Axis Bank to Union Bank of India: Check out fixed deposit interest rates of India's leading banks

Several government and private banks in India have increased their fixed deposit interest rates ahead of the RBI's monetary policy meeting, bringing good news for depositors.

Monetary Policy Meeting

The Reserve Bank's monetary policy meeting is scheduled for February 7th. There is a possibility of a repo rate reduction in this meeting.

Fixed Deposits

Several government and private banks have raised interest rates on fixed deposits ahead of the monetary policy meeting.

List of Banks

Banks that have increased FD interest rates include Union Bank of India, Punjab National Bank, Axis Bank, Shivalik Small Finance Bank, Karnataka Bank, and Federal Bank.

Punjab National Bank

Punjab National Bank offers a 7% interest rate for 303 days and 6.7% for 506 days. These new interest rates are effective from January 1st. PNB offers 3.50% to 7.25% interest for 7 days to 10 years, with 7.25% for 400 days.

Karnataka Bank offers interest rates range from 3.5% to 7.50% for 7 days to 10 years, with 7.50% for 375 days.

Union Bank of India offers a maximum interest rate of 7.30% is being offered for 7 to 10 days. The new interest rate is effective from January 1st.

Axis Bank

Meanwhile, Axis bank offers interest rates on deposits under 3 crore rupees range from 3% to 7.25% for 7 days to 10 years. The new rates are effective from January 27th.

Federal Bank

Federal Bank offers 3% to 7.5% interest for 7 days to 5 years or more. Senior citizens receive 3.5% to 8% interest.