The Reserve Bank of India (RBI) is steadily raising interest rates to reduce inflation in the nation. In this case, it has a direct impact on interest rates on savings accounts, RDs, and fixed deposit rates offered by the bank. Banks are also continually raising the interest rates on their loans in addition to this. Two national banks have decided to raise the interest rate on their deposits under Rs. 2 crores. These banks are RBL Bank and Union Bank of India. RBL Bank is a private bank, whereas Union Bank of India is a public sector bank. The revised interest rates for both banks went into effect on Friday, November 25, 2022.
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These banks provide their ordinary customers with an FD programme with a maximum interest rate of 7.55 per cent.
Union Bank of India’s new FD rates:
On FDs of less than Rs 2 crore, Union Bank of India (Union Bank of India FD Rates) offers interest rates ranging from 3.00 per cent to 6.70 per cent to its ordinary clients. These rates are available for FDs with terms between seven days and ten years. At the same time, 7.30 per cent is being received as the maximum interest. This interest is available on an 800-day fixed-rate loan.
On FDs with terms ranging from 7 to 45 days, Union Bank is providing a 3 per cent interest rate. In addition, Union Bank is offering 4.05 per cent interest on FDs with terms of 46 to 90 days, 4.40 per cent on FDs with terms of 121 to 180 days, 5.25 per cent from 181 to 1 year, 6.30 per cent on FDs with terms of 1 year to 589 days, and 7.00 per cent on FDs with terms of 599 days. It also offers 6.30 per cent interest on FDs with terms of 600 to 699 days, and 7.25 per cent on FDs with terms of 700 days.
While 6.30 per cent applies to FDs between 700 and 2 years, 7.30 per cent to FDs between 800 and 1,001 days, 6.30 per cent to FDs between 801 and 3, and 7.30 per cent to FDs between 3 and 5 years To its regular customers, the bank is selling FDs with an interest rate of 6.70 per cent and FDs with an interest rate of 5.70 per cent to 10.70 per cent.
RBL Bank’s new FD rates:
On the other hand, when it comes to RBL Bank FD Rates, it offers interest rates ranging from 3.25 per cent to 6.55 per cent to regular people on FDs lasting anywhere between 7 days and 10 years. FDs with a term of 725 days are also being offered at the maximum interest rate of 7.55 per cent.
On FDs with terms ranging from 7 to 14 days, the bank is giving an interest rate of 3.25 per cent. offers a 3.75 per cent interest rate on FDs with terms of 15 to 45 days and a maximum interest rate of 4 per cent on FDs with terms of 46 to 90 days.
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In addition, the bank is offering a 7.55 per cent interest rate on FDs from 15 months to 725 days, with interest rates of 5.00 per cent on FDs from 181 days to 240 days, 5.85 per cent on FDs from 241 days to 364 days, and 7.00 per cent on FDs from 365 days to 452 days. It was once. On the other hand, the bank offers interest rates of 7.00 per cent on fixed-rate deposits (FDs) with terms between 726 days and 36 months, 6.55 per cent on FDs with terms between 36 months and 60 months, 6.25 per cent on FDs with terms between 60 months and 240 months, and 6.55 per cent on tax-savings plans.
