Check out updated FD interest rates at Indian banks after changes by RBI

Check out updated FD interest rates at Indian banks after changes by RBI

After the RBI increased the repo rate all the banks have updated the interest rates on deposits and loans. Here are the interest rate of different banks.

FPJ Web DeskUpdated: Thursday, February 16, 2023, 06:48 PM IST
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Banks hike FD interest rates, check out the updated rates here | Canva

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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