The Reserve Bank of India has raised the repo rate by 50 basis points or 0.50% to 4.90%.
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PNB Housing has increased FD interest rates from 10 bps to 25 bps. The new rates will apply to deposits up to Rs 5 crore. By revising FD rates, investors can now earn between 6 percent and 7.25 percent, depending on the term of the loan.
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PNB Housing Finance will continue to provide 0.25 per cent return on investment in FDs for senior citizens over 60 years of age.
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Axis Bank has raised interest rates on fixed FDs, following in the footsteps of other lenders. The private sector bank has said that the latest interest rate hike will apply to FDs up to Rs 2 crore. FDs that mature in 5 to 10 years provide the general public with a 5.75 percent higher return.
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Axis Bank has hiked interest rates on savings accounts below Rs 50 lakh to 3 per cent per annum. The bank offers 3.50 per cent return per annum to savings accounts of Rs 50 lakh and less than Rs 800 crore.
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State Bank of India has increased its revenue for FD by 20 basis points. Return income depends on the duration of the FD. The company said the new rates would apply to deposits of less than Rs 2 crore.