Rates of Interest on Fixed Deposits: One of the best options is to put your hard-earned money in a bank to invest. The most widely used type of bank investment is Fixed Deposits (FDs). They not only offer high profits in a short amount of time but also eliminate the possibility of losing money.
In its monetary policy meeting in February 2023, the Reserve Bank of India (RBI Bank) raised the repo rate by 25 basis points to 6.50 percent. As a result, the interest rates on FDs have increased at a number of the country’s major banks. Following the RBI’s increase, let’s examine which banks have increased their FD interest rates.
State Bank of India
SBI Bank has raised its FD interest rates by 5 to 25 basis points, making it the largest bank in India. Beginning on February 15, 2023, these new interest rates, which are applicable to FDs up to Rs 2 crore, went into effect.
Punjab National Bank
Bank has increased the interest rates on some of its FDs by as much as 30 basis points. These new rates are relevant to FDs of not as much as Rs 2 crore, and clients can now profit from a 7.25 percent financing cost on their stores. On February 20, 2023, these increased interest rates on FDs took effect.
Axis Bank
The country’s private sector bank, Axis Bank, has adjusted its FD interest rate for deposits under Rs 2 crore. Senior citizens can earn up to 8.01 percent, while customers can now take advantage of a rate of 7.26 percent. Since February 11, 2023, these rates have been in effect.
Kotak Mahindra Bank
Kotak Mahindra Bank has also increased the interest rates on its fixed deposits, making it more appealing to customers. The bank currently offers interest rates on FDs of 7.7% for senior citizens and 7.2% for general citizens.
Federal Bank
For FDs worth less than Rs 2 crore, Federal Bank has recently raised interest rates. For the general public, the current interest rate is 7.25 percent, while for seniors, it is 7.75 percent. On February 17, 2023, these new interest rates took effect.
DCB Bank
Customers can get FDs worth less than Rs 2 crore at an interest rate of up to 7.85 percent from DCB Bank. On the same fixed deposit, seniors can earn interest rates of up to 8.10 percent. The bank started using these new rates on February 16, 2023.
IndusInd Bank
The interest rate on FDs with a balance of less than Rs 2 crore has increased at IndusInd Bank. Senior citizens can now earn up to 8.25 percent interest, while regular depositors can now earn up to 7.5%. On February 16, 2023, these higher rates took effect.
Bank of Maharashtra
For FDs up to Rs 2 crore, Bank of Maharashtra is currently offering a benefit of 6.25 percent interest rate to its customers. The bank has offered two special 200-day and 400-day tenors with interest rates of 7% and 6.7%, respectively. Beginning on February 14, 2023, this new rate will take effect.
