Fixed Deposit Interest Rate: The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) will be decided at repo rates at the meeting on 7 February. Prior to this RBI meeting, many banks of the country have changed their fixed deposit (FD) interest rates. In January, Union Bank, PNB, Axis Bank, Shivalik Small Finance Bank, Karnataka Bank and Federal Bank have implemented new rates on FDs. This new change will be applicable to fixed deposits of common citizens.
Explain that fixed deposit (FD) is the option of a safe and beneficial investment. Investments in fixed deposits are already fixed interest. In this, keeping the deposit amount in the bank for the scheduled time provides guarantee returns. This is a good option for those who want to get a definite benefit on it while keeping their savings safe.
Punjab National Bank (PNB)
Punjab National Bank (PNB) has started a new 303 -day FD period, with 7 percent interest rate. At the same time, ordinary citizens are being given 6.7 percent interest rate in the 506 -day FD period. This new interest rate has come into effect from 1 January. PNB provides interest rates from 3.50 percent to 7.25 percent on FDs from seven days to ten years to common citizens. The highest interest rate is 7.25 percent on 400 days FD.
Union bank of india
Union Bank of India has changed interest rates on fixed deposits (FD) of less than Rs 3 crore. Now the interest rate for FD periods from 7 days to 10 years has been ranging from 3.5 percent to 7.30 percent. At the same time, FD with 7.30 percent interest rate is available for 456 days for ordinary citizens. These new rates have come into force from 1 January.
Karnataka bank
Karnataka Bank has changed its fixed deposit (FD) interest rates. The bank now gives interest to the common citizens from 3.50 percent to 7.50 percent for the FD period ranging from 7 days to 10 years. This bank is offering the highest 7.50 percent interest rate for 375 days. These new rates have come into force from 2 January.
Shivalik Small Finance Bank (SFB)
Shivalik Small Finance Bank (SFB) has updated its fixed deposit (FD) interest rates, which have come into force from 22 January. For ordinary citizens, the interest rate on FD will be from 3.50 percent to 8.80 percent, while for senior citizens this rate will be from 4 percent to 9.30 percent. The bank has given this information on its website.
Axis bank
Axis Bank has changed the Fixed Deposit (FD) interest rates for funds less than Rs 3 crore. Now the bank provides an interest rate from 3 percent to 7.25 percent to the common citizens from 3 percent to 7.25 percent. These new rates are applicable from 27 January.