Reduction in Fixed Deposit Rates: Interest rates were being increased by the Reserve Bank for some time, due to which the loan interest increased as well as the interest of the bank’s schemes.
Especially a significant increase was seen in the interest rate of fixed deposits. At the same time, some banks have started cutting interest on fixed deposits. Here some such banks are being told, which have cut interest rates. This includes Punjab National Bank, Axis Bank and Union Bank of India.
Axis Bank Fixed Deposit
Axis Bank has cut the interest rate on single term fixed deposits by 20 basis points. After the update of Axis Bank, interest ranging from 3.5% to 7.10% is being received on fixed deposits ranging from 7 days to 10 years. At the same time, interest has been reduced from 7.10 to 6.80 per cent for a period of less than five days to 13 months. At the same time, for 13 months to less than 3 years, the interest has been reduced from 7.15 per cent to 7.10 per cent. This is applicable from 18 May 2023.
FD rates of Punjab National Bank
PNB has cut the interest rate on single tenure from June 1. This deduction has been made on deposits of less than 2 crores. The interest on fixed deposits of 1 year duration has come down by 5 per cent to 6.75 per cent. This FD is for regular citizens. At the same time, the interest available for a period of 666 days has come down from 7.25 per cent to 7.05 per cent.
Union Bank of India
During November 2022, this bank was paying the highest interest of 7.30 per cent for the general public, 7.80 per cent for senior citizens and 8.05 per cent for super seniors. According to the website, Union Bank is offering 7 per cent interest for regular, 7.50 per cent for senior citizens and 7.75 per cent for super senior citizens.
what will be the effect
If you are going to invest in Fixed Deposit Scheme for these tenures in these banks then you will get less interest than before. However, if you invest till any other tenure other than these tenures, then interest will be given as per the old update.
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