After the Reserve Bank of India’s decision to freeze repo rates, many banks have also not changed their fixed deposit (FD) interest rates. However, there are some banks which have revised the interest rates on fixed deposits this month.
Kotak Mahindra, DCB, Bank of Baroda and Federal Bank are among the six banks that have increased FD rates in May 2023.
Federal Bank Latest FD Rates
Federal Bank has revised its interest rates on fixed deposits of less than 2 crores. According to the official website of the bank, the new rates are effective from May 17, 2023. After the revision, general public will get an interest rate ranging from 3% to 6.6% and senior citizens will get an interest rate on fixed deposits ranging from 3.5% to 7.25%. Seven days to more than five years.
Bank of Baroda (BoB) recently announced an increase in interest rates on fixed deposits (FD) by up to 30 basis points on select tenors. These rates are applicable on deposits below 2 crores, with effect from 12th May, 2023.
Interest rates have also been increased on Baroda Tricolor Plus Deposit Scheme. The 399-day Baroda Tricolor Plus Deposit scheme now offers interest rates up to 7.90% per annum, including 0.50% per annum for senior citizens and 0.15% for non-refundable deposits.
After the latest hike, Bank of Baroda offers interest rate ranging from 3% to 7.25% to general customers and 3.5% to 7.75% to senior citizens.
Latest FD Rates of Kotak Mahindra Bank
Kotak Mahindra Bank Has increased the interest rate on fixed deposits from May 11, 2023. Kotak Mahindra Bank offers interest rates ranging from 2.75% to 7.20% to general public and 3.25% to 7.70% to senior citizens.
dcb bank latest fd rates
DCB Bank has revised the fixed deposit interest rates for deposits below 2 crores. The new rates are effective from May 8, 2023. The bank is now offering FD with the highest interest rate, 8% for general customers and 8.50% for senior citizens.
Suryoday Bank Latest FD Rates
Suryoday Small Finance Bank (SSFB) has revised the interest rates on fixed deposits. The new rates are effective from May 5, 2023.
After the revision, the bank is paying interest at the rate of 4% to 9.10% to the general public and 4.50% to 9.60% to senior citizens.
Unity Small Finance Bank has revised the interest rates on fixed deposits with effect from May 2, 2023. For regular customers, it offers interest rates ranging between 4.5% to 9%. It currently offers an interest rate of 9.5% per annum to senior citizens on fixed deposits invested for a period of 1001 days respectively, while retail investors get 9% interest for the same period, according to the bank’s website.
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