Four banks increased their interest rates at once; be aware of the new rates before making FDs

 Four banks increased their interest rates at once; be aware of the new rates before making FDs

Many banks have lowered the interest rates on FDs even though the Reserve Bank of India (RBI) has not changed the repo rate.

Many banks have lowered the interest rates on FDs even though the Reserve Bank of India (RBI) has not changed the repo rate. Several of the nation's major banks are among them. This is bad news for individuals who were considering applying for FD in the near future in such a circumstance. For individuals who have previously made FD before to this reduction, there is some relief. Today, we're going to inform you about 4 such banks who just lowered their FD interest rates.

Axis Bank

private industry On FDs lasting between 7 days and 10 years, Axis Bank provides interest rates between 3 percent and 7.10 percent. This bank has lowered the interest rate on fixed-rate deposits by 10 basis points from 2 years to less than 5 years. Additionally, there has been a 10 basis point cut on FDs with terms ranging from 1 year, 5 days to 15 months. The new rates are now between 6.80 percent and 6.70 percent as a result of this decrease. The revised prices went into effect on September 15.

 Bank HDFC

For two unique times, the private sector HDFC Bank has lowered the interest rates on FDs. These two intervals, which are 35 months and 55 months respectively, have seen a 5 basis point decline. This only applies to FDs under Rs 2 crore. As of October 1, the revised rates are in effect. The interest rates on FDs for 35 months and 55 months were formerly 7.20 percent and 7.25 percent, respectively, but are now 7.15 percent and 7.20 percent.

IndusInd Bank

The interest rates on FDs have been lowered by IndusInd Bank. For FDs worth less than Rs 2 crore, this deduction has been made. This bank has trimmed 25 basis points off of FDs with terms ranging from 1 year, 7 months to 2 years. The new rate has decreased from 7.75 percent to 7.50 percent as a result of this reduction.

 Yes Bank

The Yes Bank has lowered interest rates for term deposits under Rs 2 crore. This reduction has been applied to FDs with terms ranging from one year to under one year. For this time period, interest was formerly offered at 7.50 percent, but it is currently only offered at 7.25 percent. Let me inform you that Yes Bank offers its FD clients interest rates ranging from 3.25 percent to 7.50 percent.