The Reserve Bank of India increased the repo rate by 35 basis points, after which banks have started changing interest rates. After the decision of RBI, banks are changing the interest rates of FD (FD Rate of Interest). Let us know the complete details about it.
State Bank of India (SBI) started the increase in the interest rates of Fixed Deposit, after which now HDFC Bank has also increased the FD rates.
This list includes ICICI, Axis Bank, IDFC First Bank, Kotak Mahindra Bank and AU Small Finance Bank etc. You can get more profit on FD, one of the safe investments, so let us tell you where you will get the highest interest.
SBI increased FD rates
The country’s largest financial institution State Bank of India (SBI) has increased FD interest rates from December 13. SBI has increased the interest rate for fixed deposits of less than 2 crores by 25 basis points to 65 basis points. The new rates have come into effect from December 13.
The interest on FDs between two years and three years has been increased from 6.25 per cent to 6.75 per cent. SBI is offering 6.25% interest on FDs of 3 to 5 years and 5 years to 10 years.
HDFC Bank also gave a gift
HDFC Bank, the largest private sector bank, has also given gifts to its customers. HDFC Bank has increased the interest of fixed deposits maturing within 7 days to 5 years by 50 basis points.
After the new change, HDFC Bank will get 3% to 7% interest on FDs with maturity of 7 days to 10 years. Kotak Mahindra Bank also announced an increase in FD interest rate on Wednesday. The bank increased the FD interest rate to 7 per cent for three tenures.
FD interest rate in ICICI Bank
Private sector bank ICICI has fixed the interest rate from 3 per cent to 6.50 per cent per annum for FDs with maturity ranging from 7 days to 10 years. On the other hand, senior citizens get an additional benefit of 50 basic points. The bank last revised FD rates in November 2022.
Apart from ICICI, AU Small Finance Bank has also increased it by 25 basis points while changing the interest rates. Now 7.75 percent interest will be available on FD in this bank. Whereas Bank of Baroda gives 6.68% interest on FD. Axis Bank gives 7.20% interest on FD.
It gives the highest interest on FD
Equitas Small Finance Bank is paying more interest on FD than big banks. This bank is giving 8% interest to its customers on FD. On Wednesday, while increasing the interest rates of FD, the bank increased the interest rate on deposits of less than 2 crores to 8 percent. The bank has fixed the tenure of this deposit at 888 days.
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