Banks have started increasing FD interest rates for different tenors.
The Reserve Bank of India (RBI) had increased the repo rate by 90 basis points in May and June. After this, banks have started increasing the interest rates of FDs for different tenors.
fixed deposit (FD) Today’s investors are very happy. The reason behind this is that after years of being troubled by the low interest rates, banks and NBFCs have decided to reduce the interest rates on FDs. interest rates (FD Interest Rates) has started increasing. Reserve Bank of India (RBI) has revised the repo rate in May and June. (Repo Rate) was increased by 90 basis points. After this, banks have started increasing the interest rates of FDs for different tenors. Let us know which banks have increased their FD interest rates in the last two weeks.
State Bank Of India (SBI)
State Bank of India (SBI) has increased the interest rates on fixed deposits of up to 20 basis points for certain tenures. This increase has come into effect from June 14, 2022, on deposits of less than Rs 2 crore. The new interest rates will be applicable on both new deposits and renewal of maturing accounts.
Punjab National Bank (PNB)
Punjab National Bank ie PNB has increased the interest rates on fixed deposits of different tenures. The increased interest rates have become effective from June 14, 2022. PNB has increased the interest rates on deposits of one and two years from 5.10 per cent to 5.20 per cent.
HDFC Bank has increased the interest rates on FD twice in a week. The bank has increased the interest rates on FDs by up to 25 basis points. The new rates will be effective from June 17, 2022. These rates are applicable on deposits of less than Rs 2 crore. According to the website of the private bank, FDs of 7 days to 29 days will now get interest at the rate of 2.75 percent, which was 2.50 percent earlier. At the same time, on the period of 30 days to 90 days, the bank has an interest rate of 3.25 percent, which was 3 percent earlier.
This private bank has increased the interest rates on FDs of multiple tenures. The bank has increased the interest rate by five basis points on FDs of less than Rs 2 crore. The increased interest rates will be applicable from June 22, 2022. The interest rate of 2.75 percent to 5.75 percent is present in the bank on FDs of 7 days to 10 days.
Union Bank of India
Union Bank of India has increased the interest rate on FDs of less than Rs 2 crore. These new interest rates will be effective from 16 June 2022. The bank is giving 3 percent to 5.80 percent interest on FDs with a tenure of 7 days to 10 years.
This private bank has increased the interest rates on FDs of less than Rs 2 crore, which is effective from June 16, 2022. According to the Axis Bank website, there is no change in the interest rate for less than one year. Apart from this, the interest rates on FDs of 5 to 10 years are at 5.75 percent.
IndusInd Bank is increasing the interest from 2.75 percent to 3.25 percent on FDs of the lowest 7 days to 14 days. In this way, the interest rate of FD has been increased by 50 basis points. IndusInd Bank has announced to give 3.50 percent interest on FDs of 15 days to 30 days. FDs for this period have increased by 50 basis points. Interest of 3.70 percent is being available on FDs of 31 days to 45 days, 3.80 percent on FDs of 46 days to 60 days. In this way, 20 basis points and 15 basis points have been increased in both these FD schemes respectively.
Private bank Federal Bank has also increased the rates of fixed deposits. Now the new rates have gone up from 2.75 percent to 5.75 percent. This bank is giving interest from 3.25 percent to 6.40 percent to senior citizens. The new rates are applicable from June 22, 2022.
bank of india
Bank of India has said that interest rates have been changed on term deposits of less than 2 crores. If an amount less than Rs 2 crore is invested in a scheme of 444 days, then customers are getting 5.50 percent interest. This is the highest interest rate based on maturity. 5.40 percent interest is being given on deposits with maturity of 445 days to 3 years. Bank of India is offering 5.35% interest rate to its customers on fixed deposits of 3 years to 10 years.