new Delhi. With the increase in the repo rate by RBI, where on one hand the headache increases for the borrowers, on the other hand the investors become silver. Those who have invested their money in FD must have got the benefit of increase in interest rates several times from May till now.
Usually, this increase is not equal to the increase in the repo rate, but due to frequent rate hikes, it becomes much more in aggregate. RBI had recently increased the repo rate by 0.35 percent, after which many banks have once again started increasing the interest rates of FDs.
Jana Small Finance Bank is currently giving 7.85 per cent interest to common people and 8.80 per cent to senior citizens on FDs with a tenure of 2-3 years. The new interest rates issued by the bank are applicable from December 15 only. These interest rates are applicable on FDs with an investment of up to Rs 2 crore. Apart from this bank, many banks have also increased the interest rates.
SBI
The country’s largest bank had increased interest rates by around 0.25 per cent earlier this week. These interest rates are applicable from 13 December. The bank is now paying 6.75% interest on FDs maturing in less than 2 years up to Rs 2 crore. At the same time, senior citizens will get an additional 0.50 percent interest. That is, they are getting interest up to 7.25 percent.
HDFC Bank
HDFC, the largest private sector bank, has implemented the new rates from December 14. Now the bank is paying up to 7% interest on FDs maturing in 15 months to 18 months. The bank is giving interest up to a maximum of 7.75 per cent to senior citizens. The bank offers FDs with tenures ranging from 7 days to 10 years.
ICICI Bank
ICICI, another big private sector bank, has passed on the benefit of the increase in the repo rate to its customers. The bank has increased the interest rate on FDs maturing in more than 290 days and less than 1 year to 5.75 percent. At the same time, an additional 0.50 percent interest is being given to senior citizens.
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