Fixed Deposit Interest Rates: There was a significant increase in fixed deposit interest rates. At the same time, some banks have started reducing interest on fixed deposits.
Mumbai: The Reserve Bank had hiked interest rates for some time. Therefore, along with the increase in loan interest, the interest rates of bank schemes also increased. Especially, the interest rate of fixed deposits has seen a significant increase. At the same time, some banks have started reducing interest on fixed deposits.
Axis Bank interest rates
Axis Bank has reduced interest rates on fixed deposits by 0.20 percent. Axis Bank is offering interest from 3.5 percent to 7.10 percent on fixed deposits of 7 days to 10 years. At the same time, the interest rate on deposits of five days to less than 13 months has been increased from 7.10 to 6.80 percent. Meanwhile, the interest rate on deposits from 13 months to less than 3 years has been reduced from 7.15 percent to 7.10 percent. The new rate is effective from 18 May 2023.
Punjab National Bank interest rates
PNB has reduced interest rates on fixed deposits from June 1. This deduction has been made on deposits below 2 crores. Interest on 1-year FDs has come down by 0.05 per cent to 6.75 per cent. This FD is for regular citizens. At the same time, the interest rate on FD of 666 days has come down from 7.25 per cent to 7.05 per cent.
Union Bank of India interest rates
In November , Union Bank of India offered the highest interest rates of 7.30 per cent for general, 7.80 per cent for senior citizens and 8.05 per cent for super senior citizens. Now the bank has reduced the FD interest rates. According to the bank’s website, Union Bank is offering 7 percent interest for general, 7.50 percent for senior citizens and 7.75 percent for super senior citizens.
What will result is
if you invest in fixed deposit schemes in these banks for this period, you will get less interest than before. However, if you continue to invest for any period other than this period, interest will be paid at the old rate.
