Interest Rates increased: After the increase in the repo rate by RBI, all the banks have changed their interest rates. These changes also include the increase in interest rates in FDs.
Interest Rates increased: A few days ago the Reserve Bank of India (RBI) has increased the Repo Rate Hike. After this decision of RBI, now the repo rate has become 4.4 percent. RBI increased the repo rate by 40 basis points, after which the repo rate has been increased from four to 4.4 percent. This was announced by RBI Governor Shaktikanta Das.
Know what is repo rate?
This is the rate at which the central bank gives loans to banks. RBI has cut the repo rate by 250 basis points from February 2019, to help boost the growth momentum. In such a situation, after this sudden increase, many banks have increased their interest rates till now. Many banks have also increased the interest rate given on FD.
Which bank made what changes?
1- Bandhan Bank
Bandhan Bank increased the interest payable on fixed deposits by 50 basis points. Now Bandhan Bank will get 6.25% interest on FD of 2 or 3 years and 5.60% on FD of 5 years.
2- ICICI Bank
ICICI Bank has increased the REPO based interest rate to 8.10 percent from May 4. Personal loans, car or bike loans and home loans will become costlier after this hike. Along with this, ICICI Bank has also increased the interest rates on FD. After this change, 2 years FD will get 4.75% interest, while 3-5 years FD will get 4.8% interest.
3- Kotak Mahindra Bank Limited
Kotak Mahindra Bank has increased the interest rates on FD by up to 0.35% for its retail customers from May 6. However, this increase is for FDs less than Rs 2 crore. The interest rate on FDs for a tenure of 390 days has been increased by 0.30% to 5.50%.
4- Union Bank of India
Union Bank of India has announced an increase in the interest payable on the Savings Account. These changes will be applicable from June 1. After this change, the interest will be 2.90 percent.
5- DCB Bank
DCB Bank has announced a hike in MCLR and EBLR rates. These new rates have come into effect from 6 May.
6- Jana Small Finance Bank
Interest rates on FD have also been increased by Jana Small Finance Bank. After the change, the maximum benefit will be available on FD of 3-5 years. Please tell that 7 percent interest will be given on this.
7- Federal Bank
Federal Bank has also revised interest rates on savings accounts from May 5. Now this interest rate from the bank is 1.75 percent.
8- Bank of India
Bank of India has increased its RBLR to 7.25 percent with effect from May 5.
9- Central Bank
Like other banks, the Central Bank has also increased its RBLR by 0.40 percent and has reduced it to 7.25 percent.
10- Bank of Baroda
After the increase of RBI, Bank of Baroda has also increased the repo based interest rate to 6.90% from May 4. This includes RBI’s 4.40% repo rate and 2.50% ‘markup’.
