For the last few days, the interest rates of all the banks are changing. Loans are getting expensive and the EMI burden is increasing on the borrowers, so all the banks are giving happiness to the customers by increasing the interest rate on fixed deposits.
Now the name of another government bank, Union Bank has been added to this episode. Recently Union Bank has also increased its interest rates. The new rates have come into effect from October 17.
Union Bank has increased the interest rates on FDs to 7 per cent. According to the bank’s website, FDs of 91 days to 180 days will now get 4.10 percent interest instead of 0.20. From 181 to one year, 5.25 and one year FD will now get 6.30 percent interest, which was 5.35 percent earlier. Interest will be available at the rate of 6.60 percent for 1 year to 443 days, 6.70 for 444 days, 6.60 percent for 445 days to 598 days, 7 percent for 599 days, 6.70 percent for two to ten years. The new rates have come into effect from October 17.
ICICI and SBI Bank have also increased interest
Recently, ICICI Bank has also increased the interest on FDs from 7 days to 10 years by 3.75-6.25 percent. At the same time, an interest of 6.50 percent will be available on FD for 1 year 389 days to 2 years and 1 day to 3 years. At the same time, SBI has also increased the interest rates on FD by up to 20 basis points. FDs of two years and less than three years will now get 5.65 percent interest instead of 5.50 percent. At the same time, the interest rate between three years and less than five years has now increased from 5.60 percent to 5.80 percent. At the same time, the interest rate on FDs ranging from five years to 10 years has now increased from 5.65 percent to 5.85 percent. The new rates have come into effect from 15 October 2022.
Interest rates of these banks have also increased
Axis Bank has increased the interest on FDs by 0.75% to 6.20%. The new rate has come into effect from October 14. At the same time, HDFC Bank has increased the interest rates of FD by 75 basis points i.e. 0.75 percent. At the same time, the bank has increased the interest on its RD by 50 basis points i.e. 0.50 percent. The new rates have come into effect from 11 October 2022.
