Interest rates on fixed deposits have been raised by these banks since they are aware of the returns they will get

 Interest rates on fixed deposits have been raised by these banks since they are aware of the returns they will get

Interest rates on fixed deposits have been raised by these banks since they are aware of the returns they will get

The process of raising interest rates on fixed deposits is still ongoing, even though the Reserve Bank of India (RBI) decided at the MPC meeting on December 8 to maintain the repo rate at 6.5 percent for the fifth consecutive meeting.

The process of raising interest rates on fixed deposits is still ongoing, even though the Reserve Bank of India (RBI) decided at the MPC meeting on December 8 to maintain the repo rate at 6.5 percent for the fifth consecutive meeting. In this month of December 2023, a few of banks have raised their FD interest rates. Tell us the amount of returns that banks are offering to their clients in light of this recent rise.

Interest rates offered by Bank of India

December 2023 saw a hike in FD rates by Bank of India. Beginning on December 1, 2023, the bank will be raising the fixed deposit rates for its clients (those with balances above ₹2 crore and under ₹10 crore). For brief intervals, Bank of India has raised the rates on fixed deposits. 5.25 percent for 46 days to 90 days, 6.00 percent for 91 days to 179 days, 6.25 percent for 180 days to 210 days, and 6.50 percent for 211 days to less than a year are the rates that the Bank of India has announced. For a one-year period, the interest rates have been set at 7.25 percent.

Interest rates at Kotak Bank

Interest rates have been raised by Kotak Mahindra Bank for terms ranging from three to five years. Following the recent modification, Kotak Bank is now offering interest rates on deposits maturing in seven days to ten years of 2.75 percent to 7.25 percent for regular clients and 3.35 percent to 7.80 percent for senior people. As. These prices will be in force as of December 11, 2023.

FD rates were raised by DCB Bank.

For FDs under ₹2 crore, DCB Bank has raised fixed deposit rates on a few chosen terms. The website of DCB Bank states that the revised rates will take effect on December 13. Following the modification, the bank is now providing general clients with an interest rate of 8% and senior people with an interest rate of 8.60 percent. Following the hike, DCB Bank is now providing interest rates on FDs due in seven days to ten years that range from 3.75 percent to 8 percent for general customers and 4.25 percent to 8.60 percent for senior people.

FD rates are raised by the Federal Bank.

The Federal Bank raised its savings rates on December 5, 2023. There is a 500-day interest rate hike of 7.50 percent. Federal Bank is currently providing a maximum return of 8.15 percent for 500 days and 7.80 percent for more than 21 months to less than three years to elderly persons.