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Fixed Deposit Rates Increased: Since the decision of the Reserve Bank of India to increase the repo rate, all the banks have been continuously increasing their deposit rates such as Fixed Deposit Rates (FD Rates), Recurring Deposits Rates and Savings. The interest rates of the account are increasing. Now the names of two big public sector banks i.e. Punjab National Bank and Union Bank have also been included in this list. The country’s second largest public sector bank i.e. PNB has increased by 50 basis points on FDs of less than Rs 2 crore. After this increase, now the bank is offering a maximum interest rate of 6.50% to the common people and 7.00% to the senior citizens. At the same time, the bank is offering a maximum interest rate of 7.30% to super senior citizens (above 80 years). The new rates of the bank have been implemented from 19 October 2022.
PNB is getting such interest rate on FD of less than Rs 2 crore
Let us tell you that Punjab National Bank is now offering 0.50% higher interest rate to its ordinary citizens on FDs ranging from 7 days to 10 years. The bank is giving returns ranging from 3.50% to 6.50% in this period. If you do FD in PNB for 7 days to 45 days, then you will get returns of up to 3.50%. Whereas, 3.75% from 46 days to 90 days, 3.75% from 91 days to 179 days, 5.70% on FDs from 180 days to less than 1 year, 5.70% to customers on FDs of 1 year to 404 days. Giving returns.
On the other hand, PNB is 6.10% for general citizens on 405 days FD, 5.70% on 406 days to 599 days FD, 6.50% on 600 days FD, 5.70% from 601 days to 2 years, 2 years to 5 years It is offering 5.80% interest rate on FDs and 5.85% on FDs of 5 to 10 years.
Union Bank of India is getting such interest rate on FD of less than Rs 2 crore
Union Bank of India has also decided to increase the interest rate on its FDs below Rs 2 crore, giving good news to its customers. These new rates have come into effect from 17 October 2022. The bank is offering interest rates ranging from 3.00% to 6.70% on FDs of 7 days to 10 years. At the same time, maximum interest of 7.00% is available on FD of 599 days.
Union Bank is offering 3.00% interest rate to its general customers on FDs of 7 days to 45 days. Whereas 4.05% on FDs of 46 days to 90 days, 4.30% from 91 days to 120 days, 4.40% on FDs of 121 days to 180 days, 5.25% from 181 days to less than 1 year, 1 year 6.30% on FDs of 1 year to 443 days, 6.60% on FDs of 444 days, 6.60% on FDs of 445 days to 598 days, Maximum 7.00% on FDs of 599 days, up to 600 days The bank is offering 6.60% interest rate on 2 year FD, 6.70% on 2 to 3 year FD, 6.70% on 3 to 5 year FD and 6.70% on 5 to 10 year FD.
These banks also increased their FD rates
On 30 September 2022, the Reserve Bank of India has decided to increase its repo rate for the fourth time in a row. The repo rate has been hiked four times in the last 5 months. It has increased from 4.00% to 5.90%. Due to the continuous hike in repo rate, many banks like Canara Bank, IDFC First Bank, ICICI Bank, Axis Bank, HDFC Bank, Bank of Maharashtra (Bank of Maharashtra) Many banks, including Yes Bank, have increased their deposit rates.
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