To tackle rising inflation, the Monetary Policy Committee of the Reserve Bank of India raised the benchmark repo rate by 50 basis points to 5.4% in August. This was the third consecutive jump. With the increase in the repo rate, the interest rates of bank loans and deposits have increased. Big banks including SBI have already hiked fixed deposit interest rates after the repo rate hike, which is good news for fixed income investors. For fixed deposits, investors looking for top banks with high FD interest rates can compare the interest rates of banks given below.
SBI FD Rates
country’s largest lender State Bank Of India (SBI)Increase in interest rates on fixed deposits of less than 2 crore on August 13, 2022. The bank raised interest rates by 15 basis points over several periods in response to the revision. On fixed deposits maturing in 5 years and 10 years, non-senior individuals can now get a maximum interest rate of 5.65%, while older adults can earn a maximum interest rate of 6.45%.
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IndusInd Bank FD Rates
indusind bank Announced increase in rate for fixed deposits under 2 crore on 12 August 2022. Presently, the bank offers fixed deposits with interest rates ranging from 3.50% to 6.75% for general public with maturities ranging from 7 days to 10 years and from 4.25% to 7.50% for senior citizens. The general public will now get a maximum interest rate of 6.75% on fixed deposits maturing in 1 year 6 months to 61 months, and senior citizens will get a maximum interest rate of 7.50%.
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Axis Bank FD Rates
axis Bank Rate hike for fixed deposits announced below 2 crore on August 11, 2022. The bank increased the interest rate on fixed deposits with maturities from 17 months to 18 months from 5.60% to 6.05% as a result of the amendment.
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Kotak Bank FD Rates
On 10 August 2022, Kotak Mahindra Bank Interest rate hike for fixed deposits announced below 2 crore The bank is now offering interest rates on fixed deposits with maturities ranging from seven days to ten years which range from 2.50% to 5.90% for non-senior citizens and 3.00% to 6.40% for senior citizens.
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Canara Bank FD Rates
Canara Bank Increased interest rates on fixed deposits under 2 crore on August 8, 2022. The bank currently offers interest rates on deposits maturing in 7 days to 10 years which result in a revision from 2.90% to 5.75% for regular customers and from 2.90% to 6.25% for senior citizens.
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Yes Bank FD Rates
Yes Bank increased its interest rates on fixed deposits below 2 crore on 10 August 2022. Yes Bank Will now offer interest rates for fixed deposits maturing in 7 days to 10 years which ranges from 3.25% to 6.75% for general public and 3.75% to 7.50% for elderly persons. Yes Bank will now offer the maximum interest rate on fixed deposits with maturity of 6.75% for non-senior citizens and 7.50% for older adults.
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