It seems that the time for increasing interest rates on fixed deposits (FD) is not over yet. Even though the Reserve Bank of India (RBI) kept the key repo rate at 6.5 percent for the fifth consecutive time in the MPC meeting on December 8, many banks have increased the interest rates on fixed deposits this month, due in December 2023. Come, let us know about those banks which have increased the interest rates on FD.
Bank of India
Bank of India has increased its fixed deposit rates (₹2 crore and above and below Rs 10 crore) for its customers and general public with effect from December 1, 2023. Bank of India has increased its fixed deposit rates for short periods. 5.25% for tenor “46 days to 90 days”, 6% for tenor “91 days to 179 days”, 6.25% for tenor “180 days to 210 days”, “211 days to less than 1 year” It is offering interest at the rate of 6.50% for the period of 1 year and 7.25% for the period of “1 year”.
Kotak Mahindra Bank
Kotak Mahindra Bank has increased the interest rates for tenures ranging from three to five years. Kotak Bank offers interest rates of 2.75% to 7.25% for general customers on deposits maturing in seven days to ten years, and 3.35% to 7.80% for senior citizens on these deposits. These rates are effective from December 11, 2023.
DCB Bank
DCB Bank has increased fixed deposit interest rates on select tenors for deposits of less than ₹2 crore. According to the DCB Bank website, the new rates are effective from December 13. After the revision, the bank is offering the highest FD interest rate of 8% for general customers and 8.60% for senior citizens.
Federal Bank
Federal Bank has revised its deposit interest rates with effect from December 5, 2023. The bank has increased the interest rate to 7.50% for 500 days. For senior citizens, Federal Bank is now offering returns of maximum 8.15% for a tenure of 500 days and 7.80% for a tenure of more than 21 months to less than three years.
