits of one year duration has been increased to 7 per cent. Senior citizens will get an additional 0.5 percent interest.
Jana Small Finance Bank also increased the rate
Before Bandhan Bank, Jana Small Finance Bank had also announced to increase the interest rates on its FDs. These rates have come into effect from February 1 only. Jana Bank is now paying up to 8.10% interest on FDs with a tenure of more than 2 years. At the same time, for a period of more than 3 years, you can get up to 8.25 percent interest by investing in a special FD named ‘Fixed Deposit Plus’. At the same time, senior citizens will get 8.80 percent interest in this FD.
If repo rate increases then interest will increase again
The meeting of the Monetary Policy Committee to decide the repo rate by the Reserve Bank of India (RBI) is starting from today. Its results will be announced on 8 February. If the RBI announces an increase in the repo rate, then in the coming times, banks will again increase the interest rates on FDs.
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