THESE Banks Hike Fixed Deposit Interest Rate in Feb 2023: Check List Here

The repo rate recently increased by 25 basis points (bps) to 6.50 percent by the Reserve Bank of India. Since May 2022, the central bank has raised the rates six times. Accordingly, a number of banks have raised interest rates on their fixed deposits, giving their clients better returns. Here is the list of top banks that have changed the interest rates on their fixed deposits (FDs).

SBI, the largest public lender in India, has increased the bulk term deposit rates by 25-75 bps across tenures, meaning that depositors would now receive higher returns on their FDs. Beginning on February 15, 2023, retail domestic term deposits (under Rs 2 crore) would be subject to modification. On terms of up to 5 years and up to 10 years, the bank is providing rates of 3 percent to 7 percent.

With effect from February 11, 2023, the largest private lender Axis Bank similarly increased the interest rates on FDs under Rs 2 crore. The lender is currently providing rates between 3.50 percent and 7.10 percent.

Also, the private lender raised the interest rates on large fixed deposits (FDs) from Rs 2 crore to under Rs 5 crore. The rates fall between 3 percent and 7 percent. The most recent FD interest rates go into effect on February 7, 2023.

The interest rates on FDs under Rs 2 crore have been raised at the private lender. Currently, IndusInd Bank offers an interest rate for loans with a general term of 7 days to 61 months or more that ranges from 3.5 percent to 7 percent. For a deposit tenor of two years to three years and three months, the lender is offering a maximum rate of 7.50 percent for non-senior citizens and 8.25 percent for senior people. In effect as of February 16, 2023, are the rates.

Customers of the Bank of Maharashtra can now earn interest rates of up to 5.75 percent on FDs under Rs 2 crore as of February 14, 2023. In addition, the lender launched two unique tenors with 200-day and 400-day maturities, under which it promised yields of 7 percent and 6.75 percent, respectively.