Last year, RBI increased the repo rate several times to control inflation. Because of this, most banks increased the interest rates on savings accounts, loans and FDs. This process of increasing the interest rate continues in the new year as well. Recently, interest on FD has been increased again in some banks.
New Delhi. The process of increasing interest rates on FDs of banks continues in the new year as well. In the last year, most of the banks started increasing the interest rates after the increase in repo rate by RBI. IBI started increasing the repo rate in May 2022 and till now the central bank has increased it up to 2.25 per cent. In view of this, banks are continuously increasing the interest rates.
The latest hike in the repo rate by the RBI was done during its December 7 policy meeting. At that time it was increased by 0.35 percent. Even in the new year, some banks have increased the interest rates on FDs. Here we are telling you about those banks which have increased the interest on FD in the year 2023.
Punjab National Bank (PNB)
On the first day of the new year, Punjab National Bank has increased the interest rates on savings account and FD. PNB has increased the interest on savings account by 0.25 percent on deposits of Rs 100 crore or more. At the same time, the bank has increased the interest on FD by 0.50 percent.
Punjab and Sindh Bank
Punjab and Sindh Bank has also increased the interest rates on FDs ranging from 7 days to 10 years in the new year. Punjab and Sind Bank is offering interest rates ranging from 2.80 per cent to 6.25 per cent on FDs. At the same time, the bank is giving 7 percent interest on FD of 601 days.
Indian Overseas Bank
As soon as the year 2023 started, on January 1, Indian Overseas Bank had increased the interest on FDs with a period of 7 to 90 days. The bank is paying a maximum interest of 6.55 per cent on 444 days FD. Offering a maximum interest of 0.50 per cent to senior citizens and 0.75 per cent to super senior citizens.
Kotak Mahindra Bank
Kotak Mahindra Bank has increased the interest rates on FDs by 0.50 percent on January 4, 2023. Kotak Bank is now offering 7% interest on FDs ranging from Rs 390 to 2 years. At the same time, 7.50 percent interest is being given to senior citizens.
In the new year, Bandhan Bank has also increased the interest on FDs on 5th January. This bank offers FDs for a period ranging from 7 days to 10 years. Bandhan Bank is now paying 3 per cent to 5.85 per cent interest. Offering interest ranging from 3.75 per cent to 6.60 per cent to senior citizens. The bank is paying 7.50 per cent interest on 600 days FD.
Yes Bank has increased the interest on FDs up to Rs 2 crore on January 3, 2023. The bank is giving 3.25% to 7.00% interest to the common citizens on deposits ranging from 7 days to 120 months. Yes Bank is offering a maximum of 7.50 per cent interest to general citizens and 8 per cent interest to senior citizens.
On the first day of the year 2023 i.e. January 1, Karnataka Bank also increased the interest on FDs. This bank is also offering FD for a period ranging from 7 days to 10 years. On the other hand, talking about the interest rate of the bank, it is paying interest ranging from 5.25 percent to 5.80 percent. The bank is offering 7.30 per cent interest on 555 days FD.
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