SBI, Bank of Baroda, Kotak Mahindra among 7 banks that hiked fixed deposit rates (2024)

Here is a list of seven banks that have hiked interest rates on fixed deposits in December 2023

Bank of Baroda hikes FD rates in December 2023

Bank of Baroda has hiked interest rates on retail term deposits from 10 basis points to up to 125 basis points on various maturity buckets.These rates are applicable on deposits below ₹2 crore with effect from today, December 29. After the latest hike, BoB offers an interest range ranging from 4.25 % to 7.255 to general customers. Bank of Baroda offers senior citizens an interest rate ranging from 4.75% to 7.75% on deposits maturing in seven days to ten years.

SBI hikes FD rates in December 2023

The State Bank of India (SBI) has hiked interest rates on fixed deposits (FDs). This interest rate is applicable on FDs below ₹2 crore. The new rate is effective from today, 27 December 2023. After the latest hike, SBI offers rates ranging from 3.5 to 7% on deposits maturing in seven days to ten years. Senior citizens will get 50 basis points (bps) extra on these deposits.

Union Bank hikes FD rates in December 2023

Union Bank of India hiked interest rates by up to 25 basis points (bps) on its fixed deposits (FDs) on certain tenures for amounts less than ₹2 crore. These rates are with effect from December 27. 3% 7.25% on FDs maturing in seven days to ten years

DCB Bank hikes FD rates in December 2023

DCB Bank has hiked fixed deposit interest rates on select tenors for deposits below ₹2 crore. The new rates are effective from 13 December as per the DCB Bank website.

The bank is offering the highest FD interest rate of 8% to general customers and 8.60% for senior citizens, after the revision.

After the latest hike, DCB Bank is offering an interest rate ranging from 3.75% to 8% on FDs maturing in seven days to ten years to general customers, and 4.25% to 8.60% to elderly people.

Kotak Bank hikes FD rates in December 2023

Kotak Mahindra Bank increased interest rates on tenors ranging from three to five years. After the latest revision, Kotak Bank offers an interest rate 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. These rates are effective from 11 December 2023.

https://www.livemint.com/money/personal-finance/these-two-banks-hike-fixed-deposit-rates-check-latest-fd-rates-here-11702522585001.html

Federal Bank hikes FD rates in December 2023

Federal Bank has revised its deposit interest rates effective from December 5, 2023. For deposits made by both residents and non-residents, the interest rate has been raised to 7.50% for 500 days. For senior citizens, Federal Bank is now giving a maximum return of 8.15% for 500-day tenures and 7.80% for tenures beyond 21 months to less than three years. These four banks increased rates on fixed deposits this month.

Bank of India hikes FD rates in December 2023

Bank of India hiked its fixed deposits for its customers & general public (for ₹2 crore and above to less than Rs.10 crore) with effect from 1st December, 2023. Bank of India has increased its fixed deposit rates for shorter periods i.e. “46 days to 90 days" tenure to 5.25%, “91 days to 179 days" tenure to 6.00%, for “180 days to 210 days" tenure to 6.25%, for “211 days to less than 1 Year" tenure to 6.50% and for “1 Year" tenure to 7.25% p.a.

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Published: 31 Dec 2023, 06:15 AM IST