Indian banks revise interest rates on deposits to attract investors

After the continuous hike in the RBI repo rate, Indian banks have also increased their interest rates on fixed deposits. Major lenders like SBI, HDFC Bank, ICICI Bank and Axis Bank have increased their rates to attract investors. In May, the Reserve Bank India (RBI) hiked the repo rate by 190 basis points to curb rising inflation and prevent depreciation of the rupee against the US dollar.

Here is an updated list of interest rates for major lenders:

axis Bank: Fixed deposits are available in various tenors maturing between 7 days to 10 years, with the new rates effective from October 14. This limit has also been increased from 3.50% to 6.10% for general public and from 3.50% to 6.85% for senior citizens.

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HDFC bankThe bank has increased the interest rates on fixed deposits by up to 75 basis points. The new rates have come into effect from October 11. A depositor will get an interest rate of up to 6% for general public and up to 6.75% for senior citizens. The interest rates also depend on the different tenors maturing between 7 days and 10 years.

ICICI Bank: This private bank is offering interest rates between 3% to 6.20% for general public and 3.50% to 6.75% for senior citizens. Rates will mature between 7 days to 10 years.

State Bank Of IndiaIndia’s largest bank State Bank of India (SBI) has increased interest rates by up to 20 basis points. It will now offer interest rates ranging from 3% to 5.85% for general public and up to 3.50% and 6.65% for senior citizens. They are available for various fixed deposits maturing between 7 days to 10 years.

Earlier, Indian banks were reluctant to raise deposit rates. But the transition from a position of liquidity to a near-deficit scenario has worked in favor of the savers. Indian banks have faced serious challenges to bring back the savers as some of them have moved to other investment options.

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