After 4 consecutive repo charge hikes by the Reserve Bank of India (RBI), a number of banks have raised rates of interest on mounted deposits (FDs). The State Bank of India (SBI) HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank are amongst these lenders which have hiked curiosity on time period deposits lately. Canara Bank and Union Bank of India have additionally revised their time period deposit charges. Since May 2022, a number of authorities, personal and small finance banks have elevated the rates of interest on FDs and financial savings accounts.
Union Bank of India newest FD charges
Union Bank of India is one authorities financial institution that has hiked rates of interest on FD beneath ₹2 crore with impact from 17 October. After the newest hike, the financial institution affords curiosity starting from 3% to 7% on FDs with maturities starting from 7 days to 10 years. on the maturity interval of 599 days
According to the financial institution’s official web site, the curiosity is calculated every day and is credited on a quarterly foundation yearly within the months of April, July, October and January.
Canara Bank newest FD charges
Canara Bank has launched a particular mounted deposit plan for a tenure of 666 days. According to this plan, the lender is providing an rate of interest of seven% to its common prospects, whereas senior residents will obtain 7.5% on these deposits.
Canara Bank raised its rates of interest for all tenors and is presently offering an rate of interest on deposits maturing in 7 days to 10 years that vary from 3.25% to 7.00% for most of the people and three.25% to 7.50% for senior residents. According to the financial institution’s, the brand new charges are efficient from 7 October 2022.
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