People who want to save money in banks by making Fixed Deposits (FDs) have received a great present just before the new year.
In the last few days, several banks have raised the interest rates on fixed deposits one after another.
Because of this, the new year could bring more profits for customers who have FDs in banks.
Firstly, we want to tell you that the Reserve Bank has kept the repo rate at 6.5 percent for the fifth time in a row.
Despite this, the interest rates on Fixed Deposits (FDs) are going up. In the recent days, 7 banks, including the biggest government bank SBI, have increased the interest rates on FDs.
Because of this increase, FD interest rates are now between 8-9 percent. Let’s find out by how much these banks have increased the interest rates.
State Bank of India FD Rates
The State Bank of India, known as SBI, has given a nice gift for the New Year by increasing the interest rate on fixed deposits.
They raised the interest rates on FDs for different time periods by 50 basis points, which is 0.50 percent.
The bank now offers interest rates between 3.50 percent and 7 percent on FDs ranging from 7 days to 10 years.
These new rates apply to FDs of less than Rs 2 crore. The bank also extended the deadline for its special Amrit Kalash FD scheme to March 31, 2024.
In this 400-day FD, the interest is 7.10 percent for regular citizens and 7.60 percent for senior citizens.
Bank of Baroda FD Rates
Bank of Baroda has raised the interest rates on short-term deposits, which are known as FDs, by up to 1.25 percent.
Because of this, the interest on FDs for 7 to 14 days has gone up from 3 percent to 4.25 percent, and the interest on FDs for 15 to 45 days has increased by 1 percent to 4.5 percent.
The bank now offers interest rates between 4.25 percent and 7.25 percent on FDs with different time periods.
Axis Bank FD Rates
Axis Bank has updated the interest rates for fixed deposits of less than Rs 2 crore.
The new rates apply from December 26, 2023. Following the recent changes, the bank now offers interest rates ranging from 3 percent to 7.10 percent on fixed deposits with durations ranging from 7 days to 10 years.
Union Bank Of India FD Rates
Union Bank of India has raised the interest rates on fixed deposits (FDs) with different time periods by 0.25 percent.
Because of this change, the interest rate on FDs ranging from 7 days to 10 years is now between 3 percent and 7.25 percent.
The highest interest rate, which is 7.25 percent, is for a 399-day fixed deposit.
Senior citizens receive 0.50 percent more interest than the regular rate, while super senior citizens receive 0.75 percent more interest than the regular rate.
DCB Bank FD Rates
DCB Bank, a private bank, has updated the interest rates for fixed deposits.
Now, regular customers can earn interest between 3.75 percent and 8 percent on fixed deposits lasting from seven days to 10 years.
Senior citizens will receive higher returns, with interest rates ranging from 4.25 percent to 8.60 percent.
Federal Bank FD Rates
Federal Bank has raised the interest rates starting from December 5, 2023.
The bank now offers interest rates between 3 percent and 7.50 percent to regular customers on fixed deposits with durations from 7 days to above 5 years.
For a 500-day fixed deposit, general customers receive 7.50 percent interest, while senior citizens get 8 percent interest.
Suryodaya Small Finance Bank FD Rates
Suryoday Small Finance Bank has updated its rates since December 22.
The bank now provides interest rates between 4 and 8.65 percent on fixed deposits with various durations, spanning from 7 days to 10 years.
Regular customers receive an annual interest rate of 8.65 percent on fixed deposits lasting 2 years and 2 days, while senior citizens get 9.10 percent annual interest on fixed deposits ranging from above 2 years to up to 3 years.
