FD Rate Hikes: After increasing the repo rate, the interest rate on FD in different banks is increasing. To attract customers from private to government banks, the interest rate of FD is increasing.
FD Rate Hikes: The Reserve Bank of India (RBI) has increased the repo rate thrice in the last two months. After this, there has been a competition from banks to increase the interest rate on savings schemes. After increasing the repo rate, the interest rate on FDs in different banks is increasing. To attract customers from private to government banks, the interest rate of FD is increasing.
The hike came into effect from a different date
Customers got more silver when four big banks announced to increase the interest rate in a single day. However, this increase in interest rate has come into effect from different dates. The banks which have changed the interest rate include IDFC First Bank, HDFC Bank, Punjab National Bank and Kotak Mahindra Bank.
HDFC bank
The country’s largest private bank HDFC has once again increased the interest rate. The bank has increased the FD rate by 40 basis points. Two months ago also, the interest on FD was increased by the bank. The bank has implemented the new rates from August 18, 2022. Interest has been increased by the bank only on FDs of less than Rs 2 crore. Now FDs with a tenure of one year to two years will get an interest of 5.50 percent.
Punjab National Bank
Punjab National Bank has also increased the interest rate on fixed deposits of less than Rs 2 crore. The new rates of the bank have come into effect from August 17. According to the statement issued by the bank, the rate of FDs with maturity from one year to three years and tenure of 5 years or more has been increased. The rate of FD up to 10 years has also been increased.
IDFC Bank
Like other banks, IDFC Bank has also increased the interest on FDs of less than 2 crores. The new rates have been implemented from 16 August. In IDFC Bank, an interest of 6.50 percent will be available on FDs maturing from 2 years 1 day to 749 days. At the same time, there is an interest of 6.90 percent on FDs maturing in 750 days. Additional interest of 0.50 percent is given to senior citizens by the bank.
Kotak Mahindra Bank
Kotak Mahindra Bank has increased the interest rate on FDs from 390 days to 3 years. According to the bank, the new rates will be applicable from August 17. FDs ranging from 390 days to three years have been included in the interest rate hike by the bank. The bank has announced an interest of 2.50 to 5.90 percent for FDs maturing in 7 days to 10 years. Senior citizens will get interest from 3 to 6.40 percent.
