New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, the public sector State Bank of India (SBI) has increased the interest rates on fixed deposits ie FDs.
New rates effective from July 15
The new rates of Central Bank of India will be effective from July 15. The bank has increased the interest rates on FDs of less than 2 crores. The bank has increased the interest rates on deposits maturing in less than 1 year to less than 2 years.
SBI new interest rates
The interest rate on fixed deposits maturing in 7 days to 45 days remains at 3.50 per cent. The bank will continue to offer 4.00 percent interest rate on FDs maturing in 46 days to 179 days. SBI will continue to offer an interest rate of 4.25 per cent on deposits maturing from 180 days to 210 days, while on FDs maturing in 211 days to less than a year, the bank has kept its interest rate constant at 4.50 per cent.
Deposits maturing from 1 year to less than 2 years will now get an interest rate of 5.25 percent, which was 4.75 percent earlier. The bank will continue to pay interest at the rate of 4.25 per cent on FDs maturing in 2 years to less than 3 years and 4.50 per cent on fixed deposits maturing between 3 years and 10 years.
IDBI Bank also increased interest rates on FD
Private sector IDBI Bank has increased the interest rate on deposits of less than Rs 2 crore. The increased interest rates have come into effect from July 14, 2022. The bank will offer an interest rate of 2.70 per cent on deposits maturing in 7 days to 30 days, while it will offer an interest rate of 3.00 per cent on FDs maturing in 31 days to 45 days. The bank will pay an interest rate of 3.25 per cent for deposits maturing in 46 to 60 days and 3.40 per cent for deposits maturing in 61 to 90 days. An interest rate of 4.00 percent will now be paid on FDs maturing in 91 days to 6 months.
Many banks have increased FD rates
It is worth noting that recently Indian Overseas Bank, Punjab and Sind Bank, SBI, PNB have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.
FIRST PUBLISHED : July 15, 2022, 17:29 IST