FD rate increased : Ahead of the RBI’s Monetary Policy Committee (MPC) meeting on February 7, many big banks of the country have changed their Fixed Deposit (FD) interest rates. Union Bank, PNB, Axis Bank, Shivalik Small Finance Bank, Karnataka Bank and Federal Bank have implemented new interest rates. Let’s find out which banks have increased the interest on FD by how much.
Fixed Deposit (FD): Safe and Beneficial Investment OptionFD is a safe and profitable investment option where you get guaranteed return on depositing money for a fixed period. For those who want to earn fixed profit on their savings in a safe way, FD is a good option.
1. Punjab National Bank (PNB)
PNB has started a new FD period of 303 days where 7% interest rate is being given. Also, 6.7% interest is being given to the general public on FD of 506 days. These new rates have come into effect from 1 January. PNB gives interest ranging from 3.50% to 7.25% on FDs of 7 days to 10 years. The highest interest rate is 7.25% which is given on FD of 400 days.
2. Union Bank of India
Union Bank has implemented new interest rates on FDs of less than Rs 3 crore. Now the interest rate on FDs from 7 days to 10 years has increased from 3.5% to 7.30%. The highest interest rate is 7.30% which is being offered on FDs of 456 days. These new rates are also applicable from 1 January.
3. Karnataka Bank
Karnataka Bank has also changed its FD interest rates. Now FDs with tenures of 7 days to 10 years are getting interest ranging from 3.50% to 7.50%. The highest interest of 7.50% is given on FDs of 375 days. These new rates have come into effect from 2 January.
4. Shivalik Small Finance Bank (SFB)
Shivalik Small Finance Bank has updated its FD interest rates, which have come into effect from 22 January. The interest rate for general citizens ranges from 3.50% to 8.80%, while for senior citizens this rate is from 4% to 9.30%. The bank has given information about this on its website.
5. Axis Bank
Axis Bank has implemented new interest rates on FDs with amount less than Rs 3 crore. Now FDs with tenure of 7 days to 10 years get interest ranging from 3% to 7.25%. These new rates have been implemented from 27 January.
Conclusion
If you want better returns on your savings then this is the right time to invest in Fixed Deposit. With the new interest rates of banks, you will get more profit and security both together
