CURRENT AFFAIRS

Detailed explanation-1: -Axis Bank has announced a hike in its interest rates on fixed deposits of less than ₹2 Cr days after Reserve Bank of India’s monetary policy committee raised repo rate hike by 25 bps to 6.50%. The new rates are in effect as from Saturday, February 11, 2023. What are the revised Fixed Deposit (FD) rates by Axis bank? 1.

Detailed explanation-2: -However, Private Sector Banks like RBL Bank, IDFC First Bank, DCB Bank, Bandhan Bank, CSB Bank, Federal Bank, IndusInd Bank, Yes Bank and SBM Bank offer higher FD slab rates than the fixed deposit rates offered by other Private Sector Banks.

Detailed explanation-3: -Canara Bank raised its interest rates for all tenors and is currently providing an interest rate on deposits maturing in 7 days to 10 years that range from 3.25% to 7.00% for the general public and 3.25% to 7.50% for senior citizens. According to the bank’s, the new rates are effective from 7 October 2022.

Detailed explanation-4: -IDFC First Bank offers, on a one-year tenor basis, the highest bank FD rates, 6.50% per annum for senior citizens, and 6.00% per annum for non senior citizens.