Besides, RBI has also taken action against 5 cooperative banks. The central bank has imposed the maximum fine of Rs 5 crore on Citi Bank, Rs 4.34 crore on Bank of Baroda and Rs 1 crore on Indian Overseas Bank.

Why did action have to be taken?

The highest penalty has been imposed on private sector Citibank. This bank is accused of violating the Banking Regulation Act. Also, it is not following RBI guidelines for risk management and outsourcing of financial services. Bank of Baroda is accused of violating rules related to setting up the Central Repository of Large Common Exposures. On the other hand, Chennai-based public sector Indian Overseas Bank has been found guilty of not following the rules of loan and advance.

Customers will not be affected

The Reserve Bank clarified that the penalty has been imposed on these three banks for not following the guidelines properly. Its purpose is not to question the validity of any transaction or agreement entered into with banks and their customers. RBI has issued show cause notices to these banks. In this he has been asked to give clarification to avoid fine.

Five cooperative banks also measured

Earlier, RBI had imposed penalty on 5 cooperative banks violating various rules. These include Shri Mahila Seva Cooperative Bank, Porbandar Departmental Citizens Cooperative Bank, Sarvodaya Citizens Cooperative Bank, Khambhat Citizens Cooperative Bank and Vejalpur Citizens Cooperative Bank. A fine ranging from Rs 25 thousand to Rs 2.5 lakh has been imposed on them.

Took control of Abhyudaya Cooperative Bank in his hands

The Reserve Bank on Friday announced to supersede the board of Abhyudaya Cooperative Bank for the next one year. However, no restrictions have been imposed on the business of the bank. The Central Bank has appointed former Chief General Manager of State Bank of India, Satya Prakash Pathak, as the Administrator of Abhyudaya Cooperative Bank. Besides, a committee of advisors has also been appointed. The Reserve Bank says that due to the poor standards of governance of Abhyudaya Cooperative Bank, it has been forced to take action.

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Overseas Bank (Indian Overseas Bank) has increased the interest rates on FDs of more than one year but less than 2 years by 0.30 percent. Earlier the bank was giving 6.50 percent interest on FD of this period and now it is giving 6.80 percent interest on it. Indian Overseas Bank has also reduced the interest on FD of 444 days to 7.10 percent instead of 7.25 percent. These are the new interest rates on FD of Indian Overseas Bank.

You will get 7.10% interest instead of 7.25% for 444 days.

Till now 7.25 percent interest was being given on 444 days FD of Indian Overseas Bank. Now it has been reduced to 7.10 percent. The bank will continue to offer additional 0.50 per cent interest on the standard rate to senior citizens and 0.75 per cent interest to its super senior citizens.

Indian Overseas Bank interest rates

These are the new FD rates of Indian Overseas Bank now. Indian Overseas Bank is giving 4 percent interest to customers on FD of 7 days to 14 days. At the same time, only 4 percent interest is available on FD of 15 days to 29 days. It is offering 4.25 percent interest on FD of 30 days to 45 days and 4.25 percent interest on FD of 46 days to 60 days.

Indian Overseas Bank is offering 4.25 percent interest on FD of 61 days to 90 days, 4.50 percent on FD of 91 days to 120 days and 4.50 percent on FD of 121 days to 179 days. Instead of 4.95 percent interest on FDs of 180 days to 269 days, 5.35 percent interest on FDs of 270 days to less than 1 year and 6.50 percent interest on FDs of 1 year to less than 2 years, the bank will now give 6.80 percent interest. The bank has revised the interest on FDs from 1 year to less than 2 years and 444 days.

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This service has been started by the bank under Digital Payment Vision 2025. The MD & CEO of the bank said that a large number of people in rural areas still use keypad phones. With this service the customer will be able to make payments to anyone across India.

Have to use like this

First of all the customers of the bank have to dial the IVR number 9188123123.
After this the beneficiary has to be selected. Then the transaction has to be verified.
This service will be available in many languages. Customers can choose as per convenience.

Will be able to use name instead of number in bank account

Indian Overseas Bank (IOB) has launched a new facility called ‘Mera Khata Mera Naam’. Under this, customers of the bank will be able to use any name as the account number. The scheme has been started from the central office in Chennai. This facility will be available in all the 49 Regional Offices of IOB across the country. Initially this service will be available for savings and salary account customers. The Bank CEO said that this is the first of its kind scheme in the banking industry.

How to change account name: As per the scheme, the account name can be seven letters, or seven numbers, or a combination of seven letters and numbers. Customers will not need to remember their 15 digit account number.

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The annual interest rate on FDs of 2 years to less than 3 years will be 7 percent. The interest rate on FDs of 3 years to 4 years is 6.5 percent. It is getting 6.25 percent interest on FDs between 4 years and 5 years. Not only this, Indian Overseas Bank (IOBs) has also increased the interest rates on Fixed Deposit.

Interest rates are applicable from today

These new rates of Kotak Mahindra Bank have come into effect from today, April 10, 2023. The bank is now paying 7.20 per cent interest on FDs ranging from 390 days to less than two years. 6.20 percent interest is being received on FDs of more than 5 years. Along with this, senior citizens are getting 0.50 percent more interest. Here are the FD interest rates of Kotak Mahindra Bank from today.

• 7 days to 14 days – For general public: 2.75 per cent; For Senior Citizen: 3.25 percent
• 15 days to 30 days – For general public: 3.00 per cent; For Senior Citizen: 3.50 percent
• 31 days to 45 days – For general public: 3.25 per cent; For Senior Citizen: 3.75 percent
• 46 days to 90 days – For general public: 3.50 per cent; For Senior Citizen: 4.00 percent
• 91 days to 120 days – For general public: 4.00 per cent; For Senior Citizen: 4.50 percent
• 121 days to 179 days – For general public: 4.25 per cent; For Senior Citizen: 4.75 percent
• 180 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent
• 181 days to 269 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent
• 270 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent
• 271 days to 363 days – For general public: 5.75 per cent; For Senior Citizen: 6.25 percent
• 364 days – For general public: 6.00 per cent; For Senior Citizen: 6.50 percent
• 365 days to 389 days – For general public: 7 percent; For Senior Citizen: 7.50 percent
• 390 days (12 months 25 days) – For general public: 7.20 per cent; For Senior Citizen: 7.70 percent
• 391 days to less than 23 months – For general public: 7.20 per cent; For Senior Citizen: 7.70 percent
• 23 months – For general public: 7.20 per cent; For Senior Citizen: 7.70 percent
• 23 months 1 day to less than 2 years – For general public: 7.20 per cent; For Senior Citizen: 7.70 percent
• 2 years to less than 3 years – For general public: 7 percent; For Senior Citizen: 7.50 percent
• 3 years and above but less than 4 years – For general public: 6.50 per cent; For Senior Citizen: 7 percent
• 4 years and above but less than 5 years – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent
• 5 years and above and up to and including 10 years – For general public: 6.20 per cent; For Senior Citizen: 6.70 percent.

Indian Overseas Bank Interest Rates

Indian Overseas Bank (IOB) has revised the interest rates on FDs from 10 April 2023. The bank is now offering 6.50 per cent interest on one year FD. The bank has increased the interest by 0.10 percent.

Interest on FD of 444 days has been increased from 7 per cent to 7.25 per cent per annum. For FDs between 2 years and 3 years, the interest rate increased from 6.4 percent to 6.8 percent. For FDs of more than 3 years, the interest is 6.5 per cent. No changes have been made to it.

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On the one hand, the bank has reduced the interest rates by 0.50 per cent for selected tenures, while on the other hand, it has also increased it by 0.40 per cent for selected tenures. According to the official website of the bank, the bank has changed the interest rates for FDs of less than 2 crores. The bank’s new FD interest rates will be applicable from April 10, 2023.

7.25% interest will be available for 444 days

After the change, instead of 7% on FD of 444 days, the bank will now give a maximum interest of 7.25%. The bank will continue to pay an additional 0.50 per cent to the standard rate to senior citizens and 0.75 per cent to its super senior citizens.

New FD rates of Indian Overseas Bank

The bank is offering its customers 4% on FDs of 7 days to 14 days, 4% on FDs of 15 days to 29 days, 4.25% on FDs of 30 days to 45 days and 46 days to 60 days. Will give 4.25 percent interest on FD. At the same time, the bank will pay 4.25 percent interest on FDs of 61 days to 90 days, 4.50 percent on FDs of 91 days to 120 days and 4.50 percent on FDs of 121 days to 179 days.

On the other hand, the bank will pay 4.95 per cent interest on FDs from 180 days to 269 days, 5.35 per cent on FDs from 270 days to less than 1 year and 6.50 per cent on FDs from 1 year to less than 2 years.

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After the increase in the repo rate by the RBI, the 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, Axis Bank of the private sector of the private sector has increased the rates of interest on fixed deposits ie FD.

Axis Bank has increased the interest rates for FDs below Rs 2 crore. According to the bank’s website, the new rates have come into effect from November 5, 2022. The bank has increased the interest rates by up to 115 bps on deposits with maturities ranging from 46 days to 10 years. Axis Bank is now offering interest rates ranging from 3.50% to 6.50% for general public and 3.50% to 7.25% for senior citizens on deposits maturing in 7 days to 10 years. The maximum interest rate on deposits with maturity between 3 to 10 years will now be 7.25% for senior citizens and 6.50% for general public.

Axis Bank’s new FD rates

will continue to offer 3.50% interest rate on FDs maturing in 7 days to 45 days, but on deposits maturing in 46 days to 60 days, the bank has increased the interest rate from 3.50% to 4% have make. An interest rate of 4.50% will now be offered on deposits maturing in 61 days to 3 months. Interest rate of 4.50% will now be given on deposits maturing in 3 months to 6 months. Axis Bank has increased the interest rate on deposits maturing in 6 months to 9 months from 50 bps to 5.50% and on deposits maturing in 9 months to 1 year by 75 bps to 5.75%.

RBI has increased the repo rate

for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent for the fourth consecutive time. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently RBL Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.

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FDs of less than 2 crores increased interest rates
Indian Overseas Bank has increased the interest rate on Fixed Deposit (FD Rates) from the bank. The new rates will be applicable from Tuesday, September 13. The bank has increased the interest rates on FDs below Rs 2 crore. If you have lump sum amount then you can also invest it in FD. Let us know about the new interest rate of Indian Overseas Bank-

Indian Overseas Bank New Interest Rates

7-29 Day FD – 3.25%
30-45 Day FD – 3.35%
46-90 Day FD – 3.75%
91-120 Day FD – 4.10%
121-179 Day FD – 4.10%
180-269 day FD – 4.65%
270 day to 1 year FD – 4.65%
1-2 year FD – 5.50%

A special FD of 444 days has been launched by the bank with an interest of 5.60 percent on FD for three years . In this scheme, the customer is getting an interest of 5.65 percent for 444 days. If the customer makes an FD for two to three years, then he will get interest at the rate of 5.60 percent. Apart from this, 6 percent interest will be available on FD of 1000 days.

These banks have also increased the rate on FD , after increasing the repo rate by RBI, many banks have changed the interest rate of FD. Private sector Axis Bank has also changed FD rates. The bank has increased the interest rate by 25 basis points. Which has come into effect from 9 September.

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The new rates of interest will be effective from September 13. After the amendment, the bank has increased the interest rate for all tenors of the fixed deposit. Rates of interest on FDs maturing in 7 days to 3 years or more will be in the range of 3.25 to 5.85 percent.

Indian Overseas Bank has increased the rate of interest on FDs of 7-29 days by 25 basis points, which has now increased from 3 percent to 3.25 percent. At the same time, an increase of 35 basis points has been made on fixed deposits of 30-45 days, after which the rate of interest has increased from 3 percent to 3.35 percent.

The rate of interest on FD which is completed in 46 to 90 days will be 3.75 percent. Whereas FDs with a tenure of 90 to 179 days will get 4.10 percent interest. Apart from this, Indian Overseas Bank will pay 4.65 percent interest on fixed deposits of less than 180 days to one year.

IOB has increased the interest rate on fixed deposits of more than one year and less than 2 years from 5.45 percent to 5.60 percent. Also, the rate of interest on FDs of more than 444 days has been increased from 5.60 to 5.65 percent. At the same time, the bank has included a new FD of 1000 days, in which customers will get a maximum interest of 6 percent.

Giving information on its website, Indian Overseas Bank said that in all fixed deposit schemes, senior citizens will get an additional 0.50 percent interest and super senior citizens (citizens of 80 years and above) will get an additional interest of 0.75 percent.

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