If you also want to earn money by investing in FD, then this news is of great use for you, let us tell you that in the month of December, some banks have increased the interest rates on FD, let us know in the news which bank. How much has the interest on FD increased?
It seems that the era of increase in fixed deposit rates is not over yet. In the month of December, some banks have increased the interest rates on FD. This means that common people will earn more on fixed deposits than before . According to experts, the trend of earning on FD may continue for a few more months. Let us tell you that there was no change in repo rates in the MPC meeting of RBI held on December 8. RBI’s repo rate is currently at 6.50 percent. Let us also tell you which bank has increased the interest on FD by how much.
Bank of India
Bank of India has increased its FD rates (Rs 2 crore and above and less than Rs 10 crore) for its customers and general public from December 1, 2023. Bank of India has increased its FD rates for shorter tenures. The bank is offering 5.25 percent on FD of 46 days to 90 days, 6.00 percent on FD of 91 days to 179 days, 6.25 percent on FD of 180 days to 210 days, 6.50 percent on FD of 211 days to less than 1 year and 1 year. Will give 7.25 percent return on FD.
Kotak Bank
Kotak Mahindra Bank has increased the interest rates on FDs of three to five years. Kotak Mahindra Bank is offering interest of 2.75 percent to 7.25 percent for general customers on FD of seven days to ten years. Whereas it is giving 3.35 percent to 7.80 percent interest to senior citizens on these deposits. The new rates have become effective from December 11, 2023.
DCB Bank
DCB Bank has increased the interest rates on selected FDs of less than Rs 2 crore. According to DCB Bank website, the new rates are effective from December 13. After the change, the bank is offering the highest FD interest rate of 8 percent for general customers and 8.60 percent for senior citizens. DCB Bank is offering interest rates of 3.75 percent to 8 percent to general customers on FDs of seven days to ten years and 4.25 percent to 8.60 percent to elderly people.
Federal Bank
Federal Bank has also changed its FD interest rates which has become effective from December 5, 2023. The interest rate on FD of 500 days for both residents and non-residents has been increased to 7.50 percent by the bank. For senior citizens, Federal Bank is now giving a maximum return of 8.15 percent on FD of 500 days and 7.80 percent on FD of more than 21 months to less than three years.
