Even though the Reserve Bank of India (RBI) has kept the repo rate at 6.5 percent for the fifth consecutive time in the MPC meeting on December 8, the process of increasing interest rates on fixed deposits is not over yet.
Even though the Reserve Bank of India (RBI) has kept the repo rate at 6.5 percent for the fifth consecutive time in the MPC meeting on December 8, the process of increasing interest rates on fixed deposits is not over yet. Many banks have increased the interest rates on FD this month, December 2023. Let us know how much returns banks are giving to their customers after this new increase.
Bank of India interest rates
Bank of India has increased FD rates in December 2023. The bank has increased the fixed deposit rates for its customers (above ₹2 crore and less than ₹10 crore) from December 1, 2023. Bank of India has increased its fixed deposit rates for short periods. Bank of India has announced 5.25 per cent for 46 days to 90 days, 6.00 per cent for 91 days to 179 days, 6.25 per cent for 180 days to 210 days, 6.50 per cent for 211 days to less than 1 year. The interest rates have been fixed at 7.25 per cent per cent and for 1 year tenure.
Kotak Bank interest rates
Kotak Mahindra Bank has increased the interest rates for tenure of three to five years. After the new change, Kotak Bank offers interest rates of 2.75 percent to 7.25 percent for general customers on deposits maturing in seven days to ten years and 3.35 percent to 7.80 percent for senior citizens on these deposits. Is. These rates are effective from December 11, 2023.
DCB Bank increased FD rates
DCB Bank has increased fixed deposit rates on selected tenures for FDs less than ₹2 crore. According to DCB Bank website, the new rates are effective from December 13. After the change, the bank is offering interest rate of 8 percent for general customers and 8.60 percent for senior citizens. After the increase, DCB Bank is offering interest rates ranging from 3.75 percent to 8 percent to general customers and 4.25 percent to 8.60 percent to senior citizens on FDs maturing in seven days to ten years.
Federal Bank increases FD rates
Federal Bank has increased its FD rates with effect from December 5, 2023. The interest rate for 500 days has been increased to 7.50 percent. For senior citizens, Federal Bank is now offering a maximum return of 8.15 percent for a period of 500 days and 7.80 percent for a period of more than 21 months to less than three years.
