THESE Banks Hike Fixed Deposit Interest Rate in Feb 2023: Check List Here
Fixed Deposit Interest Rate 2023
The repo rate recently increased by 25 basis points (bps) to 6.50 percent by the Reserve Bank of India. Since May 2022, the central bank has raised the rates six times. Accordingly, a number of banks have raised interest rates on their fixed deposits, giving their clients better returns. Here is the list of top banks that have changed the interest rates on their fixed deposits (FDs).
SBI Fixed Deposit Rates
SBI, the largest public lender in India, has increased the bulk term deposit rates by 25-75 bps across tenures, meaning that depositors would now receive higher returns on their FDs. Beginning on February 15, 2023, retail domestic term deposits (under Rs 2 crore) would be subject to modification. On terms of up to 5 years and up to 10 years, the bank is providing rates of 3 percent to 7 percent.
Axis Bank Fixed Deposit Rates
ICICI Bank Fixed Deposit Rates
Induslnd Bank FD Rates
The interest rates on FDs under Rs 2 crore have been raised at the private lender. Currently, IndusInd Bank offers an interest rate for loans with a general term of 7 days to 61 months or more that ranges from 3.5 percent to 7 percent. For a deposit tenor of two years to three years and three months, the lender is offering a maximum rate of 7.50 percent for non-senior citizens and 8.25 percent for senior people. In effect as of February 16, 2023, are the rates.