Federal Bank Savings Account: The Reserve Bank of India has decided to increase the repo rate twice within the recent few days. Since then, it has been decided to increase the interest rate on bank loans. Due to this, the dream of taking your home, car, etc. has become expensive. At the same time, customers will get more returns on depositing money in bank FD (FD Scheme) and savings account. Recently, the big private sector bank Federal Bank has decided to give big benefits to its customers. Now you will get higher interest rate on Saving Bank Account.
According to the report published in the official website of the bank, you will get 2.75 percent interest rate on less than 5 crores. At the same time, up to 5 crores for an amount more than 5.75 percent and for an amount more than 5 percent, there will be a return of 4 percent. This new interest rate has been implemented from 9 June 2022.
Kotak Mahindra Bank also increased the interest rate
Recently, the country’s largest private sector bank Kotak Mahindra Bank has announced to give higher interest rate on savings account to its customers. The interest rate on FD schemes above Rs 50 lakh has been increased from 3.5 percent to 4 percent. This new interest rate has been implemented from today. On the other hand, on an amount less than 50 lakhs, you will get only 3.5 percent interest rate.
RBI increased the repo rate
Taking a big step to control the rising inflation in the country, on June 8, 2022, RBI has announced two repo rate hikes within 36 days. RBI has increased the repo rate from 4.40 percent to 4.90 percent. Due to this, on May 4, the RBI had increased the repo rate by 40 basis points.
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