interest rates: These two banks revise FD interest rates after RBI keeps monetary policy unchanged

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The Reserve Bank of India (RBI) decided to keep the repo and reverse repo rates unchanged at its bi-monthly monetary policy review announced on February 10, 2022. As a result, the repo and reverse rates remain at 4% and 3.35 percent, respectively.

A day after the RBI Monetary policy announcement, Central Bank of India and UCO bank revised Fixed Deposit (FD) interest rates for amounts below Rs 2 crore effective from February 10, 2022.

Central Bank of India

According to the Central Bank of India website, the bank has revised the interest rate for FDs below Rs 2 crore. These FDs will now earn interest at the rates of 2.75% to 5.15% across different tenures with effect from February 10, 2022.

According to the website, now FDs with tenure between 7-14 days will earn 2.75%, between 13-45 days will fetch 2.90%. FDswith tenures between 45-90 days will fetch 3.25%. Deposits maturing in 91-179 days will receive an interest of 3.80%. Deposits maturing in 180 to 364 days will now earn 4.25 percent interest. The Central Bank of India is now offering interest rates of 5% on deposits maturing in 1 year to less than 2 years and 5.10% on 2 years to less than 5 years. Deposits maturing between 5 years and 10 years will now earn an interest rate of 5.15 percent.

Central Bank of India FD interest rate from Feb 10, 2022

Time Period FD interest rate for less than Rs 2 crore
7 – 14 Days 2.75%
15-35 Days 2.90%
31- 45 Days 2.90%
46-59 Days 3.25%
60-90 Days 3.25%
91-179 Days 3.80%
180- 270 Days 4.25%
271-364 Days 4.25%
1 yr to less than 2 years 5%
2 years to less than 3 years 5.10%
3 years to less than 5 years 5.10%
5 year and above upto 10 years 5.15%

UCO Bank
UCO bank’s term deposits of less than Rs 2 crore maturing between 1 -3 years will fetch a maximum interest rate of 5.10 percent. Senior citizens will receive 5.60 percent for the same tenure and amount. For tenures above 3 Years and less than 5 Years, the interest rate offered to senior citizens is 5.30% and 5.80%.

UCO Bank FD interest rates effective from Feb 10, 2022

Time Period General (Non-Staff, Non-Senior Citizen) General (Non-Staff, Senior Citizen)
7 – 14 Days 2.55% 2.80%
15 – 29 Days 2.55% 2.80%
30 – 45 Days 2.80% 3.05%
46 – 60 Days 3.55% 3.80%
61 – 90 Days 3.55% 3.80%
91 – 120 Days 3.70% 3.95%
121 – 150 Days 3.70% 3.95%
151-180 Days 3.70% 3.95%
181 to 364 days 4.40% 4.65%
1 year 5.10% 5.35%
More than 1 year but upto 2 Years 5.10% 5.60%
Above 2 Years upto 3 Years 5.10% 5.60%
Above 3 Years and less than 5 Years 5.30% 5.80%
5 years and above 5.10% 5.60%

In comparison, the State Bank of India (SBI) offers interest rate on fixed deposits of less than Rs 2 crore ranging from 2.9 to 5.4 percent on tenors ranging from 7 days to 10 years. In January, ICICI Bank also revised bank fixed deposit rates for tenors of 7 days to 10 years. ICICI Bank FD interest rates vary from 2.50 to 5.60 percent across various tenures.

Also read: ICICI Bank revises fixed deposit (FD) interest rates: Check latest rates here

HDFC Bank raised interest rates on FDs of less than Rs 2 crore by 5-10 basis points. According to the website, now FDs with tenures between 2 years 1 day and 3 years will earn 5.2%, 3 years 1 day and 5 years will fetch 5.4% and 5 years 1 day and 10 years will fetch 5.6%.

Also read: HDFC Bank hikes FD interest rates by 5-10 bps for these tenures: Check details

According to the Axis Bank website, FDs with terms of one to two years will now earn between 5.10-5.25%, while those with a tenure of two to less than five years will get 5.40% and FDs with a tenure of 5 years up to 10 years will fetch 5.75%. These rates will be effective from January 20, 2022.
Also read: Axis Bank revises FD interest rates on select tenors: Check latest fixed deposit rates



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