Fixed Deposit Rates: Rising inflation has troubled the common people. In such a situation, to give relief to the common people, the Reserve Bank of India is continuously increasing its interest rates. The Reserve Bank of India in its review meeting on 30 September has decided to increase the repo rate for the fourth time in a row. Since then, many banks have continuously increased the interest rates of loans and deposits.
Now the names of Federal Bank and Utkarsh Small Finance Bank are also included in this list. Both the banks have decided to increase their interest rates below Rs 2 crore.
Federal Bank increased the interest rate so much-
The country’s largest private sector Federal Bank (Federal Bank FD Rates) has decided to increase the interest rates on fixed deposit schemes of less than Rs 2 crore. These new rates have been implemented before 23 October 2022. The bank has decided to increase by 50 basis points on FDs of different tenors. After this hike, the bank is offering returns of up to 7.50% for general citizens and up to 8.00% for senior citizens.
Let us know how much interest rate normal customers are getting on different tenures-
- FD from 7 to 29 days – 3.00%
- FD of 30 to 45 days – 3.25%
- FD of 46 to 60 days – 3.75%
- FD of 61 to 90 days – 4.00%
- FD of 91 to 119 days – 4.10%
- FD of 120 to 180 days – 4.25%
- FD of 181 to 332 days – 4.80%
- FD of 333 days – 5.60%
- 334 days to less than 1 year – 4.80%
- FD of 1 year to 20 months – 5.60%
- 20 Month FD-6.10%
- FD of 20 months to 699 days – 5.60%
- 700 day FD-7.50%
- FD of 701 to 749 days – 5.75%
- 750 days FD-6.50%
- FD of 751 days to 3 years – 5.75%
- 3 to 5 years – 6.00%
- 5 years to 2221 days – 6.00%
- 2222 Days FD-6.20%
- FD above 2223 days – 6.00%
Utkarsh Small Finance Bank increased the interest rate so much-
Small Finance Bank Utkarsh Small Finance Bank (FD Rates) has also decided to increase the interest rate on its FD rates of less than Rs. The new rates have come into effect from 17 October 2022. After this hike, the bank is getting a maximum interest rate of 7.75% for its general citizens and up to 8.50% for senior citizens. Let us know how much interest rate the bank is offering to the general customers on different periods.
- FD of 7 to 45 days – 4.00%
- FD of 46 to 90 days – 4.25%
- FD of 91 to 180 days – 5.00%
- FD of 181 to 364 days – 6.00%
- 365 to 699 days FD – 7.15%
- 700 day FD-7.75%
- FD of 701 to 5 years – 7.50%
- FD of 5 to 10 years – 6.25%
These banks also increased the interest rate of FD-
Significantly, on 30 September 2022, the Reserve Bank of India has decided to increase its repo rate for the fourth time in a row. In the last 5 months, the repo rate has been increased four times. In such a situation, the repo rate has increased from 4.00% to 5.90%. Due to this continuous increase due to many banks like Canara Bank, Punjab National Bank, Union Bank, ICICI Bank, Axis Bank, HDFC Bank (HDFC) Bank, Bank of Maharashtra, Yes Bank including many banks have increased their deposit rates.
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