FD Rates Increased: Reserve Bank of India is continuously increasing its repo rate to control the rising inflation in the country. In the months of May and June, the central bank increased the repo rate.
FD Rates Increased: Two government sector banks of the country i.e. Punjab and Sindh Bank and Bank of Maharashtra have increased their fixed deposit rates. Both the banks have decided to hike their FD rates on their FDs less than Rs 2 crore. The new interest rates of both the banks have come into effect from 22 August 2022. Explain that since the decision of the Reserve Bank of India to increase the repo rate, banks are continuously increasing their FD rates, Saving Bank Account and RD Rates. Now the name of Bank of Maharashtra and Punjab and Sind Bank has also been included in this list.
RBI increased FD rates thrice for three months
Let us tell you that Reserve Bank of India is continuously increasing its repo rate to control inflation in the country. In the months of May and June, the central bank increased the repo rate. At present the repo rate is 5.40%. Due to the increase in the Repo Rate, customers are getting a higher interest rate on deposits, but at the same time the interest rate on loans is increasing. This is also increasing the EMI burden on the customers. Let us give you information about the latest FD rates of Bank of Maharashtra and Punjab and Sind Bank.
Bank of Maharashtra’s interest rate on FD less than Rs 2 crore-
- 7-30 days- 2.75%
- 31-45 days-3.00%
- 46-90 days- 3.50%
- 91-119 days- 3.75%
- 120-180 days- 3.90%
- 181-270 days- 4.25%
- 271-364 days – 5.00%
- 1 year- 5.40%
- 1-2 years-5.40%
- 2-3 years- 5.40%
- 3-5 years- 5.40%
- Above 5 years- 5.40%
Interest rate on FD of less than Rs 2 crore in Punjab and Sindh-
- Up to 7-14 days – 2.80%
- 15-30 days- 2.80%
- 31-45 days- 3.00%
- 46-90 days- 3.80%
- 91-120 days- 3.95%
- 121-150 days- 4.00%
- 151-179 days- 4.00%
- 180-269 days- 4.50%
- 270-364 days- 4.65%
- up to 1-2 years- 5.65%
- 2-3 years – 5.80%
- 3 years to 5 years – 5.75%
- 5 to 10 years – 5.75%
