FD Rates: Ahead of the RBI monetary policy committee meeting, Union Bank of India, Punjab National Bank (PNB), Axis Bank, Shivalik Small Finance Bank, Karnataka Bank and Federal Bank have revised their fixed deposit rates. These changes are effective from January.
Bank FD Rate: The Reserve Bank of India (RBI) is expected to take a decision on cutting the repo rate in the Monetary Policy Committee (MPC) meeting on Friday, February 7. Meanwhile, ahead of the RBI’s Monetary Policy Committee meeting, Union Bank of India, Punjab National Bank (PNB), Axis Bank, Shivalik Small Finance Bank, Karnataka Bank and Federal Bank have changed their fixed deposit rates. These changes are effective from January. Please note that these changes are only on FDs made by ordinary citizens.
1. Union Bank of India
Union Bank of India is offering interest rates between 3-7.30 per cent to general citizens for tenures ranging from seven days to ten years. A maximum interest rate of 7.30 per cent is available for general citizens for tenures up to 456 days. The revised interest rates are effective from January 1.
2. Axis Bank
Axis Bank offers interest rates between 3-7.25 per cent to ordinary citizens for tenures ranging from seven days to ten years. The revised interest rates for FDs are effective from January 27.
3. Federal Bank
Federal Bank is offering interest rates between 3-7.50 per cent to ordinary citizens for tenures ranging from seven days to ten years. The maximum interest rate is 7.50 per cent for a tenure of 444 days. These rates have been revised till January 10.
4. Karnataka Bank
Karnataka Bank offers interest rates between 3.50-7.50 per cent for general citizens for tenures ranging from seven days to ten years. The maximum interest rate of 7.50 per cent is available for a tenure of 375 days. The revised interest rates are effective from January 2.
5. Shivalik Small Finance Bank (SFB)
According to the official website of Shivalik Small Finance Bank (SFB), the bank offers interest rates between 3.50-8.80 per cent for general citizens and 4-9.30 per cent for senior citizens. The revised interest rates are effective from January 22.
6. Punjab National Bank
Punjab National Bank has introduced a new FD tenure of 303 days with an interest rate of 7 per cent. The other tenure that has been added is 506 days for general citizens with an interest rate of 6.7 per cent. The updated FD tenures have become effective from January 1. Punjab National Bank offers interest rates ranging from 3.50 per cent to 7.25 per cent for regular citizens with fixed deposit tenures ranging from seven days to ten years. The highest interest rate, 7.25 per cent, is available for a 400-day tenure.