Almost all banks have made significant changes in their fixed deposit interest rates in the past few weeks after the Reserve Bank increased the repo rate by an overall 1.40 percent post its three monetary policy reviews. Is. As a result, fixed deposit investors can expect better returns going forward. Let us have a look at the banks that have increased the interest rates of fixed deposits.
State Bank Of India (SBI)
SBI is recognized as the largest lender bank of the country. SBI has increased the interest rates by up to 15 basis points (basis points, bps) on its select FD tenures (FD, Fixed Deposit Tenure). According to the bank’s website, the new rates have become effective from August 13, 2022. At present, it has been implemented on FDs of less than Rs 2 crore.
What is the interest rate in which period
The interest rate on FD fixed deposit tenure of 180 to 210 days has been set by SBI at 4.55 percent. For a one- to two-year period, the interest rate was raised from 5.30 percent to 5.45 percent. At the same time, the interest rate on loans of two to three years has been increased to 5.50 percent. The interest has been reduced to 5.60 percent for three to five years. The bank will now offer an interest rate of 5.65 percent for a tenure of 5 to 10 years.
HDFC bank
HDFC Bank has hiked FD interest rates after a gap of two months. With effect from August 18, 2022, the bank has increased the FD rates by up to 40 basis points. These rates will be applicable on deposits below Rs 2 crore. In the period of one year to two years, now the interest rate will be 5.50 percent instead of 5.35 percent.
Kotak Mahindra Bank
Kotak Mahindra Bank has increased the interest rates on FDs by 15 basis points over one to three years (for amounts less than Rs 2 crore) with effect from August 17, 2022. The interest rate on FDs of 365 to 389 days has been reduced. climbed from 5.60 to 5.75 percent, a 15 basis point rise. The interest rate on FDs with maturities ranging from 390 days to three years has been increased by 15 basis points from 5.75 percent to 5.90 percent. Interest rates have not been raised for FDs with tenures of three to ten years; Interest will be available on this at the rate of 5.90 percent.
Axis Bank
Axis Bank has also increased interest rates on limited tenure FDs of less than Rs 2 crore. The bank has reduced the interest rate on FDs of 17 to 18 months by 45 basis points from 5.60 percent to 6.05 percent. The interest rates on other FD tenors also remain the same.
ICICI Bank
ICICI Bank has increased the interest rates by up to 40 basis points for select tenor FDs for amounts below Rs 2 crore. The new rates have become effective from August 19, 2022. For terms ranging from seven days to ten years, ICICI Bank will now provide interest rates in the range of 2.75 percent to 6.10 percent.
Punjab National Bank
Punjab National Bank (PNB) has also increased interest rates on FDs below Rs 2 crore. The bank has increased the interest rates of fixed deposits by up to 20 basis points. The increased interest rates will take effect on August 17, 2022, per the PNB website. The bank has increased the interest rates on fixed tenure FDs by up to 20 basis points. The bank will now pay interest at the rate of 5.50 percent with an increase of 20 basis points on FDs maturing in a year.
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