On February 8, the Reserve Bank of India announced an increase in the repo rate by 0.25 percent. After increasing the repo rate, apart from increasing the interest rate on loans, the interest rates on bank deposits have also started increasing.
Meanwhile, Jammu and Kashmir Bank, one of the oldest private sector banks in the country, has increased the interest rates on Fixed Deposits (FD).
Jammu and Kashmir Bank was formed around 1938 and since then the bank has become one of the scheduled commercial banks in the private sector. The bank has increased the interest on FDs up to Rs 2 crore. The increased new interest rates have come into effect from February 11, 2023.
Jammu and Kashmir Bank many new FD rates
The bank is offering an interest rate of 3.50 percent on FDs maturing in 7 days to 30 days. The bank is offering an interest rate of 3.70 per cent on FDs maturing in 31 days to 45 days. The bank has increased the interest rates on deposits of 46 days to 180 days by 25 bps to 4.75 per cent.
The bank is paying 5.50% interest on deposits of 181 days to 270 days. EPDs maturing in 271 days to less than 1 year will now get interest at the rate of 6.00%. FDs from 1 year to 2 years will now get interest at the rate of 7.25 percent, which was earlier 6.75 percent. Customers will get interest at the rate of 6.75 percent on FDs of 2 to 3 years or less. Apart from this, the bank is offering interest at the rate of 6.50 per cent on FDs of 3 to 10 years.
Increase in repo rate for the sixth consecutive time
Tell us that on February 8, Reserve Bank Governor Shaktikanta Das increased the repo rate for the sixth consecutive time. After the monetary policy meeting, he said that the pressure of rising inflation in the world is also on India and to overcome it completely, it has become necessary to increase the interest rates of loans once again. However, this time the repo rate has been increased by only 0.25 percent.
