IDBI Bank and DBS Bank are the most recent private sector lenders to raise their fixed deposit interest rates. IDBI Bank has increased interest rates on fixed deposits below Rs 2 crore, effective July 14, 2022. DBS Bank has raised the interest rates on its fixed deposits effective from July 15, 2022.
IDBI Bank FD interest rates
Domestic term deposits maturing in 6 months 1 day to 270 days will now pay an interest rate of 4.50 percent. Fixed deposits maturing in 1 year to less than 18 months will now carry an interest rate of 5.35 per cent. For tenure between 18 months to less than 30 months will fetch interest rate of 5.40 percent and for 30 months to less than 3 years, interest rate offered is 5.50 percent.
DBS Bank FD interest rates
DBS Bank India has increased interest rates on FDs by 10 to 50 basis points.
In addition, senior citizens will receive 50 basis points (bps) above the new rates for deposits of six months or more.
DBS Bank FD interest rates have been hiked by 150 basis points to 4.75 per cent from the earlier 3.25 percent for tenures of 181 days to 269 days applicable to the general public. For tenures between 270 days to less than 1 year, the rates have been hiked by 100 basis points to 4.75 per cent, while for tenures between one year to 375 days the rates have been hiked to 5.65 percent, a hike of 35 basis points.
Tenures between two years to less than 3 years will see an increased FD interest rate of 6 per cent. From three years to more than or equal to five years, DBS Bank FD interest rates have been increased to 6.75 per cent from the earlier 6 percent.