Increase in interest rates on FDs below Rs 2 crore
Suryoday Small Finance Bank new rates effective from September 24, 2022
Effect of hike in repo rate by RBI
New Delhi. Since the increase in the repo rate by the Reserve Bank of India (RBI), the process of increasing the interest rates by the banks continues. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. In this episode, Suryoday Small Finance Bank has increased the interest rates on fixed deposits ie FD.
New rates effective from September 24, 2022
Suryoday Small Finance Bank has increased the interest rates for FDs below Rs 2 crore. New rates September 24, 2022 have become effective. The bank has increased its FD interest rates by 100 basis points i.e. up to 1 percent. The bank is offering the highest interest rate i.e. 7.49 percent on 999 days FD.
FD interest rates of Suryoday Small Finance Bank-
7-14 days FD- 4.00%
FD of 15-45 days – 4.25%
46-90 days FD- 4.50%
FD up to 91-6 months – 5.00%
FD from 6 to 9 months – 5.50%
FD from 9 months to 1 year – 6.00%
FD from 1 year to 1 year 6 months – 7.00%
FD from 1 year 6 months to 2 years – 7.25
FD of 2 years to 998 days – 7.25%
999 days FD – 7.49%
31 Months 27 Days FD to 3 Year FD – 7.00%
FD of 3 to 5 years – 6.75%
5 year FD- 6.75%
FD of 5 to 10 years – 6.00%
Repo rate has reached 5.40 percent
Significantly, to control inflation, RBI has increased the repo rate by 1.40 percent since May. During this, the repo rate has increased from 4 percent to 5.40 percent. The repo rate was increased by 0.40 per cent in May and by 0.50-0.50 per cent in June and August.
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 25, 2022, 17:26 IST