Several commercial banks across the country increased their lending interest rates and fixed deposit interest rates after the Reserve Bank of India (RBI) hiked the repo rate earlier this month.
RBI has increased the repo rate by 250 basis points to 6.50 per cent since May. The first hike was of 40 bps in May followed by another hike of 50 bps in June. RBI again increased the repo rate by 50 bps in August and September, and then later increased it by 35 bps in December and 25 bps in February.
Axis Bank
Axis Bank has hiked its interest rates on fixed deposits of less than Rs 2 crore from February 11, 2023. Axis Bank's interests are as follows:
7 days to 45 days - 3.50 per cent
46 days to 60 days - 4 per cent
61 days to 3 months - 4.50 per cent
3 months to 6 months - 4.75 pre cent
6 months to 9 months - 5.75 per cent
9 months to 12 months - 6 per cent
1 year to 1 year 24 days - 6.75 per cent
1 year 25 days to 13 months - 7.10 per cent
13 months to 2 years - 6.75 per cent
2 years to 30 months - 7.26 per cent
30 months to 10 years 7 per cent
The fixed deposits of senior citizens maturing in 6 months to 10 years, will get an additional interest rate over and above the regular rates.
ICICI Bank
ICICI Bank has hiked its interest rates on bulk fixed deposits of Rs 2 crore to less than Rs 5 crore from February 7, 2023. These updated costs will be applicable to new and existing fixed deposits. ICICI Bank's interest is as follows:
271 days to less than 1 year - 6.65 per cent
1 year to 15 months - 7.10 per cent
15 months to 2 years - 7.15 per cent
2 years 1 day to 3 years - 7 per cent
3 years 1 day to 10 years - 6.75 per cent
Kotak Mahindra Bank
Kotak Mahindra Bank has hiked its interest rates on fixed deposits of select amount and tenor buckets from February 10, 2023. Kotak Mahindra Bank's interest is as follows:
180 days to 363 days - 6 per cent
364 days - 6.25 per cent
365 days to 389 days - 6.90 per cent
12 months 25 days to less than 2 years - 7.10 per cent
For deposits over Rs 2 crore:
180 days to 270 days - 6.50 per cent
280 days to 364 days - 6.754 per cent
365 days to more than 15 months - 7.20 per cent
15 months to over 2 years - 7.25 per cent
Senior citizens deposits maturing in 12 months 25 days to 2 years will get an interest rate of 7.60 per cent for deposit amounts of upto Rs 2 crore.
Bandhan Bank
Bandhan Bank has hiked its interest rates on fixed deposits by 50 bps, which the bank claims is the highest interest rate. The rates are applicable for deposits of up to Rs 2 crore and are there for a limited period.
The senior citizens will get an interest per annum of 8.5 per cent whereas the others will get an interest rate of 8 per cent.
Punjab National Bank
PNB is offering interest rates ranging from 3.50 per cent to 7.25 per cent. If your deposits are less than Rs 2 crore then the interest rate is 7.25 per cent.
Senior citizens with deposits of less than Rs 2 crore will get an additional 50 bps over the current interest rate. Punjab National Bank's interest is as follows:
7 days to 45 days - 4.3 per cent
46 days to 179 days - 5.3 per cent
180 days to 1 year - 6.3 per cent
1 year to 3 years - 7.55 per cent
666 days - 7.25 per cent
3 years to 6 years - 7.3 per cent
3 years to 10 years - 6.50 per cent
IndusInd Bank
IndusInd Bank's interests are as follows:
3 months - 4.5 per cent
6 months - 4.75 per cent
9 months - 5.75 per cent
1 year - 6.75 per cent
2 year - 7 per cent
3 years to 5 years - 6.75 per cent
6 years to 10 years - 6.5 per cent
IDBI Bank
IDBI bank offers an interest rate from 3 per cent to 6.75 per cent. Senior citizens will get an interest rate of 3.5 per cent to 7.25 per cent in FDs, with an additional 50 bps over the regular costs. IDBI Bank's interest is as follows:
7 days to 30 days - 3 per cent
31 days to 45 days - 3.35 per cent
46 days to 90 days - 4.25 per cent
91 days to 6 months - 4.75 per cent
6 months to less than 1 year - 5.50 per cent
1 year to 2 years - 6.75 per cent
More than 2 years to less than 3 years - 6.50 per cent
3 years to less than 10 years - 6.25 per cent
More than 10 years to 20 years - 4.80 per cent
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