Fixed Deposit Rate Hike News: Amid the rising interest rate cycle, several private and public sector banks have revised their fixed deposit rates recently. The banks are now offering higher interest rates and it may be a good time for investors looking to secure their savings as well as earn some interest by investing in FDs. Here’s a look at recent FD-related announcements by some banks:

Bank of Baroda special FD

Bank of Baroda recently announced a special Fixed Deposit scheme – ‘Baroda Tiranga Deposit Scheme’ which offers 5.75% per annum interest for 444 days and 6.00% interest for 555 days of deposits. The scheme will be open till 31st December.

PNB FD Interest Rate

The Punjab National Bank (PNB) is offering 6.10% interest on deposits for 405 days since August 19. The public sector bank has also changed the rate on deposits maturing in one year to 5.50%.

ICICI bank changes FD Rate

ICICI Bank also recently changed fixed deposit rates for retail customers on tenors ranging from one year to five years. The bank is offering up to 5.5% to 6.1% interest on tenors of 1-5 years.

HDFC Bank FD Rate Hiked

HDFC Bank has also increased FD rates. The private sector bank is now offering its highest interest rate of 6.10% on deposits below Rs 2 crore for 3 to 5 years. Senior citizens will get an additional 0.6% interest on FD of the same tenor.

Special Super Senior Citizen FD

The RBL Bank recently launched a Super Senior Citizen Fixed Deposit promising higher interest rates to super senior citizens. With this product, super senior citizens aged 80 years and above can earn interest at a rate of 7.75% per annum for 15 months’ deposits.

Ujjivan Small Finance Bank FD Rate Hike

 Ujjivan Small Finance Bank also raised the interest rates on fixed deposits with effect from August 9, 2022. It is now offering 7.5% interest on deposits in three tenors – 75 weeks, 75 months and 990 days.

Unity Small Finance Bank revises FD

Unity Small Finance Bank (USFB) is now offering up to 8.15% interest to senior citizens for term deposits of tenors 2-3 years and 3-5 years. For customers below 60 years of age, USFB offers a maximum of 7.65% interest on FDs of terns 2-3 years and 3-5 years.