Fixed Deposit Rates Cut: Interest rates had been increased by the Reserve Bank for some time, due to which along with the increase in loan interest, the interest of bank schemes also increased.
Especially a significant increase was seen in the interest rate of fixed deposits. At the same time, some banks have started cutting the interest of fixed deposits. Here some such banks are being told, which have cut the interest rates. This includes Punjab National Bank, Axis Bank and Union Bank of India.
Axis Bank Fixed Deposit
Axis Bank has cut the interest rate on single tenure of fixed deposits by 20 basis points. After the update of Axis Bank, interest ranging from 3.5% to 7.10% is being given on fixed deposits with a tenure of 7 days to 10 years. At the same time, interest has been reduced from 7.10 to 6.80 percent on tenure of less than five days to 13 months. At the same time, interest has been reduced from 7.15 per cent to 7.10 per cent from 13 months to less than 3 years. This is applicable from 18 May 2023.
Punjab national bank fd rates
PNB has cut the interest rate on single tenure from June 1. This deduction has been made on deposits of less than 2 crores. Fixed deposit interest has come down by 5 per cent to 6.75 per cent on 1-year tenure. This FD is for regular citizens. At the same time, the interest on the tenure of 666 days has come down from 7.25 per cent to 7.05 per cent.
Union Bank of India
During November 2022, this bank was paying the highest interest of 7.30 per cent for General Public, 7.80 per cent for Senior Citizen and 8.05 per cent for Super Senior. According to the website, Union Bank is offering 7 per cent interest for regular, 7.50 per cent for senior citizens and 7.75 per cent for super senior citizens.
What will be the effect
If you are going to invest in fixed deposit schemes in these banks for these tenures, then you will get less interest than before. However, if you keep investing till any other tenure other than these tenures, then the interest will be given as per the old update.