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Banks offering festive FD rates after hike in repo rate, choose most suitable one

Large and small banks alike are attempting to entice investors by providing higher interest rates—up to 7.7 percent—but only for a short time.

  • DNA Web Desk
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  • Oct 28, 2022, 12:40 PM IST

Leading banks including the State Bank of India (SBI), HDFC Bank, IDBI Bank, and others have upped their fixed deposit (FD) interest rates for a short time to entice investors over the Christmas season. After the Reserve Bank of India (RBI) increased its repo rate by 50 bps (100 basis points = 1 percentage point) to 5.90 percent in September, these banks updated their fixed-rate mortgage interest rates.

1. Ujjivan Small Finance Bank

Ujjivan Small Finance Bank
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On FDs, Ujjivan Small Finance Bank pays 7.7% interest. These tiny finance institutions provide the most competitive interest rates. The 990-day investing tenor.

2. Federal Bank

Federal Bank
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Among private banks, the Federal Bank has the lowest interest rate at 7.5 percent. Tenor of the investment is 700 days. Additionally, the Equitas Small Finance Bank pays 7.50 percent interest on FDs. The length of the investment is 888 days.

3. Suryoday Small Finance Bank

Suryoday Small Finance Bank
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Suryoday Small Finance Bank offers 7.49 percent interest. The investment tenure is 999 days.

4. IDFC First Bank, RBL Bank, and Yes Bank

IDFC First Bank, RBL Bank, and Yes Bank
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The interest rates on FDs at IDFC First Bank, RBL Bank, and Yes Bank are 7.25 percent. The investment tenor is, correspondingly, 750 days, 725 days, and 20 to 22 months.

5. Karnataka Bank

Karnataka Bank
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Karnataka Bank offers 7.20 percent interest on FDs. The investment tenor is 555 days.

6. SBI, Bank of Baroda (BoB), HDFC Bank, and IDBI Bank

SBI,  Bank of Baroda (BoB), HDFC Bank, and IDBI Bank
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A limited time festive offer to invest in FDs is also available from a number of top institutions, including SBI, Bank of Baroda (BoB), HDFC Bank, and IDBI Bank. The investment tenors are, successively, 1,000 days, 555 days, and 3 years and a day to 5 years and 555 days. BoB pays 6% interest on time deposits, SBI and HDFC 6.10 percent, and IDBI Bank 6.40 percent.

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