Banks are revising their fixed deposit interest rates for deposits below Rs 2 crore, in response to the recent repo rate hike by the RBI by 0.50% on August 5,2022. This is RBI’s third consecutive repo rate revision. The following banks have made a revision to their fixed deposit interest rates for the 180 days-10-year period.
The State Bank of India (SBI) has changed the rate of interest for the following tenures:
|
Period |
Rate of Interest |
|
180-210 days |
4.55% |
|
1-2 years |
5.45% |
|
2-3 years |
5.50% |
|
3-5 years |
5.60% |
|
5-10 years |
5.65% |
HDFC Bank will now offer the following rates to its depositors:
|
Period |
Rate of Interest |
|
1-2 years |
5.50% |
|
2-3 years |
5.50% |
|
3 years 1 day – 5 years |
6.10% |
Axis Bank has also revised its rate of interest for the 17–18-month period
|
Period |
Rate of Interest |
|
17-18 months |
6.05% |
ICICI Bank has changed the FD interest rates to the following:
|
Period |
Rate of Interest |
|
1-2 years |
5.50% |
|
2 years 1 day – 3 years |
5.60% |
|
3 years 1 day – 5 years |
5.70% |
|
5 years 1 day – 10 years |
5.75% |
Punjab National Bank has revised the Fixed deposit rates for the 180 days to 10-year period to the following:
|
Period |
Rate of Interest |
|
180 days-1 year |
5.50% |
|
1-2 years |
5.50% |
|
2-3years |
5.60% |
|
5-10 years |
5.65% |
Kotak Mahindra has also revised their fixed deposit rates:
|
Period |
Rate of Interest |
|
365 to 389 days |
5.75% |
|
390 days to 3 years |
5.90% |
Bandhan Bank is also revising their FD rates as follows:
|
Period |
Rate of Interest |
|
1-2 year |
7% |
|
2-5 years |
7% |
Increase in rate of interest for Fixed Deposit has been a ray of hope to investors after going through a period of historically low FDs.
