After a string of repo rate hikes from the Reserve Bank of India (RBI) Banks have been increasing the interest rates for Fixed deposits (FDs) as well as savings accounts from May 2022.
These include the State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, and RBL Bank are among those banks that have raised the interest rate on term deposits in recent months.
When it comes to rates of interest, small financing banks (SFBs) offer attractive rates to their customers.
IDFC First Bank offers FD that range from 7 days until 10 years.
For fixed deposits that mature within 750 days, the bank provides 7.25 percent to all customers and 7.75 percent to senior citizens.
RBL Bank offers 7% interest on FDs due in 15 months for general customers. For this tenor, seniors receive an 7.50 rate of .
Union Bank of Indian's latest rates on FDs now offering rates of interest that range between 3% and 7.7% on FDs that have maturities of 7 to 10 months. for the duration of 599 days
Canara Bank has launched a special fixed-rate deposit plan that has a duration of 666 days.
the bank is offering an amount of 7 percent for its customers who are general customers. seniors will get 7.5 percent interest on these accounts.
ranges between 3.25 percent to 7.00 percent for the general public , and 3.25 percent to 7.50 percentage for senior citizens. As per the banks the new rates will become effective as of 7 October 2022.