The RBI increased the repo rate once more by 0.50% on August 5, 2022, during it bi-monthly monetary policy meeting. Rising FD interest rates now have more momentum as a result of three consecutive repo rate increases. FD investors can anticipate better days ahead as the era of historically low FD rates is now unquestionably behind us. These are some of the banks that have increased fixed deposit interest rate post RBI hike.
The (SBI) has raised interest rates on select fixed deposit (FD) tenures by up to 15 basis points (bps). According to the bank’s website, the new rates will take effect on August 13, 2022, and will apply to FDs worth less than Rs 2 crore.
With effect from August 13, 2022, the bank increased the interest rate on FDs with terms ranging from 180 to 210 days to 4.55 percent. The interest rate for tenures of one to two years has been raised from 5.30 percent to 5.45 percent. SBI has raised the interest rate on loans with terms of two to three years to 5.50 percent. The rate for three to five years has been raised to 5.60%. The bank will now offer 5.65 percent for 5 year and up to 10 year terms.
Read more: SBI hikes FD interest rates by up to 15 bps for these tenures
Bank has raised fixed deposit (FD) interest rates after a two-month hiatus. The bank has raised FD rates by up to 40 basis points, with effect from August 18, 2022. These rates apply to deposits of less than Rs 2 crore.
According to the HDFC Bank website, one year to two years tenure will now earn 5.50 percent instead of 5.35 percent, a 15 basis point increase. Tenure ranging from two to three years will continue to earn 5.50 percent. The bank increased interest rates on three-year one-day to five-year terms by 40 basis points to 6.10 percent from 5.70 percent previously.
Read more: HDFC Bank hikes FD interest rate by 40 bps on this tenure
Bank has raised fixed deposit interest rates by up to 15 basis points for terms of one to three years (for amounts less than Rs 2 crore) beginning August 17, 2022.
The interest rate on FDs with maturities ranging from 365 to 389 days has been raised by 15 basis points to 5.75 percent, up from 5.60 percent. Interest rates on FDs with maturities ranging from 390 days to three years have been raised by 15 basis points to 5.90 percent, up from 5.75 percent. Interest rates for three- to ten-year terms have not been raised; they will continue to earn 5.90 percent.
Read more: Kotak Mahindra Bank increases FD, RD interest rates by up to 25 bps
PNB has increased fixed deposit (FD) interest rates for amounts less than Rs 2 crore. For certain tenors, the bank has raised fixed deposit interest rates by up to 20 basis points (BPS). According to the PNB website, the new interest rates are effective from August 17, 2022.
PNB has increased the interest rate on longer-term FDs by up to 20 basis points. The bank will now offer a 5.50 percent interest rate on deposits maturing in one year, a 20 basis point increase. PNB has increased the interest rate on deposits maturing in more than one year and up to two years by 15 basis points (bps), raising it from 5.45% to 5.50%. The bank will continue to offer an interest rate of 5.60% on deposits maturing in more than two years and up to three years, up from 5.50 percent.
PNB has added a new tenure of 405 days with an interest rate of 6.10 percent, effective from August 19, 2022. The other tenure which is added is 406 days to two years with an interest rate of 5.50 percent.
Read more: PNB hikes FD interest rates by up to 20 bps
With effect from August 11, 2022, Axis Bank increased the interest rates on fixed deposits (FDs) for a limited number of tenures (for sums under Rs 2 crore).
The bank has increased its fixed deposit interest rate for FDs with terms of 17 to 18 months by 45 basis points, from 5.60 percent to 6.05 percent. The Axis Bank website states that the interest rates for other FD tenures remain the same.
ICICI Bank has also increased fixed deposit (FD) interest rates on select tenors for amounts less than Rs 2 crore by up to 40 basis points. The new rates will go into effect on August 19, 2022. For regular citizens, ICICI Bank will now offer interest rates ranging from 2.75 percent to 6.10 percent for terms ranging from 7 days to 10 years.
Read more: ICICI Bank hikes FD interest rates by up to 40 bps