Fixed Deposit Rates: After the review meeting held on 30 September, the Reserve Bank of India had decided to increase the repo rate for the fourth time in a row. After this, banks have decided to increase their loan interest rates and deposit rates.
The Central Bank of India also decided to increase the interest rates. The new rates will be implemented from October 10. Central Bank of India offers 2.75% to 5.60% interest rates for 7 days to 10 years on FDs below Rs 2 crore to its customers. The bank has also launched a special FD scheme of 999 days for its customers which gives a return of 6.25%.
How much interest on deposits of less than 2 crores
Central Bank is offering an interest rate of 2.75% on FDs of 7 to 17 days and 2.90% on FDs of 15 to 30 days. 3.00% on FDs of 31 to 45 days and 3.50% on FDs of 46 to 59 days, 3.50% on FDs of 60 to 90 days, 4.00% on FDs of 91 to 179 days, 4.65% on FDs of 180 to 270 days The bank is offering rate of interest. At the same time, the Central Bank is offering 4.75% interest rate on FDs from 271 to 364 days.
Talking about FDs of 1 to 2 years, then banks will have 5.55% interest rate in this period, 5.60% on FDs of 2 to 3 years, 5.50% on FDs of 3 to 5 years, 5.60% interest rate on FDs from 5 to 10 years. is offering. The bank is offering 5.75% interest rate on 555 days FD and 6.25% interest rate on 999 days special FD. These new rates will be applicable from Monday.
These banks increased the interest rate-
The central bank has increased the repo rate by a full 1.90% this year. To control the rising inflation in the country, RBI is increasing the repo rate continuously. After this decision, many banks have increased their term deposit rates. This includes Indian Overseas Bank, Canara Bank, Kotak Mahindra Bank, Bank of India, Axis Bank and Karnataka Bank. FD rates have been increased recently.
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