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Fixed Deposit Interest Rates Latest News: If you want to invest your hard earned money somewhere. So the best option you have is to invest in a bank. There are many types of investments in the bank, the most popular investment in this is Fixed Deposit. By investing in it, you get great profit in some time. Also there is no risk of losing your money. In February, the Reserve Bank of India (RBI Bank) had increased the repo rate by 25 basis points in its monetary policy meeting, after which this rate has reached 6.50 percent. Immediately after this increase, many big banks of the country have increased the interest rates on their FDs. Know which banks have increased the interest rate on their FD after this increase of RBI.
state Bank of India
The country’s largest bank State Bank of India (SBI Bank) has increased interest rates by up to 25 points (bps) on many of its Fixed Deposit Schemes. According to SBI’s website, FD interest rates have been increased by 5 to 25 basis points. The new FD interest rates have become effective from February 15, 2023. Enhanced interest rates will be applicable on FDs up to Rs 2 crore.
Punjab National Bank
Punjab National Bank has increased the interest rates of its select Fixed Deposits (FD) by up to 30 points (bps). The new interest rates will be applicable for FDs of less than Rs 2 crore. After which now you will be able to get the benefit of 7.25 percent interest rate on depositing FD in this bank. According to PNB’s website, the increased interest rates on FDs have come into effect from February 20, 2023.
Axis Bank
Axis Bank of the country’s private sector has changed the FD interest rate on an amount of less than Rs 2 crore. Now the bank is being given the benefit of interest rate of 7.26 per cent and senior citizens on FD of 8.01 per cent. Also, the effective rate has come into force from February 11, 2023.
Kotak Mahindra Bank
Kotak Mahindra Bank has also increased its interest rates on fixed deposits. After the increase in FD interest rates, it has become very attractive for the customers. With this increase, the bank now offers 7.2 per cent interest rates on FDs to general citizens and 7.7 per cent to senior citizens.
Federal Bank
Federal Bank has recently increased the interest rates on fixed deposits of less than Rs 2 crore. The highest interest rate of Federal Bank has become 7.25 percent for the general public and 7.75 percent for senior citizens. These new interest rates have come into effect from February 17, 2023.
DCB Bank
DCB Bank (DCB Bank) is being given the benefit of interest rate of up to 7.85 percent on fixed deposits of less than Rs 2 crore for its customers. On the same fixed deposit, senior citizens are being given the benefit of 8.10 percent interest rate. These new rates have been implemented by the bank from February 16, 2023.
IndusInd Bank
IndusInd Bank has increased the interest rate on fixed deposits with a balance of less than Rs 2 crore. With the increase, regular depositors can now earn up to 7.5 per cent in interest, while senior citizens can earn up to 8.25 per cent. According to the bank’s website, the higher rates have become effective from February 16, 2023.
Bank of Maharashtra
Bank of Maharashtra is giving its customers the benefit of 6.25 percent interest rate on fixed deposits of up to Rs 2 crore. In addition, the bank has issued two special tenors with 200-day and 400-day, offering interest rates of 7 per cent and 6.75 per cent respectively. This new rate has become effective from February 14, 2023.
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