This private sector bank revises interest rates on fixed deposits: Check details
Premium- The private sector lender City Union Bank has revised interest rates on domestic term deposits of less than ₹2 Cr.
The private sector lender City Union Bank has revised interest rates on domestic term deposits of less than ₹2 Cr. The bank made this declaration on June 20, 2022, and as a result of the revision, City Union Bank is now providing both the general public and elderly residents with interest rates ranging from 4.00 per cent to 5.25 per cent.
City Union Bank FD Rates 2022
The bank will now give an interest rate of 4.00 per cent on fixed deposits with a maturity period of 7 days to 14 days, and City Union Bank will now offer an interest rate of 4.10 per cent on term deposits with a maturity period of 15 days to 45 days. Fixed deposits with maturities between 46 and 90 days will now pay 4.15 per cent interest, while term deposits with maturities between 91 and 180 days will now offer 4.20 per cent interest. City Union Bank will now give an interest rate of 4.25 per cent on deposits maturing in the next 181 days to 270 days, and 4.75 per cent on deposits maturing in 271 days to 364 days.
Currently, City Union Bank will pay 5.25 per cent interest on deposits that mature in 365 to 399 days and 5.40 per cent interest on term deposits that mature in 400 days. Fixed deposits maturing in 700 days will now generate an interest rate of 5.55 per cent, while term deposits maturing in 401 to 699 days will now pay 5.35 per cent. The general public will now receive interest rates at City Union Bank of 5.30 per cent on deposits maturing in 701 days to 3 years and 5.25 per cent on deposits due in 3 years or more and up to 10 years. City Union Bank gives elderly citizens an additional rate of interest over the standard rate on deposits that mature in 365 days to 3 years.
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Meanwhile, ICICI Bank, Federal Bank, DCB Bank and IndusInd Bank have also recently hiked interest rates on fixed deposits of less than ₹2 Cr. After the RBI increased the repo rate by 50 basis points to 4.90 per cent, fixed deposit rates are on the rise, which is excellent news for investors. On the other hand, loan interest rates are also rising, which is horrendous weather for loan borrowers as their monthly payments would increase.