FD Rate Hike- Almost all banks have increased the interest rates of fixed deposits so far. Customers of HDFC Bank, Kotak Mahindra Bank and Indian Overseas Bank will also now get more interest on FDs.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), the process of increasing the interest rates of fixed deposits (FD Rate Hike) of banks is still going on. Now HDFC Bank (HDFC Bank FD Rate) and Kotak Mahindra Bank have announced an increase in interest rates on fixed deposits of certain tenors. The new interest rates of HDFC Bank have been effective from November 8, while the rates of Kotak Mahindra Bank have come into effect from today. Apart from these, Indian Overseas Bank has increased the interest rates on fixed deposits by up to 60 basis points.
HDFC Bank has increased the interest rate by 35 basis points for fixed deposits of less than Rs 2 crore and maturing in 15 months to 10 years. Kotak Mahindra Bank has also increased interest rates on fixed deposits of less than Rs 2 crore. In November, the bank raised interest rates for the second time. Kotak Mahindra Bank also increased the FD interest rate on 1 November.
HDFC Bank New FD Interest Rates
Now, HDFC Bank will offer 3% to 6.25% interest for general customers and 3.50% to 7.00% for senior citizens on FDs maturing in 7 days to 10 years. The bank has now increased the interest on FDs maturing from 15 months 1 day to 18 months by 25 basis points from 6.15% to 6.40%.
The interest rate on deposits maturing in 18 months to 2 years has also been increased by 35 basis points to 6.50 per cent per annum. HDFC Bank has increased the interest rate from 6.25% to 6.50 per cent on fixed deposits with maturity in 2 years 1 day to 5 years. Maturing in 5 years 1 day to 10 years, now customers will get 6.25 percent interest instead of 6.20 percent.
Now Kotak Mahindra Bank will pay more interest
On FDs maturing in a period of 365 days to 389 days, now the common customer will get 6.25 percent interest instead of 6.10 percent and senior citizens will get 6.40 percent interest. Senior citizens will get 0.50 bps more interest in FDs of all tenures. Fixed deposits maturing in 3 years and above but less than 4 years will now earn 6.30 per cent interest instead of 6.25.
IOB increased rates by up to 0.60 percent
Indian Overseas Bank has increased the interest rates on fixed deposits by up to 60 basis points. That is, now the bank customer will get more interest. The bank said in a statement that interest rates on fixed deposits of 270 days to one year and one year to three years have been increased by 60 basis points. IOB is offering interest rates ranging from 3.60% to 5.85% on Fixed Deposits with maturities ranging from 7 days to 10 years. At the same time, the highest interest rate of 6.00% is being offered on fixed deposits with a maturity period of 1000 days. Super senior citizens (who are 80 years of age or above) will get an additional rate of 0.75%, while senior citizens will get an additional rate of 0.50% at Indian Overseas Bank (IOB).
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