FD Interest Rate Hike: There is good news for those who keep their hard earned money in the bank. Actually, there is a chance to earn more interest with Punjab and Sind Bank. This government bank has increased the interest rates of fixed deposits.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. At the same time, the public sector Punjab and Sindh Bank has increased the interest rates on fixed deposits ie FD.
The new rates will be effective from August 22, 2022.
Punjab and Sind Bank has increased the interest rates for FD and savings accounts of less than Rs 2 crore. According to the bank’s official website, the new rates will be effective from August 22, 2022. The bank’s FD rates have been increased for a period of 31 days to 10 years.
Punjab and Sind Bank FD rates
- 7 to 30 days – 2.80 per cent
- 31 to 45 days – 3.00 per cent
- 46 to 90 days – 3.80 per cent
- 91 to 120 days – 3.95 per cent
- 121 days to 179 days – 4.00 per cent
- 180 days to 269 days – 4.50 per cent
- 270 days to 364 days – 4.65 per cent
- 1 year to 2 years – 5.65 per cent
- 2 years to 3 years – 5.80 per cent
- 3 years to 10 years – 5.75 per cent
Many banks have increased FD rates.
It is worth mentioning that recently ICICI Bank, HDFC Bank, Punjab National Bank, Federal Bank, Karud Vysya Bank, IndusInd Bank, IDFC First Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI. Recently, the Reserve Bank of India increased the repo rate by 0.5 percent to 5.4 percent.
