Increase in interest rates on FDs below Rs 2 crore
Central Bank of India’s new rates effective from September 10, 2022
Effect of hike in repo rate by RBI
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates of loans. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, the public sector Central Bank of India has increased the interest rates on fixed deposits i.e. FD, giving a gift to its customers.
New rates will be effective from September 10, 2022
According to the bank’s official website, the Central Bank of India has increased the interest rates for FDs below Rs 2 crore. The new interest rates of the bank have come into effect from September 10, 2022. The bank will now pay more interest on FDs from 60 days to 5 years. The interest rates on FDs in the bank from 3 years to 5 years have been increased by 10 basis points to 5.50 percent.
New FD rates of Central Bank of India
Central Bank of India will now give 2.75 percent interest on FDs of 7 days to 14 days, while the bank will continue to pay 2.90 percent interest on FDs of 15 to 30 days. Bank 3 per cent on FDs of 31 to 45 days, 3.35 per cent on FDs of 46 to 59 days, 3.50 per cent instead of 3.35 per cent with an increase of 15 basis points on FDs of 60 to 90 days and 15 on FDs of 91 to 179 days. After increasing the basis points, instead of 3.85 percent, 4 percent interest will be given.
Banks now 15 basis points higher 4.65 per cent on fixed deposits from 180 days to 270 days, 25 basis points more 4.75 per cent on FDs from 271 to 364 days, 10 basis points more on FDs from 1 year to 2 years 5.45 per cent, more than 2 years On FDs of 3 years 10 basis points plus 5.50% and on FDs of 3 years to 5 years with an increase of 10 basis points will give an interest of 5.50 percent. Apart from this, the bank will continue to pay an interest of 5.60 percent on fixed deposits from 5 years to 10 years and 5.55 percent on FDs of 555 days.
Recently RBI increased the repo rate by 0.5 percent to 5.4 percent.
It is worth noting that recently the Reserve Bank of India increased the repo rate by 0.5 percent to 5.4 percent. RBI has increased the policy rate repo by 1.40 percent in the last 3 monetary policy reviews.
Many banks have increased the rates of fixed deposits
Let us inform that recently Bank of Baroda, Punjab National Bank, Federal Bank, HDFC Bank, Karud Vysya Bank, IndusInd Bank, ICICI Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.
FIRST PUBLISHED : September 16, 2022, 14:37 IST