FD Interest Rate Hike: There is good news for those who keep their hard earned money in bank FDs. IDFC First Bank and Federal Bank have announced a hike in interest rates on fixed deposits.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, the private sector’s IDFC First Bank and Federal Bank have increased the interest rates on fixed deposits ie FD.
New rates effective from July 18, 2022
Both the banks have increased the interest rates for FDs below Rs 2 crore. The new rates have become effective from July 18, 2022.
Federal Bank Interest Rates
Federal Bank is offering an interest rate of 5.25 percent on FDs with 6 months maturity. At the same time, interest is available at the rate of 4.80 percent on FDs with a tenure of 9 months. Apart from this, there is an interest rate of 5.45 percent on one year FD. FDs with maturity of 2 years will get interest at the rate of 5.75 percent. On FD of 750 days, the bank is giving interest at the rate of 6 percent. Interest will be available at the rate of 5.95 percent on FD of 2222 days and 75 months. FDs with maturity of 750 days or less now have an interest rate of 6.00 per cent. Term deposits with maturity of 3 to 6 years will get interest at the rate of 5.75 per cent.
IDFC First Bank Interest Rates
IDFC First Bank offers an interest rate of 6.5 per cent on FDs with tenures ranging from 500 days to 2 years. The customers of the bank will now get interest at the rate of 6.50 per cent instead of 6.25 per cent on FDs with a tenure of 3 years one day to 5 years.
Many banks have increased FD rates
It is worth noting that recently SBI, Axis Bank, Indian Overseas Bank, Punjab and Sind Bank, IDBI Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.
