The Reserve Bank of India (RBI) is anticipated to make a decision regarding a potential repo rate cut during the Monetary Policy Committee (MPC) meeting scheduled for Friday, February 7. In the meantime, several banks, including Union Bank of India, Punjab National Bank (PNB), Axis Bank, Shivalik Small Finance Bank, Karnataka Bank, and Federal Bank, have adjusted their fixed deposit rates ahead of this meeting. These new rates have been in effect since January and apply specifically to fixed deposits made by regular customers.

Karnataka Bank

Karnataka Bank provides interest rates ranging from 3.50% to 7.50% for ordinary citizens, with tenures spanning from seven days to ten years. The highest interest rate of 7.50% is available for a tenure of 375 days, and these revised rates took effect on January 2.

Axis Bank

Axis Bank offers interest rates between 3% and 7.25% for ordinary citizens, applicable for tenures from seven days to ten years. The updated rates for fixed deposits became effective on January 27.

Federal Bank

Federal Bank has set interest rates from 3% to 7.50% for ordinary citizens, with tenures ranging from seven days to ten years. The top interest rate of 7.50% is available for a tenure of 444 days, and these rates were revised as of January 10.

Punjab National Bank

Punjab National Bank has launched a new fixed deposit tenure of 303 days with an interest rate of 7%. Additionally, a tenure of 506 days has been introduced with an interest rate of 6.7% for regular customers. These updated tenures became effective on January 1. Overall, Punjab National Bank offers interest rates from 3.50% to 7.25% for fixed deposits with tenures ranging from seven days to ten years, with the highest rate of 7.25% available for a 400-day tenure.

Shivalik Small Finance Bank (SFB)

As stated on the official website of Shivalik Small Finance Bank (SFB), the institution provides interest rates ranging from 3.50% to 8.80% for the general public, while senior citizens can benefit from rates between 4% and 9.30%. These updated interest rates have been in effect since January 22.

Union Bank of India

Union Bank of India offers interest rates from 3% to 7.30% for regular customers, applicable for tenures that span from seven days to ten years. The highest interest rate of 7.30% is available for ordinary citizens for a tenure of 456 days. These revised rates took effect on January 1.