Latest FD Rates 2023: These Banks Revised Fixed Deposit Rates In May

RBI keeps the repo rate unchanged for a couple of months. Following the bank regulator's decision to keep the repo rates constant, many banks have not modified their interest rates on fixed deposits.

However, the following banks increased or revised their fixed deposit interest rates in May 2023. Check latest FD rates of these banks.

For deposits under Rs 2 crore, DCB Bank has reduced the interest rates on fixed deposits. On May 8, 2023, the new rates will go into effect, according to the DCB Bank website. The bank now offers FDs with the highest interest rates, at 8.5 percent for senior citizens and 8 percent for regular clients, as a result of the revision.

The interest rates on fixed deposits in the 1 to 5-year tenor were revised by 49 to 160 bps by Suryoday Small Finance Bank. The revised prices go into effect on May 5, 2023.

Following the change, the bank is now offering deposits under Rs 2 crore with maturities ranging from 7 days to 10 years to the general public at a rate of 4 percent to 9.1 percent and senior citizens at a rate of 4.5 percent to 9.6 percent.

With effect from May 2, 2023, Unity Small Finance Bank has changed the interest rates on fixed deposits. According to the bank website, it now provides senior residents with a maximum interest rate of 9.5 percent per year on fixed deposits kept for at least 1001 days, while regular citizens receive a rate of 9 percent per year for the same duration.

Fixed deposits and recurring deposits that are withdrawn early will be subject to an early withdrawal penalty of 1 percent of the applicable rate for the time the deposit was held by the bank, or the contracted rate.