This news will cheer you up if you too invest in FD for future planning or if you have plans to do so. Yes, it was decided to keep the repo rate at the previous level of 6.5 percent at the most recent MPC meeting. Certain banks raised their FD interest rates in response to this Central Bank move. It appears that the process of raising FD interest rates is still ongoing based on the actions taken recently by banks. Other banks may also declare a hike in FD rates shortly. Please let us know which banks have raised their FD interest rates.
As of December 1, 2023,
the Bank of India has raised the interest rates on fixed-rate notes for both its customers and the general public. Deposits of more than Rs 2 crore but less than Rs 10 crore are eligible for this rise. Additionally, the Bank of India has temporarily raised the rates on its fixed deposits. For a term of 46 days to 90 days, 6.00% for 91 days to 179 days, 6.25% for 180 days to 210 days, and 6.50% for more than 211 days and less than a year, the interest rate on FD is as follows. Getting interest from. In a similar vein, the annual interest rate for a one-year term is 7.25%.
Kotak Bank
The interest rate on three- to five-year-term fixed-rate deposits (FDs) has been raised by Kotak Mahindra Bank. Following the new change, Kotak Bank is giving interest at the rate of 2.75% to 7.25% to normal customers on FDs maturing between 7 days to 10 years. Interest rates of 3.35% to 7.80% are being given on these deposits for senior citizens.
DCB Bank
For deposits under Rs 2 crore, DCB Bank has raised the interest rates on certain tenures for fixed-rate loans. The information provided on DCB Bank’s website indicates that the revised rates went into effect on December 13. Following the modification, the bank is now providing FD interest rates for regular clients at 8% and for senior citizens at 8.60%. Following the interest rate shift, DCB Bank is now giving regular customers FDs maturing in 7 days to 10 years at interest rates between 3.75% and 8%, and senior citizens interest rates between 4.25% and 8.60%.
Federal Bank
The interest rate of the Federal Bank was modified as of December 5, 2023. The interest rate on deposits made for 500 days has been raised to 7.50% by the bank. For senior citizens, the Federal Bank offers a maximum interest of 8.15% for a tenure of 500 days and 7.80% for a tenure of more than 21 months to less than three years.
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