Improved FD Returns Several Banks Increased The Interest Rates On Fixed Deposit Products.
April 7, 2023: Interest rates for fixed deposits: The Reserve Bank of India recently increased the repo rate by 25 basis points (bps), bringing it to 6.50%.
Since May 2022, the central bank has raised rates six times. Accordingly, a number of banks have increased the interest rates on their fixed deposits, thereby providing better returns to their customers.
Top banks that have changed interest rates on their Fixed Deposits (FDs) include:
SBI, India’s largest public lender has increased bulk term deposit rates by 25-75 bps throughout the tenure, which means depositors will now get higher returns on their FDs.
Starting February 15, 2023, retail domestic term deposits (below Rs. 2 crore) will be subject to change. On terms up to 5 years and 10 years, the bank offers rates of 3% to 7%.
Effective February 11, 2023, the largest private lender Axis Bank has similarly raised Rs. Interest rate hiked on FDs below Rs 2 crore. The lender currently offers rates between 3.50% and 7.10%.
Also, the private lender has raised interest rates on large fixed deposits (FDs) to Rs. 2 crores to Rs. 5 crore has been reduced. The rates fall between 3% and 7%. The latest FD interest rates will be effective from February 7, 2023.
Kotak Mahindra Bank
Kotak Mahindra Bank, a private lender, also hiked its fixed deposit interest rates, bringing it up to 25 basis points (0.25%), in line with its competitors. Customers can now avail FD rates of up to 7.25% on tenors of 15 months to 2 years from February 10.
On a private lender Rs. The interest rate on FD below 2 crore has been increased. Currently, IndusInd Bank offers interest rates ranging from 3.5% to 7% for loans with a typical tenure of 7 days to 61 months or more.
For a deposit tenure of two years to three years and three months, the lender offers a maximum rate of 7.50% for non-senior citizens and 8.25% for seniors. Effective February 16, 2023, the rates are
Bank of Maharashtra customers now till February 14, 2023 Rs. FDs below 2 crore can avail interest rates up to 5.75%.
Additionally, the lender launched two unique tenors with 200-day and 400-day maturities, under which it promised yields of 7% and 6.75%, respectively.
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