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reserve Bank of India A day after the increase in the repo rate from the side, three banks of the country have increased the interest rates on Fixed Deposits (FD). The three banks which have increased the interest rate on FDs are Punjab National Bank (PNB) and Bank of Baroda (BoB) and Kotak Mahindra Bank. Let’s take a look at how much these three banks have increased the interest rate on FDs. After this increase, how much return will you get on getting FD.
Increase in interest up to 0.25 percent
Public sector Punjab National Bank (PNB) and Bank of Baroda (BoB) have increased the interest on loans by up to 0.25 percent. Banks took this step after the Reserve Bank of India increased the policy rate repo by 0.25 percent. PNB said in the information given to the stock market that the repo based interest rate (RLLR) has been increased by 0.25 percent from 8.75 percent to 9.0 percent. The new rate has come into effect from Thursday. The RBI had on Wednesday increased the repo rate by 0.25 percent to 6.5 percent to bring inflation under control. BoB increased the marginal cost of funds based interest rate (MCLR) by 0.05 per cent. Bank of Baroda said in the information given to the stock market that the new rates will come into effect from February 12. With the latest increase, the MCLR for overnight loans has increased from 7.85 per cent to 7.90 per cent. MCLR has been increased from 8.15 percent to 8.20 percent for one month. BoB increased the MCLR from 8.25 per cent to 8.30 per cent on loans with a tenure of three months. At the same time, the interest on the loan of one year period will now be 8.55 percent instead of 8.50 percent.
Kotak Mahindra Bank also increased
Private sector Kotak Mahindra Bank on Thursday announced an increase in the interest rate on fixed deposits (FDs) of fixed maturity by up to 0.25 (fourth) per cent. The move follows another hike in the policy rate by 0.25 per cent on Wednesday by the Reserve Bank of India. Under the revised rates effective from Friday, 7.25 per cent for deposits of 15 months to two years from Rs 2 crore to Rs 5 crore and 7.10 per cent for deposits of 12 months 25 days to two years up to Rs 2 crore. will get. Virat Dewanji, Head – Consumer Banking, Kotak Bank said in the statement, “With the increase in key interest rates by the Reserve Bank, we have benefited our valued customers by offering them higher returns on their savings.
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