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Home FINANCE FD Rates Increased: Public sector banks released new list of FD rates,...
  • FINANCE

FD Rates Increased: Public sector banks released new list of FD rates, Know how much increased

By
Pravesh Maurya
-
August 23, 2022
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    DA Hike
    DA Hike
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    FD Rates Increased: Two public sector banks of the country i.e. Punjab and Sindh Bank and Bank of Maharashtra have increased their fixed deposit rates. has increased in . Both the banks have decided to hike their FD rates on their FDs less than Rs 2 crore. The new interest rates of both the banks have come into effect from 22 August 2022.

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    Explain that since the decision of the Reserve Bank of India to increase the repo rate, banks are continuously increasing their FD rates, Saving Bank Account and RD Rates. Now the name of Bank of Maharashtra and Punjab and Sind Bank has also been included in this list.

    RBI increased FD rates thrice for three months Let us tell you that Reserve Bank of India is continuously increasing its repo rate to control inflation in the country. In the months of May and June, the central bank increased the repo rate. At present the repo rate is 5.40%.

    Due to the increase in the Repo Rate, customers are getting a higher interest rate on deposits, but at the same time the interest rate on loans is increasing. This is also increasing the EMI burden on the customers. Let us give you information about the latest FD rates of Bank of Maharashtra and Punjab and Sind Bank.

    Bank of Maharashtra’s interest rate on FD less than Rs 2 crore-

    • 7-30 days- 2.75%
    • 31-45 days- 3.00%
    • 46-90 days- 3.50%
    • 91-119 days- 3.75%
    • 120-180 days- 3.90%
    • 181-270 days- 4.25%
    • 271-364 days – 5.00%
    • 1 year – 5.40%
    • 1-2 years – 5.40%
    • 2-3 years – 5.40%
    • 3-5 years – 5.40% Above
    • 5 years – 5.40%

    Interest rate on FD of less than Rs 2 crore in Punjab and Sindh-

    • Up to 7-14 days- 2.80%
    • 15-30 days- 2.80%
    • 31-45 days- 3.00%
    • 46-90 days- 3.80%
    • 91-120 days- 3.95%
    • 121-150 days- 4.00%
    • 151-179 days- 4.00%
    • 180-269 days – 4.50%
    • 270-364 days – 4.65% up to
    • 1-2 years – 5.65%
    • 2-3 years – 5.80%
    • 3 years to 5 years – 5.75%
    • 5 to 10 years – 5.75%
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    • TAGS
    • Bank of Maharashtra
    • banks released
    • FD rates
    • FD Rates Increased
    • Fixed Deposit Rates
    • Public sector
    • Punjab and Sindh
    • RBI
    • RD Rates
    • Reserve Bank
    • Reserve Bank of India
    • Saving Bank Account
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      Pravesh Maurya
      Pravesh Maurya
      https://www.rightsofemployees.com/
      Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @rightsofemployeescom@gmail.com
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