FD Hike: There is good news for those who have deposited hard earned money in bank FD. UCO Bank has announced an increase in interest rates on FDs.
New Delhi. Public sector UCO Bank (UCO Bank) has increased the interest rates on fixed deposits ie FDs by 45 bpc i.e. 0.45 per cent. According to the official website of the bank, the new rates of UCO Bank will be effective from November 8, 2022.
UCO Bank has increased the interest rates on FDs of less than 2 crores. On FDs of 7 days to 5 years and above, the bank is now offering interest rates ranging from 2.90 per cent to 5.50 per cent for general public and 3.15 per cent to 6.00 per cent for senior citizens.
Shivalik Small Finance Bank also changed the interest rates
On the other hand, the interest rates on Savings Account, Fixed Deposit and Recurring Deposit (RD) of Shivalik Small Finance Bank (SFB) have been changed. According to the official website of the bank, the new rates will be effective from November 10, 2022. After the change, the bank will now get a maximum interest rate of 7 per cent on savings account, up to 7.50 per cent interest on RD and FD to general customers and 8 per cent interest to senior citizens.
RBI has increased the repo rate for the fourth time in a row
Significantly, to stop the rising inflation in the country, RBI has increased the repo rate for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 per cent for the fourth time in a row. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.
Many banks have increased FD rates
It is noteworthy that recently RBL Bank, Axis Bank, CSB Bank Limited, Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of rate hike has started after the increase in repo rates by RBI.
