This private bank has reduced the interest on savings accounts as well as FD by 0.25 percent. ICICI Bank’s new interest rates have also come into effect from today i.e. April 17.

ICICI Bank cuts FD interest rates by up to 0.50%

The country’s largest public sector bank – SBI and the largest private bank – HDFC have recently implemented a reduction in deposit interest rates. ICICI Bank has cut rates on select tenure FD schemes by 25 to 50 basis points. After this latest cut, the private bank is now offering interest of 3% to 7.05% on FD to its general customers and senior citizens will now get interest of 3.5% to 7.55% on FD. Earlier, ICICI Bank’s FD scheme with a tenure of 15 months to 2 years was offering a maximum interest of 7.25% to general customers and 7.85% to senior citizens.

Now 3.00% interest on FD with a tenure of 30 to 45 days

ICICI Bank has reduced the maximum interest rate by 50 basis points i.e. 0.50 percent on FD scheme with a tenure of 30 to 45 days. The bank has now reduced the interest rate for this tenure from 3.50 percent to 3.00 percent. Apart from this, the interest rate for the tenure of 61 to 90 days has been reduced by 25 basis points to 4.5% to 4.25%. For FDs with a tenure of 18 months to 2 years, the interest rate has been reduced by 20 basis points to 7.25% to 7.05%.

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Like a home loan, you can also take a loan to buy land. Land can be easily purchased through a land purchase loan. Because in this you pay the money in installments. However, like other loans, interest has to be paid in this too.

How much interest will have to be paid?

Taking a land purchase loan can be a little more expensive than a home loan. There are many similarities between home loans and land purchase loans. However, you may have to pay more interest if you take a loan to buy land. According to the information received in this regard, you have to pay an annual interest of 8.6 percent to 17 percent on taking a land purchase loan.

The tenure in this is less than that of a home loan. The tenure of a land purchase loan ranges from 5 years to 20 years.
Eligibility for Land Purchase Loan

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The central government has not made any change in the interest rates on Public Provident Fund (PPF) and other small savings schemes for the second quarter of the current financial year 2024-25. The government made this announcement regarding interest rates. The interest rates on various small savings schemes have been kept unchanged for the quarter starting July 1, 2024. The Finance Ministry said in a notification, “The interest rates on various small savings schemes for the second quarter of the financial year 2024-25 (from July 1 to September 30, 2024) will remain the same as the rates notified for the first quarter (from March 1 to June 30, 2024).

According to the notification, the interest rate on deposits under Sukanya Samriddhi Yojana will be 8.2 percent, while the rate on three-year fixed deposits will be 7.1 percent. The interest rates of PPF and Post Office Savings Deposit Scheme will also remain at 7.1 percent and 4 percent respectively.

How much interest is there on Kisan Vikas Patra, NSC

The interest rate on Kisan Vikas Patra will be 7.5 percent and this investment will mature in 115 months. The interest rate on National Savings Certificate (NSC) for the period July-September 2024 will be 7.7 percent. In the September quarter also, the Post Office Monthly Income Scheme will give 7.4 percent interest to the investors as before. The government notifies the interest rates for small savings schemes run by post offices and banks every quarter.

Public Provident Fund (PPF)

In this scheme, a minimum investment of Rs 500 has to be made every financial year. Investment made in this scheme is also eligible for tax exemption. A maximum of Rs 1.5 lakh can be invested in this scheme in a year.

Senior Citizen Savings Scheme (SCSS)

A minimum investment of Rs 1000 and a maximum of Rs 30 lakh can be made in this scheme. If the total income from its interest exceeds ₹ 50,000/financial year, then tax has to be paid on it.

Post Office Monthly Income Scheme

This account can be started with a minimum investment of Rs 1000. A maximum of Rs 9 lakh can be invested in it in an individual account and a maximum of Rs 15 lakh in a joint account.

National Savings Certificate (NSC)

The minimum investment in this account is Rs 1000. There is no limit for maximum investment. Its maturity period is 5 years.

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The meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) started from June 5, 2024. Today RBI Governor Shaktikanta Das has announced the decisions taken in the meeting.

The meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) started from June 5, 2024. Today RBI Governor Shaktikanta Das has announced the decisions taken in the meeting.

what are the new rates

With no change in the repo rate, other rates will also remain stable. RBI has kept the reverse repo rate at 3.35 percent, standing deposit facility rate at 6.25 percent, marginal standing facility rate at 6.75 percent and bank rate at 6.75 percent.

inflation rate

Governor Das said that RBI is committed to bringing inflation to 4 percent on a sustainable basis. RBI expressed concern over high food inflation. After the monetary policy committee meeting, RBI Governor Das said that the inflation growth balance is moving favorably.

Normal southwest monsoon is expected to increase kharif production and increase water storage in reservoirs. In such a situation, inflation may moderate.

The RBI estimates retail inflation to be 4.9 per cent in the first quarter of FY25, 3.8 per cent in the second quarter, 4.6 per cent in the third quarter, and 4.5 per cent in the fourth quarter.

Also Read: RBI Monetary Policy LIVE: RBI’s monetary policy will be announced today, know who all are included in MPC

If there is a normal monsoon this time, then inflation is expected to be 4.5 percent in the current financial year. The RBI governor said that some improvement in retail inflation can be seen in the second quarter of the current financial year.

RBI Governor Das said that there is a need to keep a close watch on food price inflation.

GDP growth

In the last meeting of the RBI MPC, the GDP growth forecast for FY 2025 was 7 percent. This time the meeting raised the GDP growth forecast from 7 percent to 7.2 percent.

RBI Governor says that if the GDP growth remains at 7.2 percent in the current financial year, then this will be the fourth consecutive year when the growth rate will be more than 7 percent.

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Small Saving Schemes Interest Rates: The Central Government has not given any gift on the interest rates of small savings schemes and has kept the interest rates stable for the April-June quarter. Today, on March 8, the Central Government has not made any change in the interest rates for the first quarter April-June of the upcoming financial year 2024-25. This is the first time in 7 consecutive quarters that the government has not increased the interest rates on these savings schemes.

Government notification has been released

A government notification said that interest rates on many small savings schemes will remain unchanged for the first quarter of the financial year 2024-25, starting from April 1, 2024, and ending on June 30, 2024. This means that just as the rates were notified for the fourth quarter from January 1, 2024 to March 31, 2024, the interest rates will continue for the first quarter of the financial year 2024-25 also. It has received the approval of the competent authority.

Know the interest rates of small schemes

Name of Small Saving Scheme Interest Rates

• Sukanya Samriddhi Scheme 8.2 percent
• Senior Citizen Saving Scheme 8.2 percent
• National Saving Certificate 7.7 percent
• Public Provident Fund 7.1 percent
• Kisan Vikas Patra 7.5 percent (115 months)
• Monthly Income Account 7.4 percent

Know the interest rates from savings accounts to other small schemes
Name of Small Saving Scheme Interest Rates

Saving Deposit 4%

1 Year Time Deposit 6.9%

2 Year Time Deposit 7.0%

3 Year Time Deposit 7.1%

5 Year Time Deposit 7.5%

5 Year Recurring Deposit 6.7%

Why small savings schemes were left without changes

Small savings interest rates, however, are set by the government and range from 0-100 basis points based on the yields on government securities of comparable maturity. In such a situation, when the market yield on government securities falls, interest rates on small savings schemes should also be reduced. However, small savings interest schemes for Q2 2024 have been left unchanged despite the fall in government bond yields.

IPPB Executive Recruitment 2024 : Vacancy for executive posts in India Post Payment Bank, apply this way

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Small Saving Schemes Interest Rates: The government has decided not to make any changes in the interest rates on small saving schemes. The government said that interest rates on all savings schemes have been kept unchanged for the April-June quarter. The Finance Ministry decides on the interest rates for these schemes every quarter.

6.7% interest on recurring deposits

At present, if we talk about time deposit saving scheme, the interest rate for 1 year is 6.9%, for 2 years is 7.0%, for 3 years is 7.1% and for 5 years is 7.5%. The interest rate on five-year recurring deposit is 6.7%. The interest rate for Monthly Income Account i.e. MIS is 7.4%.

Know which scheme gives the highest interest

The interest rate on Senior Citizen Saving Schemes i.e. SCSS is 8.2%. Public Provident Fund i.e. PPF is getting interest of 7.1%. Sukanya Samriddhi Yojana i.e. Sukanya Samriddhi Accounts is getting 8.2% interest. Interest of 7.7% is available on five-year National Savings Certificate. Kisan Vikas Patra schemes offer 7.5% interest.

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Bank of Baroda

Bank of Baroda is offering interest at the rate of 7.75 percent on three-year FD. Among public sector banks, Bank of Baroda is giving the highest interest to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.26 lakh in three years.

Axis Bank

Axis Bank is offering interest at the rate of 7.60 percent on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.25 lakh in three years.

HDFC Bank

HDFC Bank, ICICI Bank and Punjab National Bank offer interest rates of 7.50 percent on three-year FDs. The amount of Rs 1 lakh invested now will grow to Rs 1.25 lakh in three years.

Canara Bank

Canara Bank gives 7.30 percent interest on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.24 lakh in three years.

State Bank of India (SBI)

State Bank of India (SBI) is giving 7.25 percent interest on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.24 lakh in three years.

Bank of India

Bank of India and Union Bank of India offer interest at the rate of 7 percent on three-year FD. The amount of Rs 1 lakh invested now will grow to Rs 1.23 lakh in three years.

Indian Bank

Indian Bank is giving interest at the rate of 6.75 percent on three-year FD to senior citizens. The amount of Rs 1 lakh invested now will grow to Rs 1.22 lakh in three years.

Reserve Bank of India

Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), provides investment guarantee on FDs up to Rs 5 lakh. In simple words, it means that your investment up to Rs 5 lakh in fixed deposit is completely safe.

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Investors investing in Public Provident Fund ie PPF can get a big deal. There is a possibility that the interest rates of PPF can be increased for the second quarter of the financial year 2023-24 from July to September. The Finance Ministry is about to review the interest rates of small savings schemes. Which can be announced today.

There has been no increase in the interest rates of PPF since April 2020 till now. PPF is currently getting 7.1 percent interest annually. However, during this period, the central government has increased the interest rates of almost all small savings schemes for the last three quarters, including Sukanya Samriddhi Yojana.

For April to June, the interest rate of these savings schemes was increased by 10 to 70 basis points. In which the interest rate of NSC i.e. National Saving Certificate was increased from 7 percent to 7.70 percent. The interest rate of Sukanya Samriddhi Yojana was increased from 7.6 per cent to 8 per cent. At present, 7.5 percent interest is being received annually on Kisan Vikas Patra and its maturity period was reduced from 120 months to 115 months.

The interest rates of these savings schemes have been increased but the government has not increased the interest rates of PPF. While RBI has increased the repo rate by 2.50 in a year. After which the banks have increased the interest rates on FDs, then the government has increased its small savings schemes. In such a situation, the investors of PPF are also expecting the interest rates to be increased.

There is a formula for fixing the interest rates of PPF which was notified by the Finance Ministry in 2016. Under this, 25 basis points more interest is given on PPF than the 10-year bond yield. Currently the bond yield is 7.3 per cent. Based on this formula, the interest rates of PPF should be increased to 7.55 per cent.

Urban and rural common Indians invest in savings schemes like PPF as safe. These are the people who rely on investing in these schemes while staying away from the ups and downs of the stock market and also invest to save tax. To maintain the popularity of PPF, there is pressure on the government to increase the interest rates.

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According to the official website of the bank, the new rates will be applicable from June 2, 2023. The bank now offers an interest rate of 3.50 per cent on FDs with maturity between 7 days and 30 days.

Apart from this, the bank is providing an interest rate of 4 percent for FDs maturing between 31 to 45 days. The bank offers an interest rate of 4.5 percent for FDs maturing between 46 to 60 days and 4.6 percent for FDs maturing in 61 and 90 days. IndusInd Bank offers an interest rate of 5 percent for FDs maturing between 91 to 120 days. The bank offers an interest rate of 5 percent for FDs maturing between 121 to 180 days.

1. After the revision, the bank offers an interest rate of 5.85 per cent on FDs maturing between 181 to 210 days.
2. The bank offers an interest rate of 6.10 percent for FDs maturing between 211 to 269 days.
3. IndusInd Bank offers an interest rate of 6.35 per cent for deposits maturing between 20 and 364 days.
4. The bank is now offering an interest rate of 7.75 per cent on FDs maturing between one year and two years.
5. The bank offers an interest rate of 7.50 per cent for FDs maturing in two years, three years and more than three months.
6. IndusInd Bank offers an interest rate of 7.25 percent for FDs maturing in three years and three months and less than 61 months.

Senior Citizen will get 8.25% interest

IndusInd Bank will now offer an interest rate of 7 percent for FDs maturing in more than 61 months. The bank offers an interest rate of 7.25 per cent on Indus Tax Saver Scheme (5 years). Senior citizens are eligible for an additional 0.50 percent interest rate on all FDs. The interest rate for senior citizens ranges from 4 percent to 8.25 percent.

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However, after the introduction of monetary policy, it has been normal for banks to change the interest rates of FDs and loans etc. So here we are going to tell you about the top-5 private banks of the country which are now giving good returns on FDs.

Banks generally offer FD schemes for a period ranging from 7 days to 10 years. Here you are going to tell about the FD interest rates of top-5 private banks. This includes HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank.

Private Banks and their FD Interest Rates

Private banks also offer FD schemes ranging from 7 days to 10 years. FD interest rates of banks are as follows…

1. HDFC Bank: 3 to 7.25 percent interest is available on FD in the country’s largest private bank. The highest interest is 7.25 percent on FD of 4 years 7 months. At the same time, good interest is offered on FDs up to a period of 10 years. The maximum interest on FD for senior citizens is 7.75 percent.
2. ICICI Bank: The interest on FD in this bank ranges from 3 percent to 7.10 percent. The highest interest is available for a period of more than 15 months but less than 2 years. Senior citizens get 0.50 percent more interest than the common people.
3. Axis Bank: FD interest rates in Axis Bank, another private sector bank, range from 3.50 percent to 7.10 percent. The highest interest is available on FDs of more than 13 months but less than one and a half years i.e. 18 months. Senior citizens are offered interest of up to 0.50 percent. These new rates have remained the same since May 18.
4. Yes Bank: Yes Bank is offering FD interest ranging from 3.25 percent to 7.75 percent on FD to its customers. While senior citizens are getting interest up to 0.50 percent more than this. Bank’s FD of more than 18 months but less than 36 months gives the highest interest.
5. Kotak Mahindra Bank: The FD interest rate in this bank starts from 2.75 percent and goes up to 7.20 percent at the top level. The bank gives the highest interest on FD schemes with a tenure of 390 days or more but less than 2 years.

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After the recent hike in interest rates, now fixed deposits have become an inflation-beating option after a long time. A good way to build a strong FD portfolio is to include short and long term FDs in your portfolio instead of investing all your money in a single scheme. Invest a portion in a 5-year FD, where tax benefits are available under section 80C of the Income Tax Act.

While keeping in mind the liquidity, invest the remaining money in different short term FDs. If you want to do this, then you can go for the time deposit scheme of the post office, where 4 options of different tenures will be merged together.

1 year to 5 years option

The time deposit scheme of the post office is a type of fixed deposit. There is an option to do FD of 1 year, 2 years, 3 years and 5 years. Up to 7.5 percent annual interest is being received in these different tenure schemes. Investors who do not want to take market risk at all and are looking for stable returns while keeping their deposits safe, then the post office time deposit scheme is a better option.

1 year TD: 6.8% interest per annum

Deposit: Rs 10 lakh
Tenure: 1 year
Interest: 6.8% per annum
Maturity Amount: Rs 10,69,754
Interest lost: Rs 69,754

2 year TD: 6.9% interest per annum

Deposit: Rs 10 lakh
Tenure: 2 years
Interest: 6.9% per annum
Maturity Amount: Rs 11,46,625
Interest lost: Rs 1,46,625

3 years TD: 7% interest per annum

Deposit: Rs 10 lakh
Tenure: 3 years
Interest: 7% per annum
Maturity Amount: Rs 12,31,439
Interest lost: Rs 2,31,439

5 year TD: 7.5% interest per annum

Deposit: Rs 10 lakh
Tenure: 5 years
Interest: 7.5% per annum
Maturity Amount: Rs 4,49,948
Interest lost: Rs 3,83,000

Features and benefits of the scheme

• It has the facility to open single and joint accounts. There can be 3 adults in a joint account.
• The special thing about this scheme is that an investor can open multiple accounts.
• On depositing at least Rs 1000, an account can be opened in any post office. There is no limit on the maximum deposit.
• In this scheme, the benefit of tax exemption is available on the investment made for 5 years.
• Keeping the account as security, you can also take a loan instead.
• There is no risk due to being a government deposit.
• Account can be transferred from one post office to another post office.

Safer than bank FD

It is a safer investment than bank FDs, as it provides government guarantee on the investor’s capital and the interest earned. Whereas, in bank FD, you get protection only up to a maximum amount of Rs 5 lakh on capital and interest as per the rules of Deposit Insurance and Credit Guarantee Corporation (DICGC).

Facilities available at Post Office TD

• Nomination facility at Post Office TD
• Facility to transfer account from one post office to another
• Facility to open multiple TDs in same post office
• Facility to convert single account to joint or joint account to single
• Account extension facility
• Online account opening facility through intra operable netbanking / mobile banking

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By the end of June 2023, the government can change the interest rates of this scheme. It is worth noting that the government reviews the interest rates of this savings scheme every three months. In such a situation, a change is possible by the end of this month.

Interest rates were reduced on 1 April 2022

The government last increased the Public Provident Fund Scheme in the year 2020. After this, on April 1, 2022, the interest rates of PPF were reduced from 7.9 percent to 7.1 percent. Since then no changes have been made in this scheme.

Why is the government not increasing the interest rates?

Since then, no change has been made in the interest rates of PPF by the Central Government. This time PPF account holders are hopeful that by the end of June 2023, the government may increase the interest rates. According to media reports, after the tax return, the amount invested under this scheme gets the benefit of interest up to 10.32 percent. At the same time, it is already getting more interest than other schemes.

Where can I open an account

You can start investing in the Public Provident Fund Scheme with a minimum of Rs 500. You can open it from your nearest post office or bank anywhere. From January 1, 2023 onwards, the government is giving the benefit of interest at the rate of 7.1 per cent in this scheme and the maturity of the PPF scheme is in 15 years.

Can also take advantage of loan

You also get the benefit of tax exemption in PPF scheme. In this scheme, you can take advantage of tax exemption under section 80C. The amount earned through interest in this scheme is also tax free. After completion of 5 years in this scheme, you can also apply for a loan.

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It is true that after being a senior citizen, money cannot be taken at risk, but it is not that the options to make money out of money have come to an end. Banks have many schemes for senior citizens in which guaranteed income is available. One of these is the Senior Citizen Term Deposit Scheme of State Bank of India (SBI).

If you are a recent retiree and have a substantial corpus, you can invest in SBI’s Senior Citizen FD scheme for a longer tenure.

SBI FD Rates 2023: How much will senior citizens benefit

According to the information given on the SBI website, senior citizens can deposit money in SBI’s FD scheme for a maturity period ranging from 7 days to 10 years. Generally, senior citizens get half a percentage point i.e. 0.50% more interest on fixed deposits than regular customers. At the same time, senior citizens get 1% more interest on FDs of 5 years to 10 years.

These are the interest rates

According to SBI’s website, regular customers are getting 6.5 per cent interest per annum on FDs ranging from 5 years to 10 years, while the bank is offering 7.5 per cent per annum interest to senior citizens. Actually, senior citizens get extra half per cent premium interest under the SBI V-Care Deposit Scheme on FDs of 5 to 10 years.

SBI FD: Rs 10 lakh will become Rs 21 lakh in 10 years

Suppose a senior citizen deposits 10 lakhs in a 10 year maturity scheme of SBI. According to the SBI FD calculator, on maturity, the investor will get a total of Rs 21,02,349 at an interest rate of 7.5 per cent per annum. There will also be a fixed income of Rs 11,02,349 in interest.

SBI has increased interest rates by 0.25 per cent on deposits of less than Rs 2 crore from February 15, 2023. Along with making loans costlier, interest rates on deposits are also being increased by the banks. Earlier, SBI had increased the interest rates on FDs on 13 December 2022.

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Due to the increase in deposit interest rates, the trend of investors towards investing in FD is increasing. In the month of May, 4 banks have increased the interest rates, after which the interest rate has increased up to 9.60 percent.

DCB Bank FD Rates

DCB Bank has revised the FD interest rates for deposit amount less than Rs 2 crore. According to the website of DCB Bank, the new rates have been made effective from 8 May 2023. After the amendment, the highest interest rate has become 8 percent for regular customers and 8.50 percent interest rate is being given for senior citizens.

Kotak Mahindra Bank FD Rates

Kotak Mahindra Bank has increased interest rates on Fixed Deposits ( Kotak Mahindra Bank FD Rates) by 50 bps. The revised interest rates have been implemented from 11 May 2023. Kotak Mahindra Bank is offering interest rates ranging from 2.75% to 7.20% to general residents.

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Whereas, interest rate ranging from 3.25% to 7.70% has been offered to senior citizens. The bank has increased the interest rate by 50 basis points from 6.50% to 7% on tenure of 180 days. Whereas, with an increase of 10 basis points on FDs of 365 days tenure, the interest rate has been increased from 7% to 7.10%.

Suryoday Small Finance Bank FD Rates

Suryoday Small Finance Bank (SSFB Fixed Deposit Rates) has revised the fixed deposit interest rates. The interest rates were revised by 49 to 160 basis points (bps) over the tenor of 1 to 5 years. The new interest rates are effective from 5 May 2023. After the revision, the bank is giving an interest rate of 4.00 percent to 9.10 percent to the general public. Whereas, senior citizens have been offered an interest rate of 4.50 percent to 9.60 percent.

FD interest rates of Unity Small Finance Bank

Unity Small Finance Bank has increased the interest rates on Fixed Deposits (Unity Bank FD Interest Rates) from 2 May 2023. Now the bank is giving the highest FD interest of 9.50% on FDs of 1001 days tenure to senior citizens. The bank is giving interest rate up to 9.00% to regular citizens on FD of this tenure.

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Bank of Baroda has now increased the interest rates. If you have also made FD in this bank, then you will get the benefit of more interest. Let us tell you that the bank has increased the interest rates on its Baroda Tiranga Plus Deposit Scheme (Baroda Tiranga Plus Deposit Scheme), whose duration is 399 days.

Interest rates applicable from May 12

If you get an FD of less than Rs 2 crore, then it is giving the benefit of interest to the common citizens at the rate of 7.25 per cent to 7.75 per cent. The new rates have been implemented by the bank from May 12. The bank has increased the interest rates by 20 basis points. First bank is giving the benefit of interest ranging from 7.05 percent to 7.75 percent to the customers.

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Rate of interest for general citizens-

>> 7 to 45 days FD – 3 percent
>> 46 to 180 days FD – 4.5 percent
>> 181 to 210 days FD – 4.5 percent
>> 211 days or less FD – 5.75 percent
>> Duration of one to two years – 6.75 percent

Rate of interest for senior citizens-

>> 7 to 45 days FD – 3.5 percent
>> 46 to 180 days FD – 5 percent
>> 181 to 210 days FD – 5.75 percent
>> FD of 211 days or less – 6.25 percent
>> Duration of one to two years – 7.25 percent

Benefits of Baroda Tricolor Plus Scheme

Apart from this, the bank is also giving the benefit of Baroda Tricolor Plus Deposit Scheme (399 days) to the customers. Talking about ordinary citizens, these people get the benefit of interest ranging from 7.25 per cent to 7.75 per cent.

How much interest is being received over which period?

Apart from this, if we talk about FDs of more than 10 years, then ordinary citizens are getting the benefit of interest at the rate of 6.25 percent. At the same time, senior citizens are getting interest at the rate of 6.75 percent.

Apart from this, talking about the rate of interest for a period of more than 5 years, then ordinary citizens are getting interest at the rate of 6.5 percent and senior citizens at 7.50 percent. On FDs of more than 2 years and up to 3 years, the bank is offering 7.05 percent interest rate to general citizens and 7.55 percent to senior citizens.

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This merger is expected to be completed by the month of June. HDFC customers, whether borrowers or depositors, may see changes in FD interest rates after this merger. Let us find out how the FD interest rates will change for these customers after the merger.

Difference in interest rates

FD interest rates in HDFC Bank have always been lower than the interest rates offered by housing finance company HDFC. If you invest in HDFC FDs of less than Rs 2 crore for a tenure of 66 months, you will get an annual interest of 7.45 per cent till May 8, 2023. HDFC Bank is offering an interest rate of 7 percent for the same tenure. But after the merger, there will be a change in FD interest rates.

The interest rates for FD in Housing Finance Company range from 6.95 percent to 8 percent. The tenure of retail FD in HDFC ranges from 22 months to 120 months. Retail FD interest rates in HDFC Bank range from 3 percent to 7.5 percent, while you can choose any tenor of your choice.

What is special for senior citizens

For senior citizens, the housing finance company offers an additional interest rate of 0.25 per cent on deposits up to Rs 2 lakh. However, HDFC Bank offers an additional interest rate of 0.50 percent on FDs on behalf of senior citizens. As you can see, there is a difference in the interest rates offered by HDFC and HDFC Bank.

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In the last one year, due to the increase in the repo rate by the central bank IBI, there has been a continuous increase in the interest of bank FDs. In the last 11 months, the repo rate has increased from 4 percent to 6.50 percent.

Because of this, the average 5 percent interest received on FD in 2022 has now increased to above the average 7 percent. This is a good opportunity for those investors who want to invest in FD. Let us know how much interest the country’s big banks are paying on bank FDs.

Interest on SBI’s FD

The country’s largest public sector bank State Bank of India (SBI) is offering FDs with tenures ranging from 7 days to 10 years. On this, interest ranging from 3.00 percent to 7.10 percent is being given to general citizens and 3.50 percent to 7.60 percent to senior citizens.

Interest on FD of ICICI Bank

ICICI Bank is giving interest ranging from 3 percent to 7.10 percent to investors on FDs ranging from 7 days to 10 years. Additional interest of 0.50 per cent is given to senior citizens. Due to this, citizens above 60 years of age are getting 3.50 percent to 7.60 percent interest on FD.

Interest on Axis Bank FD

The private sector Axis Bank is also offering attractive interest rates on FDs ranging from 7 days to 10 years. Interest of 3.50 percent to 7.20 percent is being given to general citizens and 3.50 percent to 7.95 percent to senior citizens.

Interest on FD of HDFC Bank

HDFD Bank is offering an interest rate of 3 percent to 7.1 percent on FDs ranging from 7 days to 10 years. At the same time, senior citizens are being given interest ranging from 3.5 percent to 7.6 percent on FDs ranging from 7 days to 5 years.

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The Center has implemented CPF interest rates on General Provident Fund (GPF) without change for the April-June 2023 quarter. The Finance Ministry has announced no increase in interest rates for General Provident Fund (GPF) investors from April 1, 2023, despite a significant increase in the interest rates of select small savings schemes.

Investors who have been expecting interest rates to rise for a long time have been shocked. Let us tell you that the interest rates on GPF have not been increased since the last 13 quarters and now for the 14th time also the government has decided to keep the interest rates unchanged.

The Finance Ministry has announced the interest rate for General Provident Fund (GPF) and Mixed Fund Schemes. The ministry has kept the interest rate for GPF and similar funds unchanged for the April-June quarter of 2023. In a circular issued on April 10, 2023, the Ministry of Finance said that it is announced that during the year 2023-2024, deposits of customers in the General Provident Fund and other similar funds will be taxed at the rate of 7.1 percent from April 1, 2023 to June 30, 2023. Interest will be charged.

Interest rates on GPF and mutual fund schemes for the June quarter

The funds that will fetch an interest rate of 7.1 per cent for the April-June quarter of 2023 are-

• General Provident Fund (GPF) General Provident Fund for Central Service.
• General Provident Fund (GPF) General Provident Fund for Defense Services
• Contributory Provident Fund (CPF) Contributory Provident Fund.
• All India Services Provident Fund (AISPF) All India Services Provident Fund.
• State Railway Provident Fund (SRPF) State Railway Provident Fund.
• Indian Ordnance Department Provident Fund (AFPPF) Armed Forces Personnel Provident.

What is General PF and who gets it?

General Provident Fund (GPF) is given only to government employees in India. Under GPF, all government employees are allowed to contribute a certain percentage of their salary to the General Provident Fund. Hence, the total amount accumulated during the employment period is paid to the employees at the time of retirement. The Finance Ministry revises the interest rate on GPF every quarter.

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IDFC First Bank has increased its interest rates on FDs below Rs 2 crore. For deposits maturing in 7 days to 10 years, the bank is offering an interest rate of 3.5 per cent to 7.00 per cent. IDFC First Bank is currently offering a maximum interest rate of 7.75 per cent on deposits maturing in 18 months 1 day to 3 years (549 days to 3 years). The new rates of the bank are effective from March 1, 2023.

IDFC First Bank FD Rates

Bank is now offering 3.50% interest rate on FDs maturing in 7 to 29 days and 4.00% interest rate on deposits maturing in 30 to 45 days . The bank is now offering an interest rate of 4.50 per cent on deposits of 46-90 days and 5.00 per cent on deposits of 91-180 days. Deposits maturing in 181 days to 366 days will now fetch an interest rate of 6.75 per cent and FDs maturing in 367 days to 18 months (367 days to 548 days) will now fetch an interest rate of 7.25 per cent.

8.20 percent interest on FD of 888 days

The new FD rates of Equitas Small Finance Bank have come into effect from March 1, 2023. The bank said that its customers will be able to earn 8.20 per cent interest on FDs of less than Rs 2 crore for a period of 888 days. Interest rates have also been increased on investments for a period ranging from 12 months to 24 months. Equitas Small Finance Bank has said in the filing that interest payment will continue quarterly in all types of accounts. Domestic senior citizens will get 0.50 percent additional interest on FD and RD rates.

Many banks have increased FD rates.

It is noteworthy that on February 8, RBI had increased the repo rate by 0.25 percent. After the increase in the repo rate, many government and private banks of the country have increased their FD rates. Many banks like SBI, ICICI Bank, HDFC Bank, Yes Bank have increased interest on FDs in recent times.

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Interest Rates for other tenure Fixed Deposit:

Yes bank FD Rates

1. The new FD rates of Yes Bank are effective till January 12, 2023.
2. Yes Bank will give 3.25 percent interest rate on FDs of 7 days to 14 days.
3. Will give 3.70 percent rate on FD of 15 days to 45 days.
4. Yes Bank will give 4.10 percent interest rate on FDs of 46 days to 90 days.
5. Will give 4.75 percent interest rate on FD of 91 days to 180 days.
6. Will give a rate of 5.75 percent on FDs between 181 and 271 days.
7. 272 and will give an interest rate of 6 per cent on FDs between 1 year.
8. Yes Bank will give 7 percent interest to the general public on FDs of 1 year to 120 months.

Special Tenor Fixed Deposits:

Announcement of new tenure

On October 12, 2022, Yes Bank launched FDs of 20 months to 22 months, on which the general public will get an interest rate of 7.25 percent and senior citizens will get an interest rate of 7.75 percent.

And on 9 December 22, the bank launched a new fixed deposit tenure of 30 months, on which the general public will get an interest rate of 7.50 percent and senior citizens will get an interest rate of 8 percent. On January 03, 2023, Yes Bank started a new FD tenure of 15 months, on which it will get 7.25 percent interest rate for general and 7.75 percent for senior citizens.

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This is a good news for people in rising inflation. Now the name of Suryoday Small Finance Bank has been included in the banks which have revised the interest rates of FD. This bank has increased its FD interest rates by up to 50 basis points. The revision of interest rates has been done for FDs of less than Rs 2 crore.

Now the bank is paying up to 9.1% interest on FDs of less than ₹ 2 crore. At the same time, senior citizens are getting interest up to 9.26 percent. The new interest rates have come into effect from 6 December. In a statement issued by the bank, it has been said that interest ranging from 4 percent to 9.01 percent is now being received on FDs of less than Rs 2 crore from 7 days to 10 years. At the same time, senior citizens will be given interest ranging from 4.50 to 9.26 percent.

What are the interest rates

The bank is giving 4% interest for a period of 7 to 14 days. At the same time, 4.25 percent interest is being received on FDs of 15 to 45 days. After this, 4.50 per cent on FDs of 46 to 90 days, 5 per cent on FDs of 91 days to 6 months, 5.50 per cent on FDs of more than 6 months to 9 months and 6 per cent on FDs of more than 9 months to 1 year. Getting percent interest.

The bank is paying 7% interest on FDs ranging from 1 year to 1 year 6 months. The same bank is paying 8.01 percent interest on FDs ranging from 1 year, 6 months to more than 2 years. The bank is paying 7.51 percent interest on FDs ranging from 2 years to 998 days.

The bank is giving 8.01 cheap interest on 999 days FD. 7.25% interest is being received on FDs that are going to mature in 2 months, 27 days to 3 years. 6.75 percent interest is being received on FDs of 3 years or more and less than 5 years. The bank is paying 9.01% interest on FDs maturing in 5 years. At the same time, 6.30 percent interest is being paid on FDs ranging from 5 years to 10 years.

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FD Rates Increased: ICICI Bank, the country’s largest private sector bank, has increased the interest rates on its bulk FD ie deposits of more than 2 crores. After this increase, now another private bank has taken this decision. The name of this bank is Axis Bank.

Recently this bank has decided to increase the interest rate on its deposits of more than 2 crores. These new rates have come into effect from 29 November 2022. The bank had offered interest rates ranging from 3.75 per cent to 7.20 per cent on FDs ranging from Rs 24.75 crore to Rs 25 crore to its ordinary citizens.

On the other hand, talking about senior citizens, it is offering interest rates ranging from 3.75 percent to 7.95 percent. In such a situation, this bank is offering more returns than the rate of inflation to the customers. In the month of October, the inflation rate in the country has been 6.77 percent. On the other hand, if you want to get an FD of Rs 5 to 10 crore in the bank, then we are giving you information about the latest interest rate offered by the bank-

Axis Bank interest on FD of Rs 5 to 10 crores-

• 7 to 14 days FD – 4.65%
• 15 days to 45 days FD – 5.00%
• FD from 46 days to 6 months – 6.00 percent
• FD from 6 months to 9 months – 6.35 percent
• FD from 9 months to 1 year – 6.40 percent
• 1 year to 1 year 5 days FD – 7.15%
• FD of 1 year 5 days to 3 years – 6.80%
• FD from 3 years to 10 years – 6.30 percent

ICICI Bank increased the interest rate on FDs of 2 to 5 crores-

ICICI Bank is offering interest rates ranging from 3.75 percent to 6.50 percent to its ordinary citizens. At the same time, the bank is offering interest rates ranging from 3.75 percent to 6.50 percent to senior citizens. These new rates have come into effect from 23 November 2022. Let us know about the interest rate available on different periods-

• 7 to 29 days FD – 3.75%
• 30 to 45 days FD – 4.75 percent
• FD of 46 to 60 days – 5.00 percent
• 61 to 90 days FD – 5.25 percent
• FD of 91 to 184 days – 5.75%
• FD of 185 days to 270 days – 6.00%
• FD from 271 days to 1 year – 6.25 percent
• FD from 1 year to 15 months – 6.75 percent
• FD from 18 months to 3 years – 6.80 percent
• 3 to 5 days FD – 6.80%
• FD from 5 to 10 years – 6.50 percent

RBI increased the interest rate many times

To control the rising inflation in India, RBI is continuously increasing the interest rates. Since May till now, the repo rate has increased from 4.00 percent to 5.90 percent. The last time the Reserve Bank increased the interest rate was on 30 September. In such a situation, due to this increase, many banks are increasing the interest rate in both their bulk and retail FDs. Now many banks like Federal Bank, State Bank of India, Punjab National Bank, ICICI Bank, Axis Bank, Indian Overseas Bank Has increased its fixed deposit rates.

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The bank is now offering an interest rate of 3.50 per cent to 6.50 per cent on fixed deposits with maturity of 7 days to 61 months and above. Interest rates on FD for senior citizens range from 4.00 percent to 7.00 percent. Now the maximum interest rate in IndusInd Bank is on FDs of 2 years to 2 years 1 month. At the same time, the highest interest rate for senior citizens is 7.25 per cent for the same period.

Know new interest rates

The bank now has an interest rate of 3.50 percent on FDs ranging from 7 days to 30 days. Whereas, IndusInd Bank is getting interest at the rate of 4.00 percent on fixed deposits of 31 days to 45 days. On the other hand, interest will be given at the rate of 4.25 percent on FDs with a period of 46 days to 60 days. There is an interest rate of 4.50 per cent on FDs with a tenure of 61 to 120 days. Whereas, interest is being received at the rate of 4.75 per cent on FDs with maturity of 121 days and 181 days.

At the same time, 5.50 percent interest rate is now available on FDs ranging from 181 days to 269 days. At the same time, interest is being received at the rate of 5.75 percent on fixed deposits ranging from 270 days to 354 days. IndusInd Bank currently has 6.00 percent interest rate on FDs ranging from 355 days to 364 days.

Tax saving FD will also get more benefits

There is an interest rate of 6.75 per cent on FDs with a tenure of one year to less than 1 year and 6 months. Whereas, interest is being received at the rate of 7.25 percent on fixed deposits ranging from 2 years to 2 years and 1 month. On the other hand, there is an interest rate of 7.00 percent on FDs ranging from 2 years 1 month to three years. Fixed deposits maturing in less than 3 years to 61 months will get interest at the rate of 6.75 per cent. At the same time, 6.50 percent interest rate is available in FDs of 61 months or more.

On the other hand, the bank is paying interest at the rate of 6.75 per cent on Indus Tax Saver Scheme ie 5-year tax saving FD. Whereas, senior citizens will get 7.25 percent interest on this FD.

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Depositing money in Fixed Deposit (FD) still remains the first choice of most people to get guaranteed returns after a fixed period. Banks also keep changing their FD rates from time to time. But after the continuous increase in the repo rate by the RBI after May, there was a competition among the banks to increase the FD rates. In this sequence, Unity Small Finance Bank has increased its FD rates for the second time in November. After this change in interest rates, the bank is offering up to 9% interest to its senior citizen customers for a fixed time period. The increased new interest rates are applicable from 21 November.

9% interest on FD of this time period

Unity Small Finance Bank is giving 4.5% to 8.50% interest to its general customers on FDs of less than Rs 2 crore. At the same time, after the latest increase in interest rates, the bank is giving 8.50% interest to its general customers and the highest 9% interest to its senior citizen customers on FDs of 181 days to 501 days.

On the other hand, the bank has also increased the interest rates on callable and non-callable bulk deposits above Rs 2 crore. After this increase, this small finance bank is paying 8% interest on callable deposits and 8.10% on non-callable deposits.

RBI has increased the repo rate for the fourth time in a row To stop rising inflation, the Reserve Bank of India (RBI) has increased the repo rate for the fourth time in a row after May. After this increase, the repo rate has increased to 5.90%.On September 30, the RBI had decided to increase the repo rate by 0.50% for the fourth time in the monetary policy meeting.

After this increase in the repo rate, it increased from 5.40% to 5.90%.Ever since the RBI has increased the repo rate, apart from the big banks of the country, many financial banks have also increased their FD rates continuously.

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Four consecutive repo rate hike by the Reserve Bank of India (RBI) has prompted banks to increase their fixed deposit (FD) rates. Some banks are also offering inflation beating rates on FD.

Bandhan Bank Latest FD Rates for Senior Citizens

Bandhan Bank has started offering a special limited tenure of higher interest rates on Fixed Deposits. These rates are applicable on retail deposits up to Rs 2 crore and are effective from November 7, 2022. This will be applicable to fresh deposits as well as renewal of matured deposits. With this new offering, the bank is offering one of the highest interest rates on fixed deposits in the entire banking sector.

Customers will now get a higher interest rate of up to 7.5 per cent on deposits for a tenure of 600 days. Senior citizens can avail 0.50% or 50 bps more, which will take their returns up to 8% for FDs of 600 days tenor.

600 days-8%

Suryoday Small Finance Bank Latest FD Rates

Suryoday Small Finance Bank Latest FD Rates for Senior Citizens Suryoday Small Finance
Bank (SSFB) offers 8.01 percent for general public and 8.26 percent for senior individuals on FDs maturing in 999 days. The bank has recently increased the interest rates on fixed deposits with effect from November 2.

999 days -8.25%

Unity Small Finance Bank Latest FD Rates for Senior Citizens

Senior citizens can get up to 8.3% interest on FDs with Unity Small Finance Bank. This interest rate is applicable on deposits of 1 year – 1 day. Senior individuals will get 8.15% interest on FDs maturing in 2 years to 3 years and 3 years to 5 years. These rates are effective from 1 November.

1 year – 1 day : 8.30%

2 years -3 years: 8.15%

>3 years – 5 years: 8.15%

AU Small Finance Bank Latest FD Rates for Senior Citizens

AU Small Finance Bank offers 8% interest to senior citizens on deposits maturing in 2 years to 3 years and 3 years to 45 months. The interest rates applicable on fixed deposits have become effective from October 10.

24 months 1 day to 36 months – 8.00%

36 Months 1 Day to 45 Months – 8.00%

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Explain that like public sector and private sector banks, Small Finance Banks are regulated by the RBI. Apart from this, there is also a guarantee of DICGC on the money deposited in it. The main objective of starting small finance banks is to provide easy loans to low-income people and farmers-small businessmen. These banks do not give loans of large amount. Its scope is fixed and they work in it. Savings account is also opened in these like common banks.

ESAF SFB Interest Rate

ESAF SFB is offering interest rates ranging from 4% to 5.25% for general citizens and 4.50% to 5.75% for senior citizens on FDs with maturities of 7 days to 10 years. The bank is offering 8% interest on special FD of 999 days.

The bank gives 4% interest on FDs of 7 days to 14 days. Pays 4.50% interest on FDs of 15 days to 59 days. Interest is available at 5% for 60 days to 90 days and 5.25% for 91 days to 182 days. FDs of 183 days to 1 year yield 5.50%, 1 year 1 day and 2 years 6.60%, 2 years to 998 days 7.25% and 999 days FDs get 8 percent interest.

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However, there has been no change in the interest rates of many post office savings schemes including Public Provident Fund (PPF), National Savings Certificate (NSC).

Over the years, post offices have designed several small savings schemes to meet the needs of investors, mostly small towns and rural areas. At present, an interest rate of 4 per cent per annum is being offered in personal and joint post office savings accounts. Also there is no tax up to Rs 10,000 in the interest paid in a financial year.

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Releasing information in this regard, the Department of Economic Affairs of the Ministry of Finance has said that the interest rates for the October to December quarter of the financial year 2022-23 have been retained at 7.1 percent. The interest rates of other provident funds will also remain unchanged at 7.1 per cent. That is, the Finance Ministry has not made any change in the interest rates.

Apart from Provident Fund, the Department of Economic Affairs, Ministry of Finance announces interest rates for GPF and similar funds every quarter. Interest rates are also announced for CPF, AISPF, SRPF, AFPPF in these funds. GPF i.e. General Provident Fund and this is also a scheme like PPF but it is applicable only to government employees. That’s why it is named GPF. There has been no change in its interest rates for this quarter.

Know These Funds Also

CPF is also known as Contributory Provident Fund. Apart from All India Service Provident Fund or AISPF, there has been no change in interest rates on Railway Provident Fund and General Provident Fund Defense Services, Indian Ordnance Department Provident Fund. Here also the interest rate of 7.1 percent will continue to be available as before. Earlier, interest was given at the same rate for the July-September quarter of the financial year 2022-23 as well. Government employees were expecting a change or hike in interest rates during the festive season but the Finance Ministry has not made any changes.

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The interest rates on such savings schemes are reviewed by the government every quarter of the financial year. During the review in the last June quarter, no change was made by the government. This was worrying crores of investors.

You can start with a small amount Here you can start with less money and deposit up to 1.5 lakh rupees in a year. Here your money is completely safe. The government has kept the interest rate on PPF at 7.10 percent recently. Its rules have been changed in the last few years.

Money will be deposited only once every month

It is necessary to invest in PPF account in multiples of Rs 50. This amount should be at least Rs 500 or more annually. But in PPF account you can deposit up to 1.5 lakhs in the whole financial year. Only on this you get the benefit of tax exemption. Apart from this, you can deposit money in PPF account only once in a month.

Interest rate was cut

You can also take a loan against the balance in the PPF account. Recently, this interest rate has been reduced from 2 percent to 1 percent. After paying the principal amount of the loan, you will have to pay the interest in more than two installments. Interest is calculated on the 1st of every month.

Account will remain active even after 15 years

Even after investing for 15 years, if you are not interested in investing, then you can continue your PPF account without investment. It is not necessary to deposit money in this account after the completion of 15 years. You can withdraw money only once in a financial year by opting to extend the PPF account post maturity.

This form has to be filled to open an account

To open a PPF account, Form-1 has to be submitted instead of Form A. For extension of PPF account after 15 years (with deposit) one year before maturity, application has to be made in Form-4 instead of Form H.

How to get loan against PPF?

Loan is also available against PPF account. Its rule is that you can get a loan only 25 percent of the balance in your account before two years from the date of application. Understand in simple language, you applied for the loan on 31st March 2022. Two years before this (March 31, 2020), if there was 1 lakh rupees in the PPF account, then 25 percent i.e. 25 thousand loan can be got.

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here are many such schemes of post office which are quite popular. There is no risk of any kind by investing in these schemes. Lakhs of people prefer to invest in post office schemes. The Central Government has increased the interest rates of the Small Savings Scheme after nine quarters. However, the government has not increased the interest rates of all small savings schemes.

Time deposit scheme for two and three years from the government, Senior Citizen Savings Scheme (SCSS), Kisan Vikas Patra (KVP) and Post Office Monthly Income Scheme like The interest rate on the schemes has increased.

Earlier in the first quarter of 2020-21, the interest rate of these schemes was cut. Let us tell you that the increase in the interest rates of these small savings schemes has come into effect from October 1. Post office time deposit of 2 years has been increased by 20 basis points.

For the first two years, under this scheme, people used to get 5.5 percent interest. But now after the increase, the interest has become 5.7 percent. At the same time, the interest on the three-year time deposit scheme has been increased by 30 basis points. Earlier it used to get 5.5 per cent interest. Now after the increase, 5.8 percent interest will be available.

Under the Monthly Income Scheme (MIS), the interest rate has been increased by 10 basis points to the customers. Now 6.7 percent interest will be available under this scheme. Earlier it was getting 6.6 percent interest.

Kisan Vikas Patra

The government has also increased the interest on the Kisan Vikas Patra (KVP) scheme. Now under this scheme, 7 percent interest will be available on the maturity of 123 months. At the same time, the interest rate of 6.9 percent was given earlier for 124 months.

senior citizens

The Senior Citizen Savings Scheme (SCSC) will get 7.6 percent interest. Earlier it was 7.4 per cent.

PPF, NSC, Sukanya Samriddhi Yojana

There has been no change in the interest rates of PPF, NSC, Sukanya Samriddhi schemes by the central government. Along with this, there has been no change in the Post Office Savings Deposit Scheme, 1 Year Time Deposit, 5 Year Time Deposit and Post Office RD Scheme.

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The 3-year fixed deposit in post offices has been reduced to 5.8 percent from the current 5.5 percent. The interest rate for Senior Citizen Savings Scheme has been increased from 7.4% to 7.6%, for Kisan Vikas Patra from 6.9% to 7 percent and for fixed deposits of two and three years. There has also been a change in the tenure regarding Kisan Vikas Patra.

At present, the maturity of KVP with 7 per cent interest rate has been increased to 123 months, whereas KVP with 6.9% interest used to have a maturity of 124 months. No change in NCS and PPF, however, interest rates on savings deposits, 1-year, 5-year FDs, National Savings Certificate (NCS), Sukanya Samriddhi Yojana, Public Provident Fund (PPF) will continue to be available at the same rate as the current quarter.

The interest rate on National Savings Certificate is currently 6.8 percent. Public Provident Fund (PPF) has an interest rate of 7.10 percent. Significantly, the Reserve Bank has increased the benchmark lending rates by 140 basis points from May. This has prompted banks to increase interest rates on deposits as well. Yesterday, RBI’s policy, till now, such an announcement was made after the monetary policy review meeting of the Reserve Bank, but this time the government has announced it a day before.

The MPC meeting of the Reserve Bank of India, which began yesterday (September 28), will end tomorrow (Friday). The policy rates may be revised tomorrow. Most of the experts are predicting the possibility of increasing the lending rates again. If this happens, the loan will become expensive and the EMI will increase.

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With the Reserve Bank increasing the prime rates, banks are increasing the interest rates to attract more and more deposits. Earlier, Axis Bank had also announced to increase its FD rates last week. In the last one month, many other banks including SBI, HDFC Bank have increased the deposit rates.

How much did Bank of Baroda increase rates

The bank said on Wednesday that domestic and NRO (Resident Ordinary) fixed deposits of one year tenor will now attract 5.50 per cent interest, as against 5.30 per cent earlier. Similarly, the interest rate on deposits with a tenor of 400 days to three years has been increased from 5.45 per cent to 5.50 per cent. The new rate for tenures ranging from three years to 10 years is 5.65 per cent, which is 0.15 per cent higher than before.

The bank said that the interest rate on one-year deposit for senior citizens will be 6 percent, which was earlier 5.80 percent. Similarly, resident senior citizens will now get interest ranging from 5.95 to 6.50 percent for other tenures. It has increased by 0.15 percent. Bank of Baroda has also increased the interest rate on schemes like Baroda Tax Savings Fixed Deposit and Baroda Advantage Fixed Deposit.

There is further growth forecast Further increase in interest rates is expected in the coming times. Actually, at the end of this month, the Reserve Bank will announce its policy review. With the inflation rate once again reaching 7 percent, it is expected that the Reserve Bank may increase the key rates further.

If this happens, banks can offer better rates to customers to attract deposits. Due to which the gift of increase in deposit rates can also be given in the festive season.

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Bandhan Bank- This bank is offering interest of 7.50 percent to senior citizens on FDs of less than Rs 2 crore with a tenure of 1 year 18 months to 5 years and between it. Please note that NRIs are not included in this.

IndusInd Bank– Here you will get 7.5 percent interest on tax saving FD of 5 years. Apart from this, the bank is giving 7.5 percent interest to senior citizens on FDs ranging from 1 year to less than 61 months and between it.

Yes Bank– Here also senior citizens are getting 7.50 percent interest on FDs with deposits of less than Rs 2 crore. This interest will be available on FDs of more than 3 years and up to 10 years. 10,000 rupees FD can be started here.

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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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The interest rate on NRE fixed deposits with tenures ranging from 12 months to less than 18 months has now been increased to 7.01 per cent per annum. Similarly, the interest rate on deposits with tenures above 18 months has been changed to 7.25 per cent per annum. The bank said in a statement that these new rates are applicable on deposits below Rs 5 crore. Furthermore, the Bank is also offering a peak rate of 4.25% p.a. on USD FCNR deposits for the tenure of 24 months to less than 36 months

Apart from this, the bank is also offering a maximum rate of 4.05 per cent per annum on dollar FCNR deposits with tenures ranging from 12 months to 24 months and 4.25 per cent per annum on deposits with tenures ranging from 24 months to 36 months.

To make NRE Fixed Deposit, customers can visit YES BANK’s digital banking channels such as YES Online (Net Banking), YES Mobile (Mobile Banking) or YES Robot (Personal Banking Chatbot). Or if they are in India then can also visit their nearest Yes Bank branch. Whereas outside India, they can email gib@yesbank.in (Bank’s email id for NRE transactions).

Similarly, FCNR deposits can be booked through Yes Online (net banking) or by visiting the nearest Yes Bank branch if the customer is in India or writing to gib@yesbank.in, the bank said. Huh.

Meanwhile, Yes Bank shares closed at Rs 16.20, down 0.92 per cent on the NSE on Friday, August 2. Shares of Yes Bank have gained about 15.30 per cent so far this year.

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Big decision can be taken after 5 days

In this episode, the interest rates on these schemes can be increased by the Finance Ministry in the month of September this year. It is being told that interest rates can increase from 0.50 to 0.75 percent.

It is to be known that even after the decision of increasing the repo rate twice earlier, RBI did not make any change in the interest rates in the month of June. Now after reviewing the interest rates in the third quarter of this financial year, the interest rates of savings schemes can be changed. It is expected that this decision can be taken on 30 September 2022.

FD interest rises after repo rate hike

After the increase in the repo rate by the Reserve Bank of India, banks have increased the interest on deposits. After which it is now being said that the interest on government savings schemes can also be increased. Currently, 7.1% annual interest rate is being given on PPF. At the same time, the interest rate available on NSC is 6.8 percent. On the other hand, if we talk about Sukanya Samriddhi Yojana, at present 7.6 percent interest rate is being given on it, which is likely to increase further.

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, It is worth noting that before the start of every quarter, the Finance Ministry reviews and announces the interest rates of government savings schemes. In such a situation, it is expected that from September 2022, the Finance Ministry can announce to increase the interest rates on the savings schemes of the government from 0.50 to 0.75 percent.

On June 30, 2022, even after the RBI’s decision to increase the repo rate twice, the Finance Ministry did not change the interest rates of small savings schemes. But for the third quarter of the current financial year on September 30, 2022, when the Finance Ministry will review the interest rates of these savings schemes, then the interest rates on these savings schemes can be increased.

Interest rates will increase on savings schemes!

In fact, after the RBI increased the repo rate, many banks have increased the interest rates on deposits. In such a situation, it is expected that the interest rates on these government savings schemes can also be increased. At present, Public Provident Fund (PPF) gets 7.1 percent annual interest rate, while NSC is getting 6.8 percent annual interest.

At present, 7.6 percent interest is available on Sukanya Samridhi Yojana and 7.4 percent on Senior Citizen Tax Saving Scheme. Apart from this, 6.9 percent interest is being available on Kisan Vikas Patra. Now people are hopeful that the government can increase the interest on these schemes from July.

No change since April 2020

Significantly, there has been no change in the interest rates of small savings schemes since the first quarter of the year 2020-21. Earlier, the Finance Ministry said in a notification, the interest rate on various small savings schemes for the first quarter of the financial year 2022-23, starting from April 1, 2022, and ending on June 30, 2022, for the fourth quarter (January). will remain unchanged from the current rates applicable for Let us tell you that the interest rates for small savings schemes are revised on a quarterly basis.

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BoB’s New FD Rates

• The bank has increased the interest rate on FDs maturing in 7 days to 45 days from 2.80 percent to 3.00 percent and on FDs maturing in 46 days to 180 days from 3.70 percent to 4.00 percent.
• Customers will now get 4.65 percent interest on deposits from 181 days to 270 days. It has been increased by 35 basis points.
• Customers will now get 4.65% interest on deposits maturing in 271 days and above and less than 1 year. This rate was earlier 4.40 percent.
• The interest rate on FDs maturing in 1 year has been reduced to 5.30%, which was earlier 5 percent. It has been increased by 30 bps.
• FDs maturing in more than 1 year to 2 years will continue to get an interest rate of 5.45 percent.
• Interest will continue to accrue at the rate of 5.50 percent on FDs maturing more than two years and for three years. At the same time, the interest rate on FDs maturing more than three years and up to ten years has increased from 5.35 to 5.50 percent.

Senior citizens will get this much return

Senior citizens will get 0.50 percent more interest than the normal rate on FDs maturing in 7 days and 3 years. Whereas the amount maturing in 3 to 5 years will continue to get an additional interest of 0.50 percent +0.15 percent. Deposits maturing in 5 to 10 years will get 0.50 percent +0.50 percent interest. Senior citizens will get a maximum interest rate of 6.50 percent on FDs maturing more than 5 years and up to 10 years.

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Economists and analysts expect that the Monetary Policy Committee (MPC) of the Reserve Bank will continue to hike rates till the policy rate is 6-6.5 percent by the end of the current financial year. does not reach the ‘neutral rate’.

According to the news of PTI, the Reserve Bank of India (RBI) on Friday increased the policy rate repo rate by 0.5 percent to 5.4 percent to control retail inflation. This is the third consecutive time for a hike in the policy rate. So far in the financial year 2022-23, the repo rate has been increased by 1.4 percent. With this, the key policy rate has exceeded the pre-pandemic rate. The repo rate hike in February 2020 stood at 5.15 per cent.

Know when the rates will increase

According to the news, Sunil Kumar Sinha, Principal Economist at India Ratings said that the RBI may continue the process of increasing the repo rate till the ‘neutral policy rate’ is achieved. Sinha said that its short-term policy rate (Interest). With the rates hike on loans), it is expected that the economy will be stable in the long run. He said that we believe that in the current environment, this neutral policy rate can be in the range of 6-6.5 per cent.

Rate hike will depend on data

Swiss brokerage firm UBS Securities has estimated that the MPC may take the repo rate further to 5.75 per cent by the end of the financial year. It said uncertainties remain high in the growth and inflation outlook and going forward, rate hikes will depend on the data.

UBS Securities India Chief Economist Tanvi Gupta Jain, while anticipating further increase in rates, attributed the growing current account deficit to the reason for the current account deficit to be between 3.5-4 percent of GDP in the first half of the financial year. could.

Likely to increase this much by December

Rahul Bajoria, Chief Economist at Barclays India, said that the repo rate hike can be further increased by 0.50 percent by December.

On the other hand, Radhika Rao, Senior Economist at DBS, Singapore, said that inflation may remain above the target set by the beginning of the financial year 2023-24. Therefore, a further increase of 0.75 per cent can be seen by March.

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1.83 lakh interest on 5 lakh deposit

According to the FD calculator, if you deposit a lump sum deposit of Rs 5 lakh in SBI for 5 years, then on maturity you will get Rs 6,57,033. In this, interest of Rs 1,57,033 will be earned. On the other hand, if you are a senior citizen, then on an FD of Rs 5 lakh, you will get Rs 6,83,450 on maturity. In this, there will be an income of Rs 1,83,450 from interest.

SBI Wecare Deposit for Senior Citizen

SBI is running SBI Wecare Scheme for Senior Citizens in Retail Term Deposit / Fixed Deposit. In this scheme, in addition to 0.50 percent, 0.30 percent ie 0.80 percent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. The bank has extended this scheme till 30 September 2022.

Interest rates of banks

Apart from SBI, Punjab National Bank (PNB) is offering 5.25 per cent annual interest to common customers and 5.75 per cent per annum to senior citizens on its 5-year tax saver FDs. At the same time, HDFC Bank is paying 5.45 percent annual interest to the common customer and 5.95 percent to the senior citizens for FDs above 5 years. Apart from this, if we talk about the tax saver FD of ICICI Bank of the private sector, it is paying 5.45 percent annual interest to common customers and 5.95 percent to senior citizens.

Tax saving on FD up to 1.5 lakhs

Fixed Deposit / Term Deposit of banks is considered safe. This is a good option for risk-averse investors. Tax benefit of tax exemption is available in section 80C on 5 years tax saving FD. You can save tax up to Rs 1.5 lakh in banks. It has a lock-in period of 5 years. However, keep in mind that the return on maturity of the tax saving FD is taxable.

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