The Reserve Bank of India recently hike the repo rate by 25 basis points (bps) to 6.50 per cent. The central bank has increased the rates six times since May 2022. In line with this, several banks have increased the interest rates on their fixed deposits, offering better returns to their customers.
Some of the top banks that have revised their Fixed Deposits (FD) interest rates:
SBI depositors will now earn more returns on FDs as the India’s largest public lender has hiked the bulk term deposit rates by 25-75 bps across tenures. The revision on retail domestic term deposits (below Rs 2 crore) is with effect from February 15, 2023. The bank is offering 3% to 7% on tenures up to 5 years and up to 10 years.
Axis Bank
Leading private lender Axis Bank also raised the interest rates on FDs of less than Rs 2 crore with effect from February 11, 2023. The lender is now offering rates in the range of 3.50% and 7.10%.
ICICI Bank
The private lender has also hiked FD interest rates on bulk fixed deposits (FDs) of Rs 2 crore to less than Rs 5 crore. The rates are in the range of 3% and 7%. The latest FD interest rates are effective from February 7, 2023.
Kotak Mahindra Bank
Like its peers, private lender Kotak Mahindra Bank has also updated its fixed deposit interest rates up to 25 basis points (0.25%). Effective from February 10, customers will now earn FD rates up to 7.25% on tenure lasting for 15 months to 2 years.
IndusInd Bank
The private lender has also increased its interest rates on FDs of less than Rs 2 crore. IndusInd bank is currently providing an interest rate ranging from 3.5% to 7% for the general on tenure running from 7 days to 61 months and above. The lender is offering the maximum yield of 7.50% for non-senior citizens and 8.25% for senior citizens on a deposit tenor of 2 years up to 3 years and 3 months. The rates are effective from February 16, 2023.
Bank of Maharashtra
Effective from February 14, 2023, Bank of Maharashtra customers can now earn interest rates of up to 5.75% on FDs under Rs 2 crore. In addition to this, the lender has also rolled out two special tenors with 200-day and 400-day maturities, under which it has guaranteed 7% and 6.75% returns, respectively.
