Latest Fixed Deposit Interest Rate Hikes 2023: Several banks have been increasing fixed deposit interest rates for senior citizens and others in the last few months. The consecutive repo rate hikes by the Reserve Bank of India (RBI) have provided banks with an opportunity to attract investors by offering higher returns on fixed-term deposits.
With the FD rate hikes, senior citizens have benefitted the most as they can now book term deposits at a rate as high as 9.5%. Several banks are also offering over 8% interest to senior citizens and other depositors. Even the State Bank of India (SBI) is offering up to 7.6% to senior citizens. Following are details of FD rate hikes announced by some banks recently.
Suryoday Small Finance Bank
Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits effective from March 01, 2023. In a statement, the bank said that interest rates in 5 to 10-year tenors have been revised by 75 to 125 basis points (bps). The bank has also revised interest rates on savings accounts up to 200 basis points (bps).
SSFB is now accepting deposits of less than Rs 2 crore maturing in 7 days to 10 years at an interest rate of 4.00 per cent to 8.51 per cent for the general public and 4.50 per cent to 8.76 per cent for senior citizens. The bank further said that regular customers can now get 8.51 per cent interest rate on FDs of 999 days while senior citizens can get 8.76 per cent interest rate.
SSFD fixed deposits are backed by the deposit insurance provided by RBI-regulated DICGC.
Kotak Mahindra Bank
With effect from 1 March 2023, the highest FD rate now offered by Kotak Mahindra Bank to senior citizens is 7.7% on deposits of 390 days, 391 days to less than 23 months, 23 months to less than 23 months, 23 months a,d 23 months 1 day to less than 2 years. For the general public, the highest interest rate offered by Kotak Mahindra Bank is 7.2%.
Equitas Small Finance Bank
With effect from 1 March 2023, the highest FD rate now offered by Equitas Small Finance Bank
Also Read: Highest Fixed Deposit Interest Rate for Senior Citizens by Govt Banks
With effect from 24th February 2023, The highest FD rate now offered by ICICI Bank
Bank of Baroda
With effect from 27th February 2023, the highest FD rate now offered by the Bank of Baroda