These banks have hiked, revised FD interest rates in December

The State Bank of India (SBI) has increased the interest rate on some fixed deposits (FDs) by up to 50 basis points on deposits of less than Rs 2 crore.

The bank has hiked the interest rate on deposits maturing between 7 days to 45 days to 3.50 percent from 3 percent which is a 50 basis points hike.

SBI raised the interest rate on tenure of 46 days to 179 days to 4.75 percent from 4.50 percent which is 25 basis points.

The bank has hiked by 25 bps on tenure of 180 days to 210 days from 5.25 percent to 5.75 percent.

For FDs maturing 211 days to less than 1 year, the interest rate has been raised to 6 percent from 5.75 percent. On deposits maturing between three years to less than five years, the interest rate has been increased to 6.75 from 6.50 percent. Other tenure rates are untouched.

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Bank of Baroda has hiked fixed deposit interest rates from 10 basis points (bps) to up to 125 bps on various maturity buckets. These rates are applicable on deposits below Rs 2 crore and effective from December 29, 2023.

The bank raised the fixed deposit interest rate for general residents from 3% to 4.25% for durations ranging from 7 to 14 days. The 15-day to 45-day tenure rate was raised by 100 basis points, from 3.50% to 4.50%. The bank raised the interest rate from 5% to 5.50% for maturities ranging from 46 to 90 days. The bank raised the rate from 5% to 5.60% for maturities ranging from 91 to 180 days, as well as by 25 basis points on durations ranging from 181 to 210 days.

The bank increased the duration from 211 days to 270 days by 15 basis points.

The bank has raised the interest rate on 1 year tenure, above 1 year to 400 days, and above 400 days to 2 years.

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Union Bank of India is offering an interest rate of 3 per cent on fixed deposits maturing between seven to 45 days for general citizens. The interest rate offered for FDs maturing between 46 days to 90 days, is now offering 4.05 per cent. The fixed deposits maturing between 91 days to 180 days, will fetch an interest of 4.30 per cent. For FDs with a tenure of 181 Days to less than 1 year will get an interest rate of 5.25 per cent.

The bank has hiked an interest rate to 6.75 per cent for fixed deposits maturing between one year to 398 days. The bank has hiked FD rates by 25 bps from 7% to 7.25% on tenure of 399 days. For FDs ranging from 400 Days to less than 3 years, the interest rate will be 6.50% from 6.30%

The fixed deposit will now fetch an interest rate of 6.50 per cent from 6.70% on tenures ranging from 3 years to 10 years.

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Axis Bank has revised its fixed deposit (FD) interest rates with effect from December 26, 2023. The new rates apply to FDs with a value of less than Rs 2 crore. In the private sector, the maximum interest rate for people can reach 7.10%, while the highest interest rate for senior citizens can reach 7.75%.

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DCB Bank has hiked fixed deposit interest rates by up to 10 basis points (bps) for deposits below Rs 2 crore. The new rates are effective from December 13, 2023, according to the DCB Bank website.

The bank is offering the highest FD interest rate of 8% to general customers and 8.60% for senior citizens, after the revision.

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Kotak Mahindra Bank has increased fixed deposit interest rates on select tenures applicable for deposits below Rs 2 crore. The revised fixed deposit rates are effective from December 11, 2023.

Kotak Mahindra Bank offers an interest rate between 2.75% to 7.25% to general citizens and 3.25% to 7.75% for senior citizens.

The bank has increased the interest rate by 50 bps on 3 years and above but less than 4 years from 6.50% to 7% and 75 bps increase on tenure of 4 years and above but less than 5 years from 6.25% to 7%.

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