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Yes Bank increased interest rates on fixed deposits, customers will get benefit

There is more pressure now to raise the interest rate on bank deposits. Banks are gradually raising their deposit interest rates in such a scenario. Yes Bank, a private sector bank, has recently announced plans to raise the interest rates on its deposits. It has been announced that interest rates would be increased on fixed deposits.

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Less than two crores have seen an increase in interest rates from the bank on FDs. Interest rates have gone hiked by the bank from 0.25 to 0.50 basis points. As of February 21, 2023, the bank’s new rates will be in effect. The 25-month FD rates have altered, according to the bank. The bank also stated that interest on 36-month FDs will be given up to 8%.

#YESBank has increased the interest of select tenures of fixed deposits (FDs) by 25 to 50 basis points (bps).https://t.co/vMDakf3npP
— Economic Times (@EconomicTimes) February 22, 2023

Yes Bank has indicated that interest will be paid at the rate of 6 percent instead of 5.75 percent on deposits from 181 days to 271 days in the list of its freshly declared interest rates. The bank has announced a 6.25 percent interest rate on deposits made between 272 days and one year. Earlier, this rate was 6 percent.

PNB Bank increased interest rates on FD, check new rates

One of the biggest public sector banks in the nation, Punjab National Bank, also known as PNB, has decided to raise the interest rates on its fixed deposits. As of today, these increased rates are in effect. A 30-basis-point increase has been made by PNB to these rates.

Customer can get interest on FDs as high as 9.36% on New Year, know how?

This information is for you if you plan to increase your returns through FDs in the coming year. The interest rates being provided on FDs have increased by a record amount at Shriram Finance Limited. It has announced a 5 to 30 basis point (0.05% p.a. to 0.30% p.a.) rise in FD rates.

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Customers will be able to earn up to 9.36% interest on FDs as of January 1, 2023. However, in order to do it, various requirements must be met.

Let us inform you that one of the biggest retail NBFCs in India is Shriram Finance Limited (SFL) of the Shriram Group. Let us inform you that elderly folks receive an additional 0.50% in interest from Shriram Finance Limited (SFL).

ICICI Bank increased interest rates on fixed deposits, this is the maximum interest rate

Bank interest rates have begun to rise as a result of the RBI’s hike in the repo rate. Along with an increase in loan interest rates, interest rates on bank savings have also begun to rise.

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The second-largest private sector bank in the nation, ICICI Bank, followed SBI and HDFC Bank in raising interest rates on fixed deposits, or FDs, from 0.25 percent to 0.50 percent.

The interest rates on Fixed Deposits under Rs 2 crore have risen at ICICI Bank. The bank raised the rate of interest on FDs that are older than 46 days.

In addition, the interest rate on FDs with terms longer than one year has been raised by 0.50 percent. The bank offers older people a maximum interest rate of 7.50%. The bank’s new rates went into effect on December 16th.

The repo has been raised by the RBI five times so far this year. In the bi-monthly monetary policy review on December 7, the central bank raised the repo rate by an additional 0.35 percent to 6.25 percent with the goal of lowering inflation.

Common man’s pocket can be affected! Repo rate may increase and EMI may be higher

The general public might be stunned once more. There is a possibility that the Reserve Bank of India (RBI) will increase its repo rate in the near future. This may increase the EMI on the borrowers’ loans. A three-day meeting of the RBI’s Monetary Policy Committee (MPC) will begin on Monday. On December 7, the meeting’s outcomes will be made public.

Repo rate may increase

According to experts, interest rates went up by 0.50 percent three times in a row. But this time, the central bank can take a softer position on interest rates. At the same time, there is a chance that the RBI would raise the repo rate this time by 0.25 to 0.35 percent. This action can be made by RBI in light of retail inflation’s signs of easing and the need to foster growth.

Repo rate was increased this year

The MPC can also follow the Federal Reserve, the American central bank, and domestic variables, as it has signaled a small rate increase at the end of this month. 1.90 percent has been raised by the RBI since May. Despite this, since January, inflation has been over the tolerable range of 6%.

EMI may also increase

The EMI of the loan could increase as a result of an increase in the repo rate, which could have an impact on people’s finances as well. The banks’ lending interest rates rise together with the increase in the repo rate. It has an impact on people’s wallets. Repo rates refer to the interest rates at which the RBI loans to banks.

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New Update for ICICI Bank Account holder! Interest rate hike, know how much has increased

The Reserve Bank raised the repo rate three times in recent days in an effort to rein in inflation. It had increased by 1.40 percent throughout this time. Following that, the interest rate on the loan was raised by both commercial and public banks. Following this, some banks raised their deposit interest rates. Banks are also raising the Fixed Deposit Rate along with this (FD Rates). Axis Bank, UBI, and Indian Overseas Bank raised the FD rate recently.

This rule came into effect today

The interest rate has now also increased at the ICICI Bank, a commercial institution. If you have an ICICI Bank account, you would be relieved to hear this news. You should be aware of how much the bank has raised the interest rate on FDs. For FDs under Rs 2 crore, the bank has raised the interest rate by 25 basis points. The bank began applying these rates on September 26. Beginning on September 27, the interest rate on loans totaling more than 2 crores but less than 5 crores has also been raised.

Check here ICICI Bank’s new interest rates

Union Bank also increased interest rate

Union Bank of India had previously altered the interest rate as well. The bank’s website states that from 7 to 45 days, FDs are eligible for 3 percent interest, and from 46 to 90 days, FDs are eligible for 4.05 percent interest. You will receive interest at a rate of 4.10 percent if you make an FD between 91 and 180 days.

Loan became expensive for SBI customers, the bank again increased the interest rates

The cost of taking out any kind of loan from SBI has increased. The bank has raised interest rates once more. State Bank of India (SBI) has announced plans to raise the benchmark prime lending rate (BPLR) by 70 basis points, or 0.7%, according to information obtained from the bank’s website. SBI’s BPLR has now increased to 13.45 percent as a result. The new tariff is in place as of right now, September 15th.

According to experts, SBI made this adjustment in anticipation of a potential hike in the repo rate in the monetary policy. It is possible that the RBI will raise the repo rate by 50 basis points in its monetary policy for September. The likelihood of a repo rate increase has grown further as a result of the increase in retail inflation.

Borrowers will be burdened in this way

The EMI for both new and existing customers will rise as a result of SBI’s higher BPLR. The loan payments will therefore be greater than before. Banks will raise the loan’s interest rate. SBI last modified the BPLR in the month of August. It is interesting to note that earlier banks used to base customer loans on the previous benchmark. Nowadays, the majority of banks base their loan rates, or EBLRs, on external benchmarks.

Consumers borrowing for their homes and cars will be most affected by this bank’s decision. Many people around the nation borrow money from SBI for cars and homes. The EMI burden will also fall on anyone looking to purchase a home or automobile during the festival season.

Up to 50 basis points increase in August

The regular lending rates at the State Bank of India (SBI) were increased by 50 basis points in August (or half a percentage point). SBI increased the lending rate a few days after the Reserve Bank of India (RBI) increased its benchmark lending rate by 50 basis points to curb inflation. The external benchmark-based lending rate (EBLR) and repo-linked lending rate (RLLR) both experienced rises of 50 basis points in addition to the 20 basis point increase in the marginal cost of funds-based lending rate (MCLR) for all tenors.

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SBI home loans became expensive, Bank hikes the minimum interest rate

State Bank of India, the largest bank in the country, has increased the interest rate on home loans. Starting June 15, the new rates will apply to home loans. MCLR (Marginal Cost of Lending Rate) has been increased by 0.20 percent. It also became effective on June 15. As a result of the Reserve Bank of India‘s increase in repo rates by 50 basis points, the State Bank of India has taken this step.

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According to a report, now the bank has the minimum interest rate on home loans at 7.55 percent. Those with CIBIL scores above 800 will be eligible for a 7.55 percent home loan. People whose CIBIL score is 750-799 will get a loan at 7.65 percent per annum. Similarly, SBI will give home loans at the rate of 7.75 percent to those with CIBIL scores of 700-749 and 7.85 percent to those with 650-699 scores. Similarly, people whose CIBIL score is between 550 to 649, will have to pay interest at the rate of 8.05 for the home loan. These are floating interest rates and they are repo linked.

MCLR also increased

The bank has also increased the one-year benchmark MCLR from 7.20 percent to 7.40 percent. Personal loans, auto loans, and home loans are almost all linked to MCLR. Because of this, if the repo rate changes, then they also do. From June 15, SBI has also increased its Repo Rate Linked Lending Rate (RLLR). Earlier RLLR was 6.65 percent, which has now been increased to 7.15 percent. From June 15, the new rates have become effective.

FD interest rates also increased

Interest rates on SBI fixed deposits maturing within 211 days of less than Rs 2 crores were increased to 3 years on June 14. Fixed deposit interest rates increased by 20 basis points from 4.40 percent to 4.60 percent for 211-day and shorter-term deposits.

Earlier, on FDs ranging from one year to less than two years, where the bank was paying interest at the rate of 5.10 percent per annum to the customers, now it will get 5.30 percent interest. The bank is now paying 5.35 percent interest on fixed deposits maturing in two to three years.

PNB Bank increases interest rates on other loans, including home loans, check new rates

PNB Interest Rates: A shocking development has occurred amid rising inflation. In case you are a PNB customer and you have taken a home loan or any other loan in the past, this news is very important to you.

After Punjab National Bank, now PNB Housing Finance (PNB Housing) has increased interest rates on loans. In this case, PNB Housing increased the interest rate by 35 basis points, i.e. 0.35 percent, on retail loans and home loans. Rate changes came into effect today, May 9.

Under PNB Housing, customers get a loan both for building and buying a home. It includes both retail and corporate stakes. Customers will now have to pay more EMI for this. In addition, new borrowers will have to pay higher interest rates. PNB Bank had also increased its interest rates earlier.

PNB Housing gave information

PNB Housing has provided detailed information about this. Accordingly, the new interest rates are applicable on different dates. From May 7, 2022, RLLR will apply to new customers. Additionally, the RLLR for existing customers will be 6.90 percent as of June 1, 2022.

The PNB also raised interest rates earlier. In this case, the interest rate has been increased by 0.40 percent to 6.90 percent. PNB has informed the stock market that from June 1, 2022, the RLLR for existing customers will increase from 6.50 percent to 6.90 percent.

RBI hikes repo rate

On May 4, the RBI increased the repo rate from 4 percent to 4.40 percent. Governor Shaktikanta Das noted that due to rising commodity prices and increasing pressure from other fuels, including petrol and diesel, a change in repo rates has become necessary. The interest rates have also been increased by banks since then. The repo-based interest rates of ICICI Bank, Bank of Baroda, and Bank of India have also increased as part of this sequence.

FD Rates: Great news for HDFC customers, From today customers will benefit from this big change

For the customers of HDFC Bank, the leading private bank has once again given them the good news. Again, the HDFC bank has changed the Fixed Deposit (FD) rates. The new rates go into effect on April 20. A new rate will be applicable to FDs below Rs 2 crore.

Here are the new interest rates

A 2.50 percent interest rate is being offered by the bank to the citizens holding 7-29 day FDs. On top of this, the bank offers 3% interest on FDs of 30 days to 90 days. In response to the new change, HDFC Bank is giving 3.50 interest on fixed deposits for 91 days to 6 months.

Maximum interest rate 5.60 percent

The bank’s site states that interest will be paid at a rate of 5.10 percent on FDs maturing in one year from one day to two years. The interest rate on FDs for two years, one day, and three years is 5.20 percent. On the other hand, interest rates of 5.45 percent will be available on FDs ranging from three years 1 day to five years, and 5.60 percent on FDs lasting from five years 1 day to ten years.

HDFC Bank’s latest FD interest rates are effective from 20 April 2022

7 to 14 days: 2.50%
15 to 29 days: 2.50%
30 to 45 days: 3%
61 to 90 days: 3%
91 days to 6 months: 3.5%
6 months 1 day to 9 months: 4.4%
9 months 1 day to 1 year: 4.40%
1 year 1 day to 2 years: 5.10%
2 years 1 day to 3 years: 5.20%
3 years to 1 day 5 years: 5.45%
5 years 1 day to 10 years: 5.60%

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