Public sector Central Bank of India has increased the interest rates on FDs. The new interest rates have become effective from June 10, 2022.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates of loans. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, the Central Bank of India in the public sector has also increased the rates of its fixed deposits ie FD. The new rates of the bank have become effective from June 10.
FD rates of Central Bank of India
Central Bank of India will pay 2.75 percent interest on fixed deposits of 7 to 14 days with an amount less than Rs 2 crore. Customers will get 2.90 percent interest on 15 to 45 days, 3.25 percent on 46 to 90 days, 3.80 percent on 91 to 179 days. The bank will give 4.35 percent interest for 180 to 364 days. 5.20 percent for one year to two years and 5.30 percent for 2 to 3 years.
RBI increased repo rate twice within 36 days
Significantly, on June 8, 2022, RBI Governor Shaktikanta Das announced an increase of 50 basis points in the repo rate, increasing it from 4.40 percent to 4.90 percent. Earlier, on May 4, 2022, the central bank had increased the repo rate by 40 basis points from 4.00 percent to 4.40 percent.
After increasing the repo rate, many banks have increased the interest rates on FD.
Private sector DBS Bank on Thursday announced a hike in interest rates on fixed deposits. The bank has also made an attractive increase in fixed deposit interest rates by 50 basis points i.e. 0.50 per cent for shorter tenures. The new rates of interest have come into effect from June 9, 2022.
Kotak Mahindra Bank has also announced a hike in interest rates on fixed deposits. The bank has increased the interest rates on fixed deposits by 10 to 15 basis points i.e. from 0.10 percent to 0.15 percent. The new interest rates of the bank have become effective from June 10, 2022.
