FD Interest Rate Hike: New Year 2024 is going to start in the country from tomorrow and before that in the month of December, many banks have given New Year gift to their customers by increasing the interest rates on FD.
Even before the end of the year 2023, six banks of the country have given New Year gifts to their customers. The latest name in this matter is that of Bank of Baroda (BoB). Before this, from State Bank of India (SBI) to Kotak Mahindra Bank have announced benefits to the customers. Now you must be wondering what these banks have done which will benefit the customers, then let us tell you that these 6 banks have increased their fixed deposit interest rates (FD Interest Rate Hike).
Bank of Baroda (BoB)
Talking about banks which increased Fixed Deposit Rates in the last month of the year, recently Bank of Baroda has announced increase in its rates. BoB has increased the interest rates on fixed deposits of different tenures by 10 basis points to 125 basis points or 0.10 percent to 1.25 percent. These increases have been made for FDs below Rs 2 crore, which are applicable from December 29, 2023.
State Bank of India (SBI)
State Bank of India (SBI) has also increased the interest rates on fixed deposits of less than Rs 2 crore. Under this, there has been an increase of 0.50 percent on FD of 7-45 days. At the same time, the interest rate on fixed deposits of 46-179 days has been increased by 0.25 percent. The interest rate on FD of 180-210 days has also been increased by 0.50 percent. After the changes in the country’s largest bank, the new rates have become effective from December 27, 2023.
Kotak Mahindra Bank
The next name in the list of banks which have increased the interest rates on FD is Kotak Mahindra Bank, where the interest rates on FDs maturing in three to five years have been increased. Now the customers making fixed deposits in the bank are being offered interest on different tenures ranging from 2.75 percent to 7.25 percent for general customers and 3.35 percent to 7.80 percent for senior citizens.
DCB Bank
DCB Bank has also changed its interest rates for different periods on FDs of less than Rs 2 crore. After the change, the new interest rates have been implemented from December 13. Under the increased rates, interest ranging from 3.75 percent to 8 percent is now being given to general customers on FDs maturing in seven days to 10 years. For this period, the bank is offering interest ranging from 4.25 percent to 8.60 percent to senior citizens.
Federal Bank
Federal Bank has increased the interest rates for its customers making fixed deposits for 500 days. New rates have been implemented by the bank from December 5, 2023. Under this, now a maximum interest rate of 7.50 percent is being offered. At the same time, the bank is offering interest up to 8.15 percent to senior citizens who invest for this period. Whereas on FDs of 21 months to less than three years, general customers are getting 7.30 percent interest and senior citizens are getting 7.80 percent interest.
