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Business News/ Money / Personal Finance/  Bank of India hikes rates on these fixed deposits. How they compare with HDFC Bank, Yes Bank, SBI
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Bank of India hikes rates on these fixed deposits. How they compare with HDFC Bank, Yes Bank, SBI

Bank of India increases fixed deposit rates for customers and the general public with effect from 1st December, 2023

Bank of India hikes rates on these fixed deposits. (MInt)Premium
Bank of India hikes rates on these fixed deposits. (MInt)

Bank of India, one of the leading public sector banks in India, has increased rates of its fixed deposits for its customers & general public (for 2 crore and above to less than Rs.10 crore) with effect from 1st December, 2023.

Bank has increased its fixed deposit rates for shorter periods i.e. “46 days to 90 days" tenure to 5.25%, “91 days to 179 days" tenure to 6.00%, for “180 days to 210 days" tenure to 6.25%, for “211 days to less than 1 Year" tenure to 6.50% and for “1 Year" tenure to 7.25% p.a. 

Bank of India hikes FD rates for these deposits below 2 crore

This recent update follows the bank's earlier move on November 1, where it increased the rates for all deposits below 2 crore with a two-year tenure. The revised interest rates for 2-year FDs stand at 7.9 percent for super senior citizens, 7.75 percent for senior citizens, and 7.25 percent for other customers.

It's worth noting that these revised interest rates are applicable not only for domestic term deposits but also for Non-Resident (Ordinary) (NRO) and Non-Resident (External) (NRE) rupee term deposits.

HDFC Bank revises FD rates on these deposits

HDFC Bank has revised its interest rates on non-withdrawable fixed deposits (FDs). As per the official website of HDFC Bank, interest rates on these deposits are effective from today 27th November 2023. The non-withdrawable FDs do not have any premature withdrawal facility. The deposit is allowed for Non-Resident Category also. The minimum tenor for an NRE deposit is 1 Year.

HDFC Bank's latest FD rates

After the latest revision, the bank is offering an interest rate ranging from 3% to 7.20 % to general customers on deposits maturing in 7 days to 10 years. Senior citizens will earn an interest rate of 3.5% to 7.75% on these deposits. These rates are effective from 1 October 2023.

Yes Bank hikes FD rates

Private lender Yes Bank has hiked the fixed deposit interest rate on selected tenure for deposits below 2 crore. After the latest revision, the bank offers interest rates between 3.25% to 7.75% to general citizens, and 3.75% to 8.25% to senior citizens on FDs maturing in seven days to ten years, according to the Yes Bank's website. The revised FD rates have been effective from November 21, 2023.

SBI's latest FD rates

SBI FDs between 7 days to 10 years will give 3% to 7.1% to general customers. Senior citizens will get 50 basis points (bps) extra on these deposits. These rates are effective 15 February 2023.

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Published: 04 Dec 2023, 12:57 PM IST
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