Interest rates on FDs have raised, meaning that you will now get interest on these five banks' FDs

 Interest rates on FDs have raised, meaning that you will now get interest on these five banks' FDs

Interest rates on FDs have raised, meaning that you will now get interest on these five banks' FDs

FD Interest Rate Increase: The nation will celebrate New Year's Day, 2024, tomorrow. However, some banks have already given their clients a head start on the holiday season by raising FD interest rates in December.

Six banks nationwide have handed their clients New Year's presents before the year 2023 even ends. In this case, Bank of Baroda is the most recent name (BoB). Prior to this, Kotak Mahindra Bank and State Bank of India (SBI) also offered rewards to its clientele. If you're wondering what these six banks have done to help their clients, we can inform you that they have raised the interest rates on fixed deposits (FD Interest Rate Hike).

Baroda Bank (BoB)

Baroda Bank (BoB)

Speaking of banks that raised their fixed deposit rates in the last month of the year, Bank of Baroda just declared a rate rise. The interest rates on various duration fixed deposits have been raised by 10 basis points to 125 basis points, or 0.10 percent to 1.25 percent, by BoB. These hikes, which take effect on December 29, 2023, are for FDs under Rs 2 crore.

Indian State Bank (SBI)

Indian State Bank (SBI)

Additionally, the interest rates on fixed deposits of less than Rs 2 crore have been raised by State Bank of India (SBI). This has resulted in a 0.50 percent rise on FD for 7–45 days. The interest rate for 46-179 day fixed deposits has been risen by 0.25 percent at the same time. Additionally, there has been a 0.50 percent rise in the interest rate on FD with terms of 180–210 days. Following the modifications at the biggest bank in the nation, the new rates went into effect on December 27, 2023.

Bank Kotak Mahindra

Kotak Mahindra Bank is the latest name on the list of institutions that have raised their FD interest rates. The bank has raised its interest rates on FDs with maturities of three to five years. Current interest rates for clients who make fixed deposits at the bank range from 2.75 percent to 7.25 percent for regular customers to 3.35 percent to 7.80 percent for senior people.

Bank DCB

For FDs worth less than Rs 2 crore, DCB Bank has also modified its interest rates for various time periods. Following the modification, the new interest rates went into effect on December 13. With the new rates, regular consumers may now get interest on FDs maturing in seven days to ten years, ranging from 3.75 percent to 8 percent. The bank is giving elderly people interest rates ranging from 4.25 percent to 8.60 percent throughout this time.

Bank Federal

The interest rates for clients of Federal Bank who make 500-day fixed deposits have been raised. The bank has changed its rates as of December 5, 2023. As a result, a maximum interest rate of 7.50 percent is now being provided. Senior folks who invest during this time period might get interest rates as high as 8.15 percent from the bank. On the other hand, regular consumers get 7.30 percent interest and senior citizens receive 7.80 percent interest on FDs with terms ranging from 21 months to less than three years.