interest rates: These two banks revise FD interest rates after RBI keeps monetary policy unchanged
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A day after the RBI Monetary policy announcement, Central Bank of India and UCO bank revised Fixed Deposit (FD) interest rates for amounts below Rs 2 crore effective from February 10, 2022.
Central Bank of India
According to the Central Bank of India website, the bank has revised the interest rate for FDs below Rs 2 crore. These FDs will now earn interest at the rates of 2.75% to 5.15% across different tenures with effect from February 10, 2022.
According to the website, now FDs with tenure between 7-14 days will earn 2.75%, between 13-45 days will fetch 2.90%. FDswith tenures between 45-90 days will fetch 3.25%. Deposits maturing in 91-179 days will receive an interest of 3.80%. Deposits maturing in 180 to 364 days will now earn 4.25 percent interest. The Central Bank of India is now offering interest rates of 5% on deposits maturing in 1 year to less than 2 years and 5.10% on 2 years to less than 5 years. Deposits maturing between 5 years and 10 years will now earn an interest rate of 5.15 percent.
Central Bank of India FD interest rate from Feb 10, 2022
| Time Period | FD interest rate for less than Rs 2 crore |
| 7 – 14 Days | 2.75% |
| 15-35 Days | 2.90% |
| 31- 45 Days | 2.90% |
| 46-59 Days | 3.25% |
| 60-90 Days | 3.25% |
| 91-179 Days | 3.80% |
| 180- 270 Days | 4.25% |
| 271-364 Days | 4.25% |
| 1 yr to less than 2 years | 5% |
| 2 years to less than 3 years | 5.10% |
| 3 years to less than 5 years | 5.10% |
| 5 year and above upto 10 years | 5.15% |
UCO Bank
UCO bank’s term deposits of less than Rs 2 crore maturing between 1 -3 years will fetch a maximum interest rate of 5.10 percent. Senior citizens will receive 5.60 percent for the same tenure and amount. For tenures above 3 Years and less than 5 Years, the interest rate offered to senior citizens is 5.30% and 5.80%.
UCO Bank FD interest rates effective from Feb 10, 2022
| Time Period | General (Non-Staff, Non-Senior Citizen) | General (Non-Staff, Senior Citizen) |
| 7 – 14 Days | 2.55% | 2.80% |
| 15 – 29 Days | 2.55% | 2.80% |
| 30 – 45 Days | 2.80% | 3.05% |
| 46 – 60 Days | 3.55% | 3.80% |
| 61 – 90 Days | 3.55% | 3.80% |
| 91 – 120 Days | 3.70% | 3.95% |
| 121 – 150 Days | 3.70% | 3.95% |
| 151-180 Days | 3.70% | 3.95% |
| 181 to 364 days | 4.40% | 4.65% |
| 1 year | 5.10% | 5.35% |
| More than 1 year but upto 2 Years | 5.10% | 5.60% |
| Above 2 Years upto 3 Years | 5.10% | 5.60% |
| Above 3 Years and less than 5 Years | 5.30% | 5.80% |
| 5 years and above | 5.10% | 5.60% |
In comparison, the State Bank of India (SBI) offers interest rate on fixed deposits of less than Rs 2 crore ranging from 2.9 to 5.4 percent on tenors ranging from 7 days to 10 years. In January, ICICI Bank also revised bank fixed deposit rates for tenors of 7 days to 10 years. ICICI Bank FD interest rates vary from 2.50 to 5.60 percent across various tenures.
Also read: ICICI Bank revises fixed deposit (FD) interest rates: Check latest rates here
HDFC Bank raised interest rates on FDs of less than Rs 2 crore by 5-10 basis points. According to the website, now FDs with tenures between 2 years 1 day and 3 years will earn 5.2%, 3 years 1 day and 5 years will fetch 5.4% and 5 years 1 day and 10 years will fetch 5.6%.
Also read: HDFC Bank hikes FD interest rates by 5-10 bps for these tenures: Check details
According to the Axis Bank website, FDs with terms of one to two years will now earn between 5.10-5.25%, while those with a tenure of two to less than five years will get 5.40% and FDs with a tenure of 5 years up to 10 years will fetch 5.75%. These rates will be effective from January 20, 2022.
Also read: Axis Bank revises FD interest rates on select tenors: Check latest fixed deposit rates
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