If you invest in FD scheme, then you should check the FD interest rates of these banks before investing, otherwise you may suffer a lot because some banks have recently implemented a reduction in their fixed deposit interest rates, in which PNB , Axis Bank and Union Bank of India. These rates will be applicable from June 1, 2023. Let us start with Punjab National Bank, Axis Bank and Union Bank of India to see how much these banks have cut FD interest rates.
Punjab National Bank has reduced the interest rates for single term by 20 basis points from June 1. Which will mainly affect FDs of less than Rs 2 crore. For example, the interest rate on one-year FDs for regular citizens has come down from 6.75% to 6.5%. Similarly, the interest rate has come down from 7.25% to 7.05% for a period of 666 days.
Axis Bank has recently reduced the interest rate on FD by 20 basis points on single term. After this update, interest rates ranging from 3.5% to 7.10% are offered on FDs ranging from 7 days to 10 years. Additionally, the bank has reduced interest rates from 7.10% to 6.80% for tenors of less than five days to 13 months. Similarly, for a period of 13 months and less than 3 years, the interest rate has been reduced from 7.15% to 7.10%.
Union Bank is paying so much interest
While Union Bank of India claimed the highest interest rates in November 2022, which was 7.30% for general public, 7.80% for senior citizens and 8.05% for super seniors. However, their current rates, as their As pointed out on the website, reflect the decline. Regular citizens can expect an interest rate of 7%, while senior citizens can get 7.50% interest. Super seniors can get 7.75% interest.
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Interest will be less than before
If you intend to invest in fixed deposit schemes of these banks and the interest returns on FDs of these banks will be lower than the earlier rates. However, the interest rates for these tenors will remain the same as last updated. It is important to consider these changes while planning your investments.