Interest rates on fixed deposits: A fantastic chance to get an FD! These 4 banks raised their FD interest rates.

 Interest rates on fixed deposits: A fantastic chance to get an FD! These 4 banks raised their FD interest rates.

As the RBI raised the repo rate on February 8, many banks raised their interest rates on fixed deposits. Older citizens will benefit more than other customers do.

Bank FD Rates: The simplest and most effective approach to save money is to open a fixed deposit with a bank. Numerous public and private banks provide competitive interest rates on FDs. Many banks recently raised the interest rates on various FD programmes. which is advantageous to the clients. On this list, there are 4 banks. where the names of different bank such as DSB Bank, UCO Bank, ICICI Bank, and Kotak Mahindra Bank are listed below.

Once the Central Bank of India announced a rise in the repo rate, numerous banks raised their interest rates on FDs and savings accounts. so that clients can benefit from a break from their high-interest loans and EMIs. Let's examine the new rates offered by these banks:

Bank UCO

It is a significant public sector bank in the nation. The interest rate for FDs under Rs 2 crore has increased by the bank. For certain tenors, FD rates for retail investors have raised by 50 basis points. On a 2-3 year scheme, interest is paid at a rate of 6.30 percent, 7 percent for 444 days, and 7.15 percent for 666 days.


bank dsb

Moreover, the interest rates on FDs under Rs 2 crore have increased at DSB Bank. For various tenures, the interest rate has gone up by 100 basis points. Also, the revised prices are now in effect. The bank offers interest rates to regular people that range from 2.50% to 6.50%. Seniors will also receive interest, ranging from 5.25 percent to 7 percent.

Bank Kotak Mahindra

Moreover, the interest rate on fixed deposits has increased at this bank. Let us say that this month, the bank has raised the interest rate three times. The rates have gone up this time by 0.10 percent. Senior persons receive 7.70 percent interest on 390 days of FD, whereas regular citizens receive 7.20 percent. The revised prices are now in effect as of February 27.

Axis Bank

One of the top private sector banks in the nation is this one. For both FD plans under and beyond Rs 2 crore, interest has increased. On retail term deposits, interest rates range from 3.10 percent to 7.10 percent. At the same time, older persons benefit from interest rates between 3.50 and 7.60 percent.