Fixed deposit rates have been rising steadily since last year. Even in April last, despite not increasing the RBI repo rate, banks were increasing FD interest rates.
But, now two PNB and Axis Bank have reduced the interest rates (Fixed Deposit Rates) on select tenure FDs instead of increasing them. In such a situation, if you are planning to invest in FD, then it is important that you understand the latest interest rates and tenure properly, so that the expectation of higher returns can be fulfilled.
PNB has reduced the interest rate on 666 days FD
Punjab National Bank (PNB Latest FD Rates) has reduced the interest rate on FDs with a tenure of 666 days for all types of investors including general investors from May 18. Senior citizens and NRE investors on FDs maturing in 666 days.
The bank has reduced the interest rate for common citizens on 666 days FD from 7.25 per cent to 7.05 per cent. On this tenure, the bank has reduced the interest rate for senior citizens from 7.75 per cent to 7.55 per cent. At the same time, the bank has reduced the interest rate for NRE customers from 7.25 percent to 7.05 percent.
Axis Bank slashes interest rates on FDs of multiple tenures
Axis Bank (Axis Bank FD Interest Rates) has reduced interest rates (FD Interest Rates) by 20 basis points on multiple tenure fixed deposits with deposits below Rs 2 crore. The new FD interest rates have been made effective from May 18, 2023. Axis Bank is offering interest rates ranging from 3.5 per cent to 7.10 per cent on FDs for tenures ranging from 7 days to 10 years.
Axis Bank has cut the interest rate on fixed deposits maturing in one year to one year and four days by 5 basis points, after which now the interest rate has come down by 0.20 per cent to 6.75 per cent. The bank has reduced 20 basis points on FDs maturing in one year, 5 days to less than 13 months, after which the interest rate has been reduced to 6.80 per cent. Earlier, an interest rate of 7.10 per cent was being given on this tenure. Axis Bank has reduced 5 basis points on FDs of 13 months and less than two years. Now on this tenure, the bank will give 7.10 percent interest rate to the investors, which was earlier 7.15 percent. Axis Bank has cut 15 basis points on FDs of less than 2 years to 30 months, after which the interest rate has come down from 7.20 per cent to 7.05 per cent.
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