UCO Bank increased interest rates on FD, this small finance bank also changed interest rates
UCO Bank hiked interest rates on fixed deposits of less than Rs 2 crore.
The new rates of UCO Bank are effective from November 8, 2022.
Effect of hike in repo rate by RBI.
New Delhi. Public sector UCO Bank has increased the interest rates on fixed deposits i.e. FDs by 45 bps i.e. 0.45 percent. According to the bank’s official website, the new rates of UCO Bank will be effective from November 8, 2022.
UCO Bank has increased the interest rates on FDs of less than 2 crores. The bank is now offering interest rates ranging from 2.90 per cent to 5.50 per cent for general public and 3.15 per cent to 6.00 per cent for senior citizens on FDs with tenures ranging from 7 days to 5 years and above.
Shivalik Small Finance Bank also changed interest rates
On the other hand, the interest rates for savings account, fixed deposit and recurring deposit (RD) of Shivalik Small Finance Bank (SFB) have been changed. According to the bank’s official website, the new rates will be effective on November 10, 2022. After the change, the bank will now get a maximum interest rate of 7 percent on savings accounts, up to 7.50 percent interest for common customers on RD and FD and 8 percent for senior citizens.
RBI has increased the repo rate for the fourth time in a row
Significantly, to prevent rising inflation in the country, RBI has increased the repo rate for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent for the fourth consecutive time. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.
Many banks have increased FD rates
It is noteworthy that recently RBL Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra Bank, Canara Bank, Indian Overseas 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.
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Tags: Bank FD, FD Rates, Fixed deposits, Money Making Tips, UCO bank
FIRST PUBLISHED : November 13, 2022, 15:37 IST