FD Rate Hike: Find out which bank is receiving the biggest returns after these four banks raised their FD interest rates

 FD Rate Hike: Find out which bank is receiving the biggest returns after these four banks raised their FD interest rates

FD Rate Hike: Find out which bank is receiving the biggest returns after these four banks raised their FD interest rates

It seems that there is still time to raise fixed deposit (FD) interest rates. Many banks have raised the interest rates on fixed deposits this month, with payments due in December 2023, despite the Reserve Bank of India (RBI) maintaining the benchmark repo rate at 6.5 percent for the fifth straight time at the MPC meeting on December 8. Come come over and tell us which banks have raised their FD interest rates.

Indian Bank

Beginning on December 1, 2023, Bank of India will be raising the fixed deposit rates (above and below Rs. 10 crore) for both its clients and the general public. For brief intervals, Bank of India has raised the rates on fixed deposits. 5.25% for tenors ranging from 46 to 90 days, 6% for those ranging from 91 to 179 days, 6.25% for those ranging from 180 to 210 days, and 211 days to less than a year. It is providing interest at 6.50% and 7.25% rates for one year and one year, respectively.

Bank Kotak Mahindra

Interest rates for terms between three and five years have gone up at Kotak Mahindra Bank. For deposits expiring in seven days to 10 years, Kotak Bank provides interest rates of 2.75% to 7.25% for general consumers and 3.35% to 7.80% for senior people. These prices will be in force as of December 11, 2023.

Bank DCB

For deposits under ₹2 crore, DCB Bank has raised the interest rates on certain tenors of fixed deposits. The DCB Bank website states that the higher rates will take effect on December 13. Following the change, the bank is now providing general customers with the highest FD interest rate of 8% and senior citizens with the highest rate of 8.60%.

Bank Federal

The Federal Bank will start implementing new deposit interest rates on December 5, 2023. For 500 days, the bank has raised the interest rate to 7.50%. Federal Bank is currently providing maximum returns of 8.15% for a 500-day term to elderly persons, and 7.80% for a tenure ranging from more than 21 months to less than three years.