Canara Bank has revised its fixed deposit (FD) rates, affecting the interest rates on deposits ranging from 7 days to 10 years. This move comes ahead of the Reserve Bank of India’s (RBI) decision on interest rates. Other major banks, such as Public Sector Banks (PSBs) like Punjab National Bank (PNB), ICICI, HDFC, and State Bank of India (SBI), have also revised their FD rates. SBI, for instance, is offering returns of 2.75%, 4.5%, and 5.5% for 1-year, 3-year, and 5-year FDs, respectively.
The revised FD rates are likely in anticipation of the RBI’s upcoming policy announcement, which may influence interest rates. Other banks, such as Union Bank, have also made changes to their FD rates. It’s essential for individuals to check the FD rates offered by different banks to make informed decisions about investing their funds. Comparing FD rates across banks can help individuals optimize their returns, especially in the run-up to tax season. As FDs are a popular investment option, it’s crucial to stay informed about the latest changes in interest rates to make the most of one’s investments.