Fixed Deposits: 7 banks that have raised interest rates in August. Details here

Deepika Chelani
Updated: 23 Aug 2022, 12:04 PM IST
TL;DR.

The Reserve Bank of India (RBI) raised the repo rate by 50 basis points to 5.40 percent on Aug 5 for the third in a row. These consecutive repo rate hikes have raised fixed deposits (FDs) interest rates, spelling a great news for the conservative investors. Here we list out almost all the banks that have raised their fixed deposit interest rates since the repo rate rise.

The interest rates of fixed deposits above ₹2 crore have been revised by the Canara bank and the new interest rates will take effect from August 8, 2022. The bank is offering interest rates on FDs maturing in 7 days to 10 days that range from 2.90% to 5.75% for the general public and 2.90% to 6.25% for senior citizens.

ICICI bank has raised the interest rates on fixed deposits above ₹2 crore to ₹5 crore and the higher interest rates are effective from August 8, 2022. The bank is offering interest rates on FDs maturing in 7 days to 10 days that range from 3.25% to 5.75%.

State-owned Indian Bank has raised the interest rates on fixed deposits for the amount less than ₹2 crore, effective from August 4, 2022. Currency, the bank offers interest rates on deposits with maturities ranging from 7 days to 14 days and over that range from 2.80% to 5.60% for the general public and 3.30% to 6.10% for senior citizens.

Bank of Baroda also has increased interest rates on fixed deposits for amounts below ₹2 crore. The new interest rates are effective from July 28, 2022. For deposits between 7 to 45 days, the rate of interest is 3%, for deposits between 46 days to 180 days, the rate of interest is 4%. And for FDs of tenure between 181 days and up to one year, the rate of interest is 4.65%.

The interest rates of fixed deposits less than ₹2 crore have been revised by the DBS bank and the new interest rates are effective from July 28, 2022. The bank offers interest rates in the range from 2.5 to 6.25% for the general public and 3 to 6.75% for senior citizens, according to the bank’s website.

Fincare Small Finance Bank (SFB) has raised its interest rates on FDs w.e.f. August 21, 2022. Following the amendment, the bank is now offering a maximum interest rate of 7.50% for fixed deposits maturing in 1000 days to the general public and 8% for senior citizens. The interest rate for fixed deposits maturing in 12 to 15 months will now be 6.75%, an increase of 50 bps from the previous rate of 6.25%, 

IDBI Bank has hiked the interest rates on fixed deposits across various tenors with effect from August 22, 2022. The Bank is now offering the highest rate of 6.55% on select tenors. The bank has kept the interest rates unchanged on FDs maturing in 7-14, 15-30 days and 10 years to 20 years. On deposits maturing in 271 days upto 1 year, IDBI Bank is giving 4.8% and on FDs maturing in 1 year to leass than 18 month, the bank will give 5.60%. or term deposits maturing in 5 years to 10 years, IDBI Bank will give an interest rate of 5.8%.

First Published: 09 Aug 2022, 01:10 PM IST