At its bi-monthly monetary policy review on February 10, 2022, the Reserve Bank of India (RBI) chose to hold the repo and reverse repo rates unchanged. The repo and reverse rates, as a result, remain at 4% and 3.35 percent, respectively.
The Central Bank of India and UCO bank changed Fixed Deposit (FD) interest rates for sums under Rs 2 crore effective February 10, 2022, a day after the RBI Monetary Policy statement.
Central Bank of India
The interest rate on FDs less Rs 2 crore has been reduced, according to the Central Bank of India website. With effect from February 10, 2022, these FDs will now yield interest at rates ranging from 2.75 percent to 5.15 percent over various tenures.
According to the website, FDs with a term of 7-14 days will now receive 2.75 percent, while those with a tenure of 13-45 days would get 2.90 percent. FDs having a term of 45 to 90 days will yield 3.25 percent. Deposits maturing in 91-179 days will earn 3.80 percent interest.
Is a financial institution based in the United.The highest interest rate on UCO bank’s term deposits of less than Rs 2 crore with maturities of 1 to 3 years will be 5.10 percent. For the same tenure and amount, senior citizens will receive 5.60 percent. Senior persons are offered interest rates of 5.30 percent and 5.80 percent for tenures of more than 3 years but less than 5 years.
In instance, the State Bank of India (SBI) gives 2.9 to 5.4 percent interest on fixed deposits of less than Rs 2 crore for tenors ranging from 7 days to 10 years. ICICI Bank also revised bank fixed deposit rates for tenors ranging from seven days to ten years in January. The interest rates on ICICI Bank FDs range from 2.50 to 5.60 percent depending on the term.
Interest rates on FDs of less than Rs 2 crore were hiked by 5-10 basis points by HDFC Bank. According to the website, FDs with tenures of 2 years 1 day and 3 years would now earn 5.2 percent, 5.4 percent for 3 years 1 day and 5 years, and 5.6 percent for 5 years 1 day and 10 years.
According to the Axis Bank website, one-to-two-year FDs will now earn 5.10-5.25 percent, two-to-less-than-five-year FDs will earn 5.40 percent, and five-year to ten-year FDs would earn 5.75 percent. From January 20, 2022, these tariffs will apply.
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