In the 10 months of 2022, inflation has been more than 6 percent. After which, to deal with inflation, RBI increased the repo rate by 250 basis points from May 2022 to February 2023 and brought the interest rates to 6.50 percent.
Amid volatility in stock markets, fixed deposits (Fixed Deposit) Everything is looking good for the investors as almost all the banks are offering interest giving inflation beating returns. as the Reserve Bank of India (RBI) Has increased the repo rate six times in a row and banks have increased interest rates on FDs throughout the investment period. In the 10 months of 2022, inflation has been more than 6 percent. After which, to deal with inflation, RBI increased the repo rate by 250 basis points from May 2022 to February 2023 and brought the interest rates to 6.50 percent.
Public sector banks are claiming an average return of 7 to 7.25 percent to their depositors on FD tenure ranging from 200 days to 800 days. In a media report, SAG Infotech MD Amit Gupta said that small private banks and small financial institutions are offering the highest interest rates on three-year FDs. The average interest rate of top 10 banks on FD of three years is 7.5 percent. Let us also tell you that before Holi, the big banks of the country are giving how much return on FD.
Big banks of the country are earning so much
- SB I : The country’s largest lender State Bank of India (SBI) is giving 7.10 percent return to the general public and 7.60 percent to senior citizens on 400 days FD.
- Central Bank of India: Central Bank of India offers 7.85% on 444 days FD to senior citizens and second best rate to retail sector at 7.35%.
- Union Bank of India : The bank is giving 7.30 percent return to common people and 7.80 percent to senior citizens on FD of 800 days.
- Punjab National Bank : The bank is giving 7.25 per cent return to the general public and 7.75 per cent to senior citizens on its 666-day FD.
- Bank of Baroda: The bank is giving a return of 7.05 per cent to the general public and 7.75 per cent to senior citizens on FDs of 399 days.
- Canara Bank : On 400 days FD, Canara Bank is giving a return of 7.15% to common people and 7.65% to senior citizens.
- UCO Bank : UCO Bank comes at 7.15% and 7.25% for 666 days FD
- HDFC bank : HDFC Bank is giving only 7 percent return to the general public and 7.50 percent to senior citizens on 5-year FD.
- ICICI Bank : ICICI Bank is giving 7% return to common people and 7.5% to senior citizens on FDs of more than 15 months.
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