FD Interest Rate: The process of increasing the interest rates in the country has started again. Currently, the largest banks in India are State Bank of India, HDFC Bank and ICICI Bank. The Reserve Bank of India has warned that if these three banks come under the threat of collapse anytime in the future, then it can threaten the entire Indian economy.
The Reserve Bank of India has declared these three banks as the safest banks, due to which in today’s time you will definitely have an account in one or the other of these three banks. But now the banks of the country have started increasing their interest rates. If you also have an account in all these banks, then you have to take care of the new interest rates.
Axis Bank has increased the interest rates by 0.05 percent. Earlier, HDFC Bank, Bank of Baroda, ICICI Bank and Canara Bank have also increased interest rates.
HDFC Bank: HDFC Bank has increased its MCLR ie Marginal Cost of Funds Based Lending Rates. The bank has increased the MCLR by 15 basis points. From August 7, 2023, the interest has been increased to 8.35 percent.
Bank of Baroda: Bank of Baroda has increased the interest rates by up to 0.05 per cent for all tenures. The new rates have come into effect from 12 August 2023.
ICICI Bank: The bank has increased rates by 5 basis points across all tenures. MCLR rate for one month and overnight has been increased from 8.35 per cent to 8.40.
Canara Bank: Canara Bank has increased its MCLR ie marginal cost of lending rates by 0.05 percent. The new rates have come into effect from August 12.
