Central bank of india fd interest rates 2022

Fixed deposit rates: In a surprising turn of events, the Reserve Bank's decision to increase interest rates has caused a ripple effect on various financial fronts. Notably, the interest rates for bank schemes, including fixed deposits, have witnessed significant fluctuations. While the rates soared for a considerable period, certain banks have recently implemented cuts to their fixed deposit interest rates. Let's take a look into the specifics of these rate cuts, starting with Punjab National Bank, Axis Bank, and Union Bank of India. Punjab National Bank has initiated a reduction in interest rates for single tenures as of June 1. This adjustment primarily affects deposits under 2 crores. For instance, the interest rate on one-year tenure fixed deposits has decreased from 6.75% to 6.5% for regular citizens. Similarly, the interest rate for the 666-day tenure has declined from 7.25% to 7.05%. Moving on to Axis Bank, they have recently decreased the interest rate on single tenures of fixed deposits by 20 basis points. Following this update, fixed deposits with tenures ranging from 7 days to 10 years offer interest rates ranging from 3.5% to 7.10%. Additionally, the bank has reduced interest rates from 7.10% to 6.80% for tenures of fewer than five days to 13 months. Similarly, for tenures between 13 months and less than 3 years, the interest rate has been lowered from 7.15% to 7.10%. These revised rates became effective on May 18, 2023. Lastly, the Union Bank of India. In Nove...

On June 8, the Reserve Bank of India (RBI) in its monetary policy committee (MPC) review, kept the repo rate — the interest rate at which the central bank lends money to commercial banks — on hold at 6.5 per cent. In the June 2023 policy, the central bank followed a similar move in its April review, which came after raising the key lending rate by 250 basis points (bps) in six installments starting from May 2022. Also Read: HDFC Bank: HDFC Bank the country's largest private lender, offers interest rates between three per cent to 7.25 per cent for general citizens. The highest rate of 7.25 per cent is offered on tenure of 4 year 7 months to 10 years. For senior citizens, the highest interest rate is 7.75 per cent. The rates were applicable from May 29, 2023, according to its website. ICICI Bank: ICICI Bank offers interest rates between three per cent to 7.10 per cent for the general citizens in tenures ranging between seven days to 10 years. The highest rate of 7.10 per cent is offered on tenure of 15 months to less than 18 months and 18 months to two years. The rates were applicable from February 24, 2023, according to its website. Axis Bank: Axis Bank offers interest rates between 3.50 per cent to 7.10 per cent for general citizens. The highest interest rate of 7.10 per cent is offered on tenure of13 months < 14 months, 14 months < 15 months, 15 months < 16 months, 16 months < 17 months and 17 months < 18 months. These rates were applicable from May 18, 2023, according to...

Investing in fixed deposits – which not only allows you to save money but also enables you to make a sizable income on it – is one of the most preferred investment avenues of risk averse investors and senior citizens. Bank FD interest rates are competitive and aid the depositor in getting a decent return on investments over a set period of time without hurting the principal amount. Interest rates on fixed deposits offered by banks vary depending on the amount, category of investors, and tenure. When the term is up, the principal and accumulated interest are combined, and the depositor is given the sum total. Fixed deposits can be made for a period of time of seven days to ten years. Here is a comparison of the FD offered by top 10 banks by size. We’ll look at the minimum and maximum FD interest rates offered, with tenures between 7 days to 10 years for amounts below Rs 2 crore. (Latest interest rates as on June 5, 2023, source: Bank websites.) Bank FD General Citizens Senior Citizens SBI 3% to 7.10% 3.50% to 7.60% HDFC Bank 3.00% to 7.25% 3.50% to 7.75% ICICI Bank 3.00% to 7.10% 3.50% to 7.60% PNB 3.50% to 7.25% 4.00% to 7.75% Axis Bank 3.50% to 7.10% 3.50% to 7.85% Canara Bank 4.00% to 7.25% 4.00% to 7.75% Kotak Mahindra Bank 2.75% to 7.20% 3.25% to 7.70% Union Bank 3% to 7% 3.50% to 7.50% Yes Bank 3.25% to 7.50% 3.75% to8.25% Bank of Baroda 3% to 7.25% 3.50% to 7.55% TDS (or tax deducted at source) will be deducted on FD interest if the interest exceeds Rs 40,000 (Rs.50,...

As per the bank's website, the senior citizen will get an additional interest rate of 0.50 per cent per annum if the period of FD is six months and above and up to 10 years for a minimum deposit of Rs 5,000. If a senior citizen opts for FD tenure of three years and above, then an additional 0.75 per cent will be given instead of 0.50 per cent Maturity Buckets Interest rate (%) on deposits less than Rs 2 crore 7 days to 14 days 2.85* 15 days to 30 days 2.85 31 days to 45 days 2.85 46 days to 90 days 3.85 91 days to 179 days 3.85 180 days to 269 days 4.60 270 days to less than 1 year 4.60 1 year to less than 2 years (except 555 days) 5.75 555 days 6.30 2 years to less than 3 years (except 777 days) 5.75 777 days 7.25 3 years to less than 5 years 6.25# 5 years to less than 8 years 5.75# 8 years and up to 10 years 5.75# Source: Bank of India's website *Minimum deposit of Rs 1 lakh #Additional premium of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen's on their retail TD (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e., 75bps. The bank is offering a 5.75 per cent interest rate on one-year Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.

The public sector lender Central Bank of India hikes interest rates on fixed deposits of less than ₹2 Cr. The bank's official website states that the new rates will take effect on October 10, 2022. The bank has increased its interest rates across a range of tenors in response to the change. The bank is now providing fixed deposits with maturities ranging from 7 days to 10 years with interest rates between 2.75% and 5.60%. Fixed deposits maturing in 999 days will now offer a maximum interest rate of 6.25%. Central Bank of India FD Rates The bank will continue to give an interest rate of 2.75% on fixed deposits maturing in 7 to 14 days, while Central Bank of India will continue to offer an interest rate of 2.90% on fixed deposits maturing in 15 to 30 days. Fixed deposits with maturities between 31 and 45 days will continue to pay interest at a rate of 3.00%, while deposits with maturities between 46 and 59 days will now pay interest at a rate of 3.50% (up from 3.35% before), a 15 basis point increase. On deposits maturing in 60 to 90 days, the Central Bank of India will continue to give an interest rate of 3.50%, while on deposits maturing in 91 to 179 days, the bank has maintained its 4% interest rate. On fixed deposits that mature in 180 - 270 days, the bank will continue to offer an interest rate of 4.655 and on deposits maturing in 271 - 364 days, the bank will continue to offer an interest rate of 4.75%. Deposits maturing in 1 year to less than 2 years will now offer an...