Fixed Deposit Interest Rates: Almost all banks have significantly changed their fixed deposit interest rates in the last few weeks after the Reserve Bank increased the repo rate by a total of 1.40 percent after 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 which have increased the fixed deposit interest rates.
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 tenures). 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 interest rate over what period
The interest rate on FD fixed deposit tenures of 180 to 210 days has been fixed by SBI at 4.55 percent. The interest rate has been increased from 5.30 percent to 5.45 percent for a period of one to two years. 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 per cent for three to five years. The bank will now offer an interest rate of 5.65 per cent for tenures ranging from 5 and 10 years.
HDFC Bank has increased FD interest rates after a gap of two months. The bank has increased the FD rates by up to 40 basis points with effect from August 18, 2022. These rates will be applicable on deposits below Rs 2 crore. In a period of one year to two years, now instead of 5.35 percent, the interest rate will be 5.50 percent.
Kotak Mahindra Bank
Kotak Mahindra Bank has increased the interest rates on FDs by up to 15 basis points for 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 increased by 15 basis points from 5.60 per cent to 5.75 per cent. The interest rates on FDs with maturities ranging from 390 days to three years have been increased by 15 basis points to 5.90 per cent from 5.75 per cent. 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 has also increased the interest rates on limited tenure FDs of less than Rs 2 crore. The bank has reduced the interest rate for FDs of 17 to 18 months by 45 basis points from 5.60 percent to 6.05 percent. The interest rates are the same on other FD tenors as well.
ICICI Bank has increased the interest rates on select tenor FDs by up to 40 basis points for amounts below Rs 2 crore. The new rates have become effective from August 19, 2022. ICICI Bank will now offer interest rates ranging from 2.75 per cent to 6.10 per cent for tenures ranging from 7 days to 10 years.
Punjab National Bank
Punjab National Bank (PNB) has also increased interest rates on FDs below Rs 2 crore. The bank has increased the fixed deposit interest rates by up to 20 basis points. According to the PNB website, the new interest rates are effective from August 17, 2022. The bank has increased the interest rates by up to 20 basis points on fixed tenure FDs. The bank will now pay interest at the rate of 5.50 percent with an increase of 20 basis points on FDs maturing in one year.