Banks in India increase fixed deposit interest rates for higher returns.
Fixed Deposit Interest Rates: Investing your hard-earned money in a bank is one of the best options available to you. Among the many types of investments in a bank, Fixed Deposits (FDs) are the most popular. Not only do they provide great profits in a short period of time, but there is also no risk of losing your money. In February 2023, the Reserve Bank of India (RBI Bank) increased the repo rate by 25 basis points in its monetary policy meeting, resulting in a new rate of 6.50 percent. Many big banks in the country have subsequently increased the interest rates on their FDs. Let's take a look at which banks have increased their FD interest rates following the RBI's increase.
State Bank of India
The country's largest bank, State Bank of India (SBI Bank), has increased its FD interest rates by 5 to 25 basis points. These new interest rates, which are applicable to FDs up to Rs 2 crore, became effective from February 15, 2023.
Punjab National Bank
Punjab National Bank has raised the interest rates on its select FDs by up to 30 basis points. These new rates are applicable to FDs of less than Rs 2 crore, and customers can now benefit from a 7.25 percent interest rate on their deposits. These increased interest rates on FDs have come into effect from February 20, 2023.
Axis Bank
Axis Bank, a private sector bank in the country, has changed its FD interest rate on deposits of less than Rs 2 crore. Customers can now benefit from an interest rate of 7.26 percent, while senior citizens can earn up to 8.01 percent. These effective rates have been in force since February 11, 2023.
Kotak Mahindra Bank
Kotak Mahindra Bank has also raised its FD interest rates, making it a more attractive option for customers. The bank now offers 7.2 percent interest rates on FDs to general citizens and 7.7 percent to senior citizens.
Federal Bank
Federal Bank has recently raised its interest rates on FDs of less than Rs 2 crore. The highest interest rate is now 7.25 percent for the general public and 7.75 percent for senior citizens. These new interest rates have come into effect from February 17, 2023.
DCB Bank
DCB Bank is offering an interest rate of up to 7.85 percent on FDs of less than Rs 2 crore for its customers. Senior citizens can earn up to 8.10 percent interest rate on the same fixed deposit. These new rates have been implemented by the bank from February 16, 2023.
IndusInd Bank
IndusInd Bank has increased its interest rate on FDs with a balance of less than Rs 2 crore. Regular depositors can now earn up to 7.5 percent interest, while senior citizens can earn up to 8.25 percent. These higher rates became effective from February 16, 2023.
Bank of Maharashtra
Bank of Maharashtra is currently offering its customers a benefit of 6.25 percent interest rate on FDs up to Rs 2 crore. The bank has issued two special tenors of 200-day and 400-day, offering interest rates of 7 percent and 6.75 percent, respectively. This new rate has become effective from February 14, 2023.
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 "FD Rates, Fixed Deposit Rate, RBI Bank, SBI, PNB, DCB Bank, IndusInd Bank, Kotak Mahindra Bank, State Bank of India")
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