Fixed Deposits (FDs) are regarded as a secure and profitable investment option. However, since the interest rates on FDs have decreased in recent years, people’s attractiveness has decreased as well. SBI, HDFC, and Axis Bank all changed their interest rates recently, and now two more banks have joined the list. The Central Bank of India and UCO Bank are the two banks in question.
Interest rates were changed by the Central Bank.
The minimum interest rate is 2.75 percent, and the maximum interest rate is 5.15 percent, according to the Central Bank of India. UCO Bank, on the other hand, has a 2.80 percent minimum interest rate and a 5.60 percent maximum interest rate. If we look at the new Central Bank of India interest rates, we can see that they are 2.75 percent on 7 to 14 day FDs, 2.90 percent on 15 to 45 days, 3.25 percent on 46 to 90 days, 3.80 percent on 91 to 179 days, 180 4.25 percent on 364 days, 5 percent on less than 2 years from 1 year, 5.10 percent on less than 5 years from 2 years, and 5.15 percent on FDs from 5 years to 10 years.
Interest rates at UCO Bank are increasing.
UCO Bank has also changed its interest rates on various tenors of FDs. After this change, the new interest rate on 7 to 29 day FDs is 2.55 percent, 2.80 percent on 30 to 45 days, 3.55 percent on 46 to 90 days, 3.70 percent on 91 to 180 days, 4.40 percent on 181 to 364 days, and 5.10 percent on FDs with tenures of 1 year, 1 day to 3 years, 5.30 percent on FDs with tenures of 3 years, 1 day to less than 5 years, and 5.30 percent on FDs with tenure Fixed deposit interest rates have been set at 5.10 percent.
These banks’ interest rates have also been revised.
SBI had previously increased the rate of interest on 1-year FDs by 0.10 percent, taking it from 5 to 5.10 percent, which was good news for customers. At the same time, the senior citizen interest rate has risen from 5.50 percent to 5.60 percent. At the same time, HDFC Bank increased FD interest rates for a limited period while changing FD interest rates. Interest rates on FDs of less than Rs 2 crore have been raised by 5 to 10 basis points as a result of this. FDs with terms of two years and one day to three years now yield 5.2 percent, three years and one day to five years yield 5.4 percent, and five years and one day to ten years yield 5.6 percent. Axis Bank has also changed the interest rates on fixed deposits (FDs) as of January 20.