Even though the Reserve Bank of India (RBI) has kept the repo rate at 6.5 percent for the fifth time in the meeting on December 8, many banks have raised the interest rates on fixed deposits this month, December 2023.
Let’s find out how much profit banks are giving to their customers after this new increase.
Bank of India Interest Rates
Bank of India increased FD rates in December 2023. The bank raised fixed deposit rates for customers with deposits above ₹2 crore
and less than ₹10 crore from December 1, 2023. Bank of India increased rates for short periods.
The bank announced 5.25 percent for 46 days to 90 days, 6.00 percent for 91 days to 179 days, 6.25 percent for 180 days to 210 days,
and 6.50 percent for 211 days to less than 1 year. For a 1-year tenure, the interest rate is fixed at 7.25 percent.
Kotak Bank Interest Rates
Kotak Mahindra Bank raised interest rates for a tenure of three to five years.
After the change, Kotak Bank offers interest rates ranging from 2.75 percent to 7.25 percent for general customers on deposits maturing in seven days to ten years.
Senior citizens get rates from 3.35 percent to 7.80 percent on these deposits. These rates are effective from December 11, 2023.
DCB Bank Increased FD Rates
DCB Bank increased fixed deposit rates on selected tenures for FDs less than ₹2 crore. The new rates are effective from December 13.
After the change, the bank offers an 8 percent interest rate for general customers and 8.60 percent for senior citizens.
DCB Bank now provides interest rates ranging from 3.75 percent to 8 percent for general customers
and 4.25 percent to 8.60 percent for senior citizens on FDs maturing in seven days to ten years.
Federal Bank Increases FD Rates
Federal Bank raised its FD rates from December 5, 2023. The interest rate for 500 days increased to 7.50 percent.
For senior citizens, Federal Bank now offers a maximum return of 8.15 percent for a period of 500 days and 7.80 percent for a period of more than 21 months to less than three years.
