Fixed Deposit Rates Hike: Inflation in the world has increased rapidly in the last few days due to the Russia-Ukraine war and the Corona epidemic. In such a situation, its effect is visible on India as well. The retail inflation rate in the country is above 7.00 percent. Rising inflation has broken the back of common people. In such a situation, the Central Government and the Reserve Bank are continuously taking strict steps so that they can control the inflation rate. In the last few months, the Reserve Bank has continuously increased its interest rates. RBI’s repo rate has increased from 4 percent to 5.90 percent. The last time the RBI increased the repo rate was on 30 September 2022. Since this increase, the banks of the country are continuously increasing the interest rates of their loan and deposit rates.
Recently, the country’s largest private sector banks Axis Bank and Ujjivan Small Finance Bank have decided to increase the interest rate on their FDs of less than Rs 2 crore. After this increase, the customers of the bank will get a higher interest rate on FDs ranging from 7 days to 10 years. If you also want to invest FD scheme of both banks, then we are giving you information about its interest rate-
Axis Bank has increased this much on FD of less than 2 crores-
Let us tell you that the new rates of Axis Bank FD Rates have been implemented from Saturday i.e. 5 November 2022. This time the bank has increased the interest rate by 115 basis points. The bank is offering an interest rate of 3.50 percent to ordinary citizens on FDs of 7 to 45 days. At the same time, 4.50 percent interest rate on FDs of 46 days to 6 months, 5.25 percent on FDs of 6 months to 9 months, 5.50 percent on FDs from 9 months to 1 year, 6.25 percent on FDs of 1 year to 18 months, 18 months With this, customers are getting 6.30 percent return on FDs from 2 years to 3 years and 6.50 percent on FDs from 3 to 10 years.
Ujjivan Small Finance Bank has increased this much on FD of less than 2 crores-
Ujjivan Small Finance Bank (Ujjivan Small Finance FD Rates) has also decided to pay more interest to customers on its FD scheme of less than Rs 2 crore. These new rates have come into effect from 5 November 2022. The bank has launched a special FD scheme. The name of this scheme is ‘Ujjivan Platina Fixed Deposit’ scheme in which you can deposit between Rs 15 lakh to Rs 2 crore. Senior citizens will not get any extra benefit in this scheme.
Under the ‘Ujjivan Platina Fixed Deposit’ scheme, customers will get 6.70 percent on 1-year FDs, 7.70 percent on FDs of 12 months to 599 days, 8.20 percent on FDs of 80 weeks, 7.70 percent on FDs of 561 days to 989 days. , 7.95 percent in 990 days FD and 7.40 percent interest rate on FDs of 991 days to 60 months. In such a situation, customers are getting the maximum interest rate on FD of 80 weeks.
Many banks increased their fixed deposit rates-
Reserve Bank of India has increased its repo rate for the fourth time in a row in its review meeting on 30 September 2022. After this, many banks including State Bank of India, Canara Bank, Punjab National Bank, Union Bank, ICICI Bank have started their FD interest rates have increased.
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