BackFixed deposit interest rate: In revised FD regime, these banks give up to 9% return. Check details here
Fixed deposit interest rate: Kotak Mahindra, DCB, Bank of Baroda, and Federal Bank are among the six banks that have hiked FD rates this month
PremiumAfter the Reserve Bank of India decided to hit the pause button on the repo rates, many banks have also not changed their fixed deposit (FD) interest rates. However, there are a few banks that have revised interest rates on term deposits this month.
Kotak Mahindra, DCB, Bank of Baroda, and Federal Bank are among the six banks that have hiked FD rates in May 2023
Federal Bank latest FD rates
Federal Bank has revised its interest rates on fixed deposits of less than ₹2 crore. As per the official website of the bank, the new rates are effective from 17 May 2023. Following the revision, general public will get an interest rate ranging from 3% to 6.6% and senior citizens 3.5% to 7.25% on fixed deposits maturing in seven days to more than five years.
Bank of Baroda latest FD rates
Bank of Baroda (BoB), recently announced an increase in interest rates on fixed deposits (FDs), by up to 30 basis points on select tenors. These rates are applicable on deposits below ₹2 crore, with effect from May 12, 2023.
Interest rates have also been hiked on the Baroda Tiranga Plus Deposit Scheme. The 399 Day Baroda Tiranga Plus deposit scheme now offers interest rates up to 7.90% p.a., which includes 0.50% p.a. for senior citizens and 0.15% for non-callable deposits.
After the latest hike, the Bank of Baroda offers an interest rate ranging from 3% to 7.25% to general customers and 3.5% to 7.75% to elderly people.
Kotak Mahindra Bank latest FD rates
Kotak Mahindra Bank has hiked the interest rate on fixed deposits with effect from May 11, 2023. Kotak Mahindra Bank provides interest rates ranging from 2.75% to 7.20% to the general public and from 3.25% to 7.70% to senior citizens.
DCB Bank latest FD rates
DCB Bank has revised fixed deposit interest rates for deposits below ₹2 crore. The new rates are effective from May 8, 2023. The bank is now providing FDs with the highest interest rate, 8%, to the general customers and 8.50% for senior citizens.
Suryoday Bank latest FD rates
Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits. The new rates are effective from May 5, 2023.
After the revision, the bank is offering the general public interest at a rate of 4% to 9.10%, and senior citizens at a rate of 4.50% to 9.60%
Unity Bank latest FD rates
Unity Small Finance Bank has revised the interest rates on fixed deposits with effect from May 2, 2023. For regular consumers, it offers interest rates between 4.5% to 9%. It currently provides senior citizens with an interest rate of 9.5% p.a. on fixed deposits invested for terms of 1001 days, respectively, while retail investors get 9% for the same term, according to the bank website.
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