Banks Hike FD Rate – Check Out the Full Details Here!! RBI’s Monetary Policy Committee has raised the repo rate by 50 basis points to 5.9%. Accordingly, the repo rate for banks has increased by 190 bps in the last five months. After the recent repo rate hike by RBI, various government and private banks have hiked interest rates on term deposits. Accordingly, Canara Bank has recently hiked interest rates on fixed deposits below Rs.2 crores.
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Apart from this, Canara Bank has introduced a special fixed deposit scheme for 666 days. Under this scheme, general customers will get a 7% interest rate and senior citizens will get a 7.5% interest rate. Similarly, private banks like Bandhan Bank, IDFC First Bank, and RPL Bank offer FD rates above 7%. Bandhan Bank offers 7.00% (general customers) and 7.50% (senior citizens) interest on FD for 18 months to less than 2 years.
Similarly, 7.00% is offered to general customers and 7.50% to senior citizens on 2 years to less than 3 years FD. Also, 7.00% of general customers and 7.50% of senior citizens apply on FD of 3 years to less than 5 years. These rates are effective from August 22. RBL Bank offers 7% (general customers) and 7.50% (senior citizens) on deposits maturing in 15 months. It offers 7% to general customers and 7.50% to senior citizens on deposits maturing between 15 months and 1 day to 725 days. It offers 7.25% to general customers and 7.75% to senior citizens on deposits maturing in 725 days.
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Also, on deposits maturing within 726 days to 24 months, RBL Bank offers 7% to general customers and 7.50% to senior citizens. These rates are effective from October 1. IDFC First Bank offers 7.25% to general customers and 7.75% to senior citizens on deposits maturing in 750 days. It will come into effect from October 10. Meanwhile, Fincare Small Finance Bank and Ujjeevan Small Finance Bank offer 7.5% interest on FDs. Similarly, Suryothai Small Finance Bank offers 7.49% interest on deposits with a maturity of 999 days.
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