Fixed deposit (FD) investors have been a happy lot. That is because after years of being stuck with decadal low interest rates, banks and NBFCs have finally started to increase FD interest rates. They have started increasing as the Reserve Bank of India (RBI) has increased the repo rate by 90 bps in June and May. Many banks have been raising FD interest rates for different tenures.
Here is a list of banks that have increased their FD interest rates in the last two weeks.
FD interest rate
The (SBI) has increased fixed deposit (FD) interest rates on certain tenors by up to 20 basis points (bps), effective from June 14, 2022, for deposits below Rs.2 crore. Both new deposits and renewals of maturing accounts will be subject to the specified interest rates.
Read more: SBI hikes FD interest rates by up to 20 bps for these tenors FD interest rate
Public sector bank (PNB) has increased the interest rates on various tenors of fixed deposits (FDs). The increase will be effective from June 14, 2022. PNB raised the interest rate on deposits for one and two years from 5.10 percent to 5.20 percent.
Read more: PNB increases FD interest rates on these tenors: Check latest rates FD interest rate
HDFC Bank has raised fixed deposit (FD) interest rates twice in one week. The bank has raised FD rates by up to 25 basis points, with the new rates taking effect on June 17, 2022. These rates apply to deposits of less than Rs 2 crore.
According to the HDFC Bank website, from 7 days to 29 days FD will now earn 2.75 percent, up from 2.50 percent. For tenor 30 days to 90 days, the bank will now offer 3.25 percent, up from 3 percent.
Read more at: HDFC Bank hikes FD interest rates for the second time this week
FD interest rate
ICICI Bank also increased fixed deposit (FD) interest rates twice on several tenors, this time the bank raised rates by 5 basis points for amounts less than Rs 2 crore. The highest rates go into effect on June 22, 2022. ICICI Bank will now offer interest rates ranging from 2.75 percent to 5.75 percent for terms ranging from 7 days to 10 days.
Read more: ICICI Bank hikes FD interest rates on select tenors again
FD interest rate
The Union has revised fixed deposit interest rates for sums less than Rs 2 crore, effective June 16, 2022. The bank offers interest rates ranging from 3% to 5.80% for terms ranging from 7 days to 10 years.
According to the Union Bank of India website, the interest rate on one- to two-year fixed deposits has been raised to 5.45 percent. The interest rate available for two to three years has been reduced to 5.50 percent.
Read more: Union Bank of India revises FD interest rates
FD interest rate
Axis Bank has increased fixed deposit (FD) interest rates on specified tenures for deposits of less than Rs.2 crore, effective June 16, 2022. According to the Axis Bank website, the interest rate for tenures less than one year has remained unchanged. In addition, the 5- to 10-year deposit interest rate has remained unchanged at 5.75 percent.
Read more: Axis Bank hikes FD interest rate by up to 50 bps on selected tenors: Check latest rates
FD interest rate
With effect from June 21, 2022, IndusInd Bank has raised interest rates on fixed deposits of less than Rs. 2 crore. Following the change, the bank upped the interest rates on a variety of deposit tenors, giving a maximum rate of 6.50 percent to the general public and a maximum rate of 7 percent to senior people. The bank offers a 6% interest rate on term deposits of 61 months or more. For durations ranging from two years to 61 months, the bank offers a 6.50 percent interest rate.
Read more: IndusInd Bank, DCB Bank, Federal Bank hike FD interest rates
FD interest rate
DCB Bank has increased the interest rate on fixed deposits of less than Rs 2 crore for terms longer than 18 months. The revised prices go into effect on June 22, 2022.
Following the change, investments maturing in 18 months to fewer than 120 months will now offer 6.60 percent. FD interest rate
Fixed deposit rates on deposits under Rs 2 crore have been changed by the Federal Bank. The bank’s new interest rates will go into effect on June 22, 2022, and will apply to loan durations ranging from 7 to 2223 days. The bank offers interest rates ranging from 2.75 percent to 5.95 percent. FD interest rate
Canara Bank has introduced a new term for fixed deposits (FDs). According to the Canara Bank website, the bank has established a new 333-day scheme with a 5.10 percent interest rate. Senior citizens will receive 5.60 percent for the same tenor. This will take effect on June 23, 2022. Bulk deposits are not permitted for this tenor.
Read more: Canara Bank introduces new FD tenure: Check latest interest rates
Bank of India FD interest rate
The Bank of India has revised fixed deposit interest rates on various tenors for amounts less than Rs 2 crore, effective June 23, 2022. The bank’s interest rates range from 2.85 percent to 5.50 percent.
Read more: Bank of India revises FD rates for select tenors: Check latest rates
