The Reserve Bank (RBI) this week announced an unexpected increase in the repo rate (Repo Rate Hike). Now its effect is starting to affect the interest rates of banks. While on the one hand banks are increasing the interest of home loans and other loans, on the other hand, those who invest in FD are getting its benefits. Some private sector banks have started paying more interest on FDs.
Now the interest on FD has increased so much
Kotak Mahindra Bank of the private sector has also increased the interest rates on FDs. The bank said that the benefit of increased interest will be available on all deposits of less than Rs 2 crore. The increased interest rates have become effective from Friday, May 06. The bank said in a statement that the interest rate on the most popular 390 day deposit has been increased by 0.30 percent to 5.5 percent. Similarly, the rate of interest on 23-month deposits has now increased by 0.35 per cent to 5.6 per cent.
0.50% more interest to these people
According to the statement of the bank, 364 days of deposit will now get interest at the rate of 5.25 percent. Similarly, on deposits of 365 days and 389 days, customers will get interest at the rate of 5.4 percent. Elderly customers are being given more benefits by the bank. The bank said that customers above 60 years of age will get 0.50 percent additional interest on deposits of every tenor as compared to ordinary customers.
This bank also increased interest
ICICI Bank of the private sector has also increased the FD rates from May 05. This bank has increased the interest rates on deposits from Rs 02 crore to Rs 05 crore. Now the bank will pay interest at the rate of 3.75 per cent for 185 to 210 days. Similarly, for 271 to 289 days, customers will now get interest at the rate of 4 percent. The bank had changed the interest rates on January 20 on single deposits of less than Rs 02 crore.
HDFC Bank also increased rates
HDFC Bank, the largest private sector bank, has also increased interest rates on fixed deposits. The website of this bank has increased the interest rates on FDs of less than Rs 2 crore with different tenures. The new FD rates are effective from 6th April, 2022. HDFC Bank is giving an interest rate of 2.5 percent to 5.6 percent to the customers on FDs maturing in 7 days to 10 years. Let us know what are the interest rates in different periods-
| Time period | Rate of interest |
| 7 – 14 days | 2.5% |
| 15 – 29 days | 2.5% |
| 30- 45 days | 3% |
| 61 – 90 days | 3% |
| 91 days – 6 months | 3.5% |
| 6 months 1 day – 9 months | 4.4% |
| 9 months 1 day, but less than 1 year | 4.4% |
| 1 year | 5.1% |
| 1 year 1 day – 2 years | 5.1% |
| 2 years 1 day – 3 years | 5.2% |
| 3 years 1 day – 5 years | 5.45% |
| 5 years 1 day – 10 years | 5.6% |
Bank of Baroda FD Rate
Public sector bank Bank of Baroda has also increased the interest rates on FDs of various tenors, which are effective from March 22, 2022. This bank has also increased the interest rates on FDs of less than Rs 2 crores. This bank is giving 2.8 percent to 5.55 percent interest rate on FDs maturing in 7 days to 10 years. Let us know what are the interest rates in different periods-
| Time period | Rate of interest |
| 7 – 14 days | 2.8% |
| 15 – 45 days | 2.8% |
| 46 – 90 days | 3.7% |
| 91 – 180 days | 3.7% |
| 181 – 270 days | 4.3% |
| 271 days or more, but less than 1 year | 4.4% |
| 1 year | 5% |
| More than 1 year- 400 days | 5.2% |
| More than 400 days to 2 years | 5.2% |
| Above 2 years to 3 years | 5.2% |
| Above 3 years to 5 years | 5.35% |
| Above 5 years to 10 years | 5.35% |
