Major banks in the country have reduced their FD rates. Especially if you have your FD accounts with these banks then you need to know how much interest you will get.
The Reserve Bank of India has been steadily increasing interest rates for quite some time now. As a result loan interest and bank plan income are increasing accordingly. Notably, fixed deposit rates have seen a significant rise. However, some banks have now started reducing their fixed deposit interest rates.
Accordingly, banks that have implemented interest rate cuts include Punjab National Bank, Axis Bank and Union Bank of India.
Axis Bank Revised FD Rates
Axis Bank has recently cut its interest rate on single term fixed deposits by 20 basis points. Following this, interest rates on fixed deposits will now range from 3.5% to 7.10%. Its duration ranges from 7 days to 10 years. Also, for less than five days up to 13 months, the interest rate has been reduced from 7.10% to 6.80%. Also, for terms of 13 months and less than 3 years, the interest rate has been revised from 7.15% to 7.10%.
Punjab National Bank Revised FD Rates
Effective June 1, Punjab National Bank has reduced the interest rate on FDs below Rs 2 crore. As a result, the interest rate on 1-year fixed deposits for regular citizens has been reduced by 0.05% and now stands at 6.75%. Similarly, for 666 days, the interest rate has come down from 7.25% to 7.05%.
Union Bank of India Revised Rates
In November 2022, Union Bank of India offers higher interest rates of 7.30% for general public, 7.80% for senior citizens and 8.05% for super seniors. Currently, Union Bank offers 7% interest for regular citizens, 7.50% for senior citizens and 7.75% for super senior citizens, as mentioned on the bank’s website.
