After increasing the repo rate, banks are increasing the interest rate on deposits.
Two public sector banks, Union Bank of India and Bank of Baroda, have changed the interest rates on savings accounts and fixed deposits. The new interest rate is effective from June 16.
Bank of Baroda has announced to increase the interest rate on your deposits. As per the information available on the Bank’s website, for Savings Accounts (Bank of Baroda) has increased the interest rate by 5-10 basis points. The new rate of interest has been implemented from June 15. Now the interest rate will be 2.75 percent on the deposited capital up to 1 lakh. Interest rate 2.75 percent for less than 1 lakh to 100 crores, interest rate for 100-200 crores 2.90 percent, interest rate 3.05 percent for 200-500 crores, 3.35 percent up to 500-1000 crores and more than 1000 crores deposited capital But the interest rate is 3.35 percent.
The bank has also updated the interest rate for fixed deposits. The bank is now offering a minimum interest rate of 2.80 percent and a maximum of 5.50 percent on term deposits. For fixed deposits of less than 2 crores, the interest rate for fixed deposits for 7-14 days is 2.80 percent, for 15-45 days 2.80 percent, for 46-90 days 3.70 percent, for 91-180 days 3.70 percent, Interest rate 4.30 per cent for 181-270 days, 4.40 per cent for 271 days to less than 1 year, 5 per cent for 1 year, more than 1 year and 5.45 per cent for 400 days, more than 400 days and The interest rate on fixed deposits with tenures of more than 10 years has been reduced to 5.45 per cent for 2 years, 5.50 per cent for 2-3 years, 5.35 per cent for 3-5 years, 5.35 per cent for 5-10 years and more than 10 years. Is.
Interest rate hiked by 50 basis points
Senior citizens have been given an additional benefit of 50 basis points in the interest rate. For resident senior citizens, the minimum interest rate on term deposits has been increased to 3.30 percent and the maximum interest rate to 6 percent. Recently, the Reserve Bank has increased the repo rate by 50 basis points. Since then, banks have started increasing the interest rate on the deposited capital. Apart from this, the lending rates have also been increased.
Union Bank also increased the interest rate
Another public sector bank Union Bank of India has also increased the interest rate. Union Bank has decided to increase the interest rate on term deposits from June 16. According to the information available on the bank’s website, the interest rate on term deposits of less than 2 crores is now 3 percent for 7-14 days. The interest rate for 15-30 and 31-45 days is also 3%.
interest rate on fixed deposit
Interest rate for 46-90 days is 4.05 percent, for 91-180 days 4.10 percent, for 181 days to less than 1 year, 4.60 percent, for 1 year 5.35 percent, more than 1 year up to 2 years The interest rate is 5.45 percent for more than 2 years, up to 3 years, 5.50 percent, for more than 3 years 3 years 14 days, 5.75 percent and for up to 5 years, the interest rate is 5.75 percent. The interest rate for 5 to 10 years is 5.80 percent.
interest rates on savings account
Union Bank of India has also changed the interest rate for savings accounts which is effective from June 16. According to the data available on the bank’s website, the interest rate on deposits in the savings account up to 50 lakhs is 2.75 percent, from 50 lakhs to 100 crores 2.90 percent, 100 crores to 500 crores 3.10 percent, 500 crores to 1000 crores 3.40 percent and An interest rate of 3.55 percent will be available on deposits above 1000 crores.
Source: www.tv9hindi.com
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