Many banks have increased the interest rates on savings accounts.
Interest Rate: On the other hand, DCB Bank of the private sector has increased the interest rates of Fixed Deposits. The bank has increased the interest rates of FDs of 6 months and less than 12 months by 45 basis points.
Public Sector Union Bank of India (Union Bank of India) Big news for the customers. Union Bank has cut its savings account interest rates. Bank up to Rs 50 lakh Savings Bank Deposit (S)avings bank deposits) interest rates have been reduced by 15 basis points. Customers will now get 2.75 percent interest on deposits up to Rs 50 lakh in savings account. Earlier they used to get 2.90 percent interest. At the same time, Union Bank has increased the interest rate on deposits from Rs 100 crore to Rs 500 crore.Interest Rate) has been increased by 20 basis points. This deposit will now get 3.10 percent interest. Earlier the rates were 2.90 per cent. These new rates will be applicable from June 1, 2022.
On the other hand, DCB Bank of the private sector has changed the interest rates of Fixed Deposits. Private sector lenders have changed FD interest rates on 21 May 2022. There has been a revision in the FD rates of less than Rs 2 crore.
3.40% interest on 500 crores to 1000 crores
Union Bank will now pay 3.40 percent interest on Rs 500 crore to Rs 1,000 crore. Earlier, the interest rate on this amount was 2.90 per cent. Whereas, deposits of more than Rs 1,000 crore in the account will get 65 basis points more i.e. 3.55 percent interest. The interest rates on these are currently 2.90 percent.