Following a string of lending rate increases, a few banks have hiked interest rates on term deposits.
These banking firms include ICICI Bank, Punjab National Bank, and Union Bank of India
ICICI Bank has increased its interest rates across all tenors, effective October 18, 2022.
Punjab National Bank increased their interest rates across the board effective from oct 19 2022.
Depositors with a one-year maturity will get 5.7 percent interest, up from 5.5 percent before and will increased to 5.8% for three, four and more years.
The Union Bank of India hiked its interest rates on October 17 of this year.
Fixed deposits with a term of one year will yield 6.3 percent interest and for two year it will yield 6.6 percent.
Read More stories