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During the Monetary Policy Committee meeting on February 7, the RBI is expected to decide on a cut in repo rates.
These banks updated their interest rates on fixed deposits in January.
At the Monetary Policy Committee (MPC) meeting on February 7, the Reserve Bank of India (RBI) is anticipated to decide on a cut in repo rates. Nonetheless, many banks, including Union Bank of India, Punjab National Bank (PNB), Axis, Shivalik Small Finance Bank, Karnataka Bank, and Federal Bank, have changed the fixed deposit rates in January before the RBI’s Monetary Policy Committee meeting.
In January, the following banks changed the interest rates on their fixed deposits. Please take note that only general citizens’ fixed deposits are eligible for the rates listed below.
Punjab National Bank
With a 7 per cent interest rate, Punjab National Bank has introduced a new FD tenure of 303 days. With a 6.7 per cent interest rate for general citizens, 506 days is the other tenure that has been added. The revised FD tenures have taken effect since January 1 this year.
For general citizens with fixed deposit tenures ranging from seven days to ten years, Punjab National Bank offers interest rates ranging from 3.50 per cent to 7.25 per cent. The 400-day tenure offers the highest interest rate, 7.25 per cent.
Shivalik Small Finance Bank (SFB)
The official website of Shivalik Small Finance Bank (SFB) states that the bank has updated its fixed deposit interest rates. Interest rates on FDs offered by the bank range from 3.50 per cent to 8.80 per cent for general citizens and from 4 per cent to 9.30 per cent for senior citizens. FD interest rates have been updated and taken effect from January 22.
Karnataka Bank
Karnataka Bank provides interest rates for general citizens ranging from 3.50 per cent to 7.50 per cent for terms of 7 days to 10 years. For 375 days, the highest interest rate of 7.50 per cent is available. Rates have been adjusted as of January 2.
Union Bank of India
The interest rate on fixed deposits under Rs 3 crore was changed by the bank, and as a result, interest rates ranging from 7 days to 10 years are now between 3.5 per cent and 7.30 per cent. For 456 days, the highest interest rate of 7.30 per cent is available to general citizens. The updated rates have taken effect since January 1.
Axis bank
For funds under Rs 3 core, Axis Bank offers FD interest rates ranging from 3 per cent to 7.25 per cent for general citizens with tenures ranging from 7 days to 10 years. The revised fixed deposit interest rates are effective from January 27.
Federal Bank
Karnataka Bank provides general citizens with fixed deposit tenures ranging from seven days to ten years, with interest rates ranging from 3 per cent to 7.50 per cent. The maximum interest rate, 7.50 per cent, is available for a 444-day term. It is important to note that the rates have been revised as of January 10.
