City Union Bank FD Rate Increase: Reserve Bank of India has raised the repo rate twice during the months between May and June. From then on, banks have made their loans more expensive. Today, all kinds of loans are becoming costly for those who need them, such as Home Loan, Car Loan, Business Loan etc. Additionally banks also have increased the rate of interest that they offer on their savings account.
Additionally the banks also have increased interest rates of their accounts with FDs. The nation’s biggest banks State Bank of India, Punjab National Bank, HDFC Bank and many more. Numerous banks have increased the FD rate of interest. Additionally, in recent times, City Union Bank has also increased the interest rate for its FD.
City Union Bank FD Rate Hike has been announced to raise the interest rates of its FDs that are less than two crores. The new rates will be effective on the 20th of June, 2022. The bank offers rates of between 4.5% to 5.25 percent for the general population. In addition the bank is offering a better interest rate to seniors than common citizens. Therefore, let’s check the current rates.
City Union Bank gets this interest on FDs of under 2 crores
7-14 days-4.00 7 to 14 days, 4%
from 15 days up to 45 days-4.10 percent
Between 46 and 180 days -4.20 percent
From 181 to 270 days-4.25 percent
271 days from 1 year -4.75 percent
From 365 days to 399 day – 5.25 percent
from 401 to 699 – 5.35 5 %
as high as 700 days-5.55 up to 700 days-5.55
701 days up to 3 years 5.30 percent
From 3 to 10 Years – 5.25 5 %
These banks increased their FD rate of interest
We’ll let you know that, aside from City Union Bank, many banks have decided to raise their interest rates in this area. Many banks, including State Bank of India, Punjab National Bank, Federal Bank, IndusInd Bank, Kotak Mahindra Bank have increased interest rates for FDs.