Another bank including State Bank of India and Kotak Mahindra has increased the interest of FD. Senior citizens will be benefited the most.
FD Interest Rates : After increasing the repo rate by the Reserve Bank of India, on the one hand the loan has become costlier. On the other hand, many banks are engaged in increasing the interest on FD. Recently many banks have increased the interest rate and now some more banks have also joined the list. Many banks including State Bank of India, Kotak Mahindra Bank, HDFC have increased the interest while giving relief to the customers. Let’s learn about them in detail.
Kotak Mahinda Bank
Kotak Mahindra Bank has increased FD interest rates for the second time in a week. The bank has increased the interest rate on FDs of less than two crore rupees. The new rates have come into effect from today itself. The interest rate has also been fixed separately for different tenures. For a period of 6 months to 10 years is 5.75%. Borrowed citizens are getting interest above 7%.
AU Small Finance Bank
AU Small Finance Bank has also increased the interest rates on savings account and fixed deposits. The bank has increased by 25%. Customers will get 7.75 percent interest instead of 7.50 percent. FD interest rates for senior citizens have been reduced to 8.5.
SBI also made changes
On one hand, State Bank of India has increased the MCLR rates. On the other hand, by increasing the interest rates of FD, the bank has also given relief to the customers. The new rates have come into effect from 13 December 2022. There has been an increase of 25 to 65 basis points. For senior citizens, SBI has announced interest ranging from 3.5% to 7.25% on FDs with a tenure of 10 years.
