FD rate increased: The year is about to end, but the phase of increase in fixed deposit (FD) rates is going on. Even though the Reserve Bank of India (RBI) has kept the key repo rate at 6.5 percent for the fifth consecutive time in the MPC meeting on December 8, many banks have increased the interest rates on FDs this month, December 2023.
Bank of India
Bank of India increased the FD for its customers and general public (for ₹2 crore and above to less than ₹10 crore) from December 1, 2023.
Bank of India has increased its FD rates for short periods. 5.25% for tenure 46 days to 90 days, 6.00% for tenure 91 days to 179 days, 6.25% for tenure 180 days to 210 days, 6.50% for tenure 211 days to less than 1 year and 1 year Interest will be available up to 7.25% per annum for the tenure of Rs.
Kotak Bank
Kotak Mahindra Bank increased interest rates for tenures ranging from three to five years. After the latest revision, Kotak Bank is offering interest rates of 2.75% to 7.25% for general customers on deposits maturing in seven days to ten years and 3.35% to 7.80% for senior citizens on these deposits. Provides rates. These rates are effective from December 11, 2023.
DCB Bank
DCB Bank has increased FD interest rates on select tenors for deposits of less than ₹2 crore. According to the DCB Bank website, the new rates are effective from December 13.
After the revision, the bank is offering the highest FD interest rate of 8% for general customers and 8.60% for senior citizens.
After the latest hike, DCB Bank is offering interest rates ranging from 3.75% to 8% to general customers and 4.25% to 8.60% to senior citizens on FDs maturing in seven days to ten years.
Federal Bank
Federal Bank has revised its deposit interest rates with effect from December 5, 2023. For deposits made by both residents and non-residents, the interest rate has been increased to 7.50% for 500 days. For senior citizens, Federal Bank is now offering a maximum return of 8.15% for a tenure of 500 days and 7.80% for a tenure of more than 21 months to less than three years.
