New Delhi. The Reserve Bank of India (RBI) has increased the repo rate 4 times in a row in the last 5 months this year. After this move of RBI, most of the private sector, public sector and small finance banks have increased the interest rates for Fixed Deposits (FD). Foreign banks have also increased interest rates on FD deposits of select tenures.
Whereas, Citibank’s FD interest rates are effective from November 25, 2022. The bank is now offering interest rates between 2.10% and 3.50% on deposits maturing in 7 days to 1096 days. Citibank India is now offering a maximum interest rate of 7.25% on FDs of 181 days to 400 days. Significantly, with the commencement of operations in Kolkata in the year 1902, Citi is now a leading international bank in the Indian financial industry.
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Citibank FD rates
Citibank is offering an interest rate of 2.10% on FDs maturing in 7 days to 14 days and 2.15% on FDs maturing in 15 days to 35 days. Citibank is offering an interest rate of 3.50% on FDs maturing in 36 days to 180 days. Citibank is offering a maximum interest rate of 7.25% on FDs maturing in 181 days to 400 days. Bank’s customers will get interest at the rate of 3.50% on FDs between 401 and 1096 days.
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RBI has increased the repo rate for the fourth time in a row
Significantly, to stop the rising inflation in the country, RBI has increased the repo rate for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.
Many banks have increased the rates of fixed deposits
Recently many banks including RBL Bank, Axis Bank, DCB Bank have increased their FD rates. This process of increasing the rates has started after the increase in the repo rates of RBI.
Tags: bank, Bank FD, FD Rates, Fixed deposits
FIRST PUBLISHED : November 27, 2022, 14:35 IST