FD Interest Rates: These 5 Banks e reduced Fixed Deposit Interest Rates

Reserve Bank of India monetary policy review meeting concluded on Thursday. Many banks are now in the process of reducing fixed deposit interest rates. For the third time in a row, the RBI has kept the repo rate unchanged this fiscal year. FD Interest Rates: These 5 Banks e reduced Fixed Deposit Interest Rates.

RBI did not change the repo rate in April and June. Earlier, the RBI had hiked the repo rate by 2.50 per cent for the fiscal year as a whole. A decrease or increase in repo rate will also affect banks’ FD interest rate. Banks are in the process of reducing FD rates even though the repo rate is stable at present.

Around five banks have changed their interest rates in the last two months. Axis Bank has cut FD rates by 0.10 percent. It has come into effect from July 26. Similarly, PNB or Punjab National Bank, the second largest public sector bank, has also reduced its FD rate by 0.05 percent. It has come into effect from June 1.

In this way, Bank of India has been in the forefront in reducing the interest rate on fixed deposits. Bank of India has cut its FD interest rate by 1 percent. It has come into effect from July 28. Similarly, IndusInd Bank has also reduced its FD rates. IndusInd Bank has reduced the FD interest rate by 0.25 percent with effect from August 5.  AU Small Finance Bank has also reduced its FD interest rate by 0.85 per cent, according to reports.

FD Interest Rate of Various Banks August 2023:

Bank of Baroda- 6.75 percent

Bank of India- 6 percent

Canara Bank – 7 percent

Central Bank of India – 6.75 percent

Indian Bank – 6.10 percent

Indian Overseas Bank – 6.50 percent

Punjab National Bank – 6.40 percent

State Bank of India – 6.80 percent

UCO Bank – 6.50 percent

Union Bank of India – 6.30 percent.

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