RBI increased the repo rate, after which these banks have increased the interest rate on fixed deposits and savings, know full details

Several financial institutions including Punjab and Sind Bank, Central Bank of India, Indian Overseas Bank, Karnataka Bank and RBL Bank have increased the interest rates on savings and fixed deposits.

Jun 12, 2022 | 9:40 am

, Edited By: Shashank Shekhar

Jun 12, 2022 | 9:40 am




After the Reserve Bank decided to increase the repo rate by 50 basis points, many private and government banks have increased the loan interest rate for different tenures.  Apart from this, it has been decided to increase the interest rate for savings accounts and fixed deposits as well.  If you have also deposited money in the savings accounts of these banks or have invested in FD, then you will get more returns now.  Let us know which bank has increased the interest rate on your deposits.

After the Reserve Bank decided to increase the repo rate by 50 basis points, many private and government banks have increased the loan interest rate for different tenures. Apart from this, it has been decided to increase the interest rate for savings accounts and fixed deposits as well. If you have also deposited money in the savings accounts of these banks or have invested in FD, then you will get more returns now. Let us know which bank has increased the interest rate on your deposits.

Singapore's DBS Bank has increased the interest rate on fixed deposits by 10 to 50 basis points.  This increase has been done on FDs of less than 2 crores.  Senior citizens will get a separate benefit of 50 basis points in the interest rate.  The new interest rate has been announced from June 10.  The new interest rate is in the range of 5 to 6 per cent for different tenors.

Singapore’s DBS Bank has increased the interest rate on fixed deposits by 10 to 50 basis points. This increase has been done on FDs of less than 2 crores. Senior citizens will get a separate benefit of 50 basis points in the interest rate. The new interest rate has been announced from June 10. The new interest rate is in the range of 5 to 6 per cent for different tenors.

Public sector Central Bank of India has also increased the interest rate on fixed deposits.  According to the information available on the bank's website, now the minimum interest rate on fixed deposits is 2.75 percent and the maximum interest rate is 5.60 percent.  For fixed deposits of more than Rs 2 crore, the minimum interest rate has been increased to 3 per cent and the maximum interest rate to 4.30 per cent.

Public sector Central Bank of India has also increased the interest rate on fixed deposits. According to the information available on the bank’s website, now the minimum interest rate on fixed deposits is 2.75 percent and the maximum interest rate is 5.60 percent. For fixed deposits of more than Rs 2 crore, the minimum interest rate has been increased to 3 per cent and the maximum interest rate to 4.30 per cent.

Federal Bank of the private sector has increased the interest rate for savings accounts.  Actually the bank gives returns on the deposited capital of its customers based on the repo rate.  The Reserve Bank has recently increased the repo rate from 4.40 percent to 4.90 percent.  According to the information available on the bank's website, the interest rate for the amount less than 5 crores has come down to 2.15 percent i.e. 2.75 percent from the repo rate.  If the amount is more than 5 crores, an interest rate of 2.75 percent will be available on the deposited capital up to 1 lakh, while the outstanding amount will get an interest rate of 90 basis points less than the repo rate i.e. 4 percent.

Federal Bank of the private sector has increased the interest rate for savings accounts. Actually the bank gives returns on the deposited capital of its customers based on the repo rate. The Reserve Bank has recently increased the repo rate from 4.40 percent to 4.90 percent. According to the information available on the bank’s website, the interest rate for the amount less than 5 crores has come down to 2.15 percent i.e. 2.75 percent from the repo rate. If the amount is more than 5 crores, an interest rate of 2.75 percent will be available on the deposited capital up to 1 lakh, while the outstanding amount will get an interest rate of 90 basis points less than the repo rate i.e. 4 percent.

Kotak Mahindra Bank has also increased the interest rate for savings accounts.  The new rate will be effective from June 13.  According to the information available on the bank's website, the interest rate on deposits up to Rs 50 lakh will be 3.50 per cent.  The interest rate on the amount above that will be 4 percent.

Kotak Mahindra Bank has also increased the interest rate for savings accounts. The new rate will be effective from June 13. According to the information available on the bank’s website, the interest rate on deposits up to Rs 50 lakh will be 3.50 per cent. The interest rate on the amount above that will be 4 percent.

Apart from this, many financial institutions including Punjab and Sind Bank, Central Bank of India, Indian Overseas Bank, Karnataka Bank and RBL Bank have increased the interest rates on savings and fixed deposits.  Due to the increase in the repo rate, higher returns are being given on savings, but banks are also increasing the interest rate on loans.  Due to this the loan is getting expensive and the EMI burden is also increasing on the people.

Apart from this, many financial institutions including Punjab and Sind Bank, Central Bank of India, Indian Overseas Bank, Karnataka Bank and RBL Bank have increased the interest rates on savings and fixed deposits. Due to the increase in the repo rate, higher returns are being given on savings, but banks are also increasing the interest rate on loans. Due to this the loan is getting expensive and the EMI burden is also increasing on the people.






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