Home Interest rate Interest rate on fixed deposits increased – 8.15%, 7.75%, 7.5% to 6.1%, what you can get from term deposits now

Interest rate on fixed deposits increased – 8.15%, 7.75%, 7.5% to 6.1%, what you can get from term deposits now

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Fixed Deposit Rate Rise News: Amid the cycle of rising interest rates, several private and public sector banks have recently revised their fixed deposit rates. Banks are now offering higher interest rates and now may be a good time for investors looking to secure their savings and earn interest by investing in FDs. Here is an overview of recent FD-related announcements by some banks:

FD Special Baroda Bank

Bank of Baroda recently announced a special fixed deposit program – “Baroda Tiranga Deposit Scheme” which offers 5.75% interest per annum for 444 days and 6.00% interest for 555 days of deposits. The program will be open until December 31.

Interest rate PNB FD

The Punjab National Bank (PNB) has been offering 6.10% interest on deposits for 405 days since August 19. The public sector bank also changed the rate on deposits maturing in one year to 5.50%.

ICICI bank changes FD rate

ICICI Bank also recently changed fixed deposit rates for retail customers in terms ranging from one year to five years. The bank offers up to 5.5% to 6.1% interest on terms of 1 to 5 years.

HDFC Bank FD rate hike

HDFC Bank also raised FD rates. The private sector bank is now offering its highest interest rate of 6.10% on deposits below Rs 2 crore for 3-5 years. Seniors will get an additional 0.6% interest on FD of the same term.

Super Senior Citizen FD Special

RBL Bank recently launched a Super Senior Citizen Fixed Deposit promising higher interest rates to super seniors. With this product, super seniors aged 80 and over can earn interest at a rate of 7.75% per annum for 15 months of deposits.

Ujjivan Small Finance Bank FD Rate Hike

Ujjivan Small Finance Bank has also raised interest rates on term deposits effective August 9, 2022. It now offers 7.5% interest on deposits in three tenors – 75 weeks, 75 months and 990 days.

Unity Small Finance Bank reviews FD

Unity Small Finance Bank (USFB) is now offering up to 8.15% interest to senior citizens for term deposits with terms of 2-3 years and 3-5 years. For clients under 60, the USFB offers a maximum interest of 7.65% on 2-3 year and 3-5 year tern FDs.