BackSBI vs IndusInd vs Axis vs Kotak Vs Canara vs Yes Bank: Check new FD rates
To combat soaring inflation, the Reserve Bank of India's monetary policy committee increased the benchmark repo rate by 50 basis points to 5.4% in August.
PremiumTo combat soaring inflation, the Reserve Bank of India's monetary policy committee increased the benchmark repo rate by 50 basis points to 5.4% in August. This was the third consecutive jump. Bank loan and deposit interest rates have increased as a result of the increase in the repo rate. Major banks, including SBI, have already increased fixed deposit interest rates since the repo rate increase, which is excellent news for fixed-income investors. For fixed deposits, investors seeking top banks with higher FD interest rates can compare the interest rates of the banks below.
SBI FD Rates
The largest lender in the nation, State Bank of India (SBI), increased interest rates on fixed deposits of less than ₹2 Cr on August 13, 2022. The bank increased interest rates by 15 basis points across multiple tenors in response to the modification. On fixed deposits maturing in 5 years and up to 10 years, non-senior individuals can now receive a maximum interest rate of 5.65%, while older adults can earn a maximum interest rate of 6.45%.
IndusInd Bank FD Rates
IndusInd Bank announced a rate increase for fixed deposits under ₹2 crore on August 12, 2022. Currently, the bank offers fixed deposits with maturities ranging from 7 days to 10 years with interest rates for the general public ranging from 3.50% to 6.75% and 4.25% to 7.50% for senior citizens. The general public will now receive a maximum interest rate of 6.75% on fixed deposits maturing in 1 year 6 months to 61 months, and senior citizens will receive a maximum interest rate of 7.50%.
Axis Bank FD Rates
Axis Bank announced a rate increase for fixed deposits below ₹2 Cr on August 11, 2022. The bank increased the interest rate from 5.60% to 6.05% on fixed deposits with maturities ranging from 17 months to 18 months as a result of the modification.
Kotak Bank FD Rates
On August 10, 2022, Kotak Mahindra Bank announced a rise in the interest rate for fixed deposits below ₹2 Cr. The bank is now offering interest rates on fixed deposits with maturities ranging from seven days to ten years that range from 2.50% to 5.90% for non-senior citizens and from 3.00% to 6.40% for senior citizens.
Canara Bank FD Rates
Canara Bank increased interest rates on fixed deposits under ₹2 Cr on August 8, 2022. The bank currently offers interest rates on deposits maturing in 7 days to 10 years that vary from 2.90% to 5.75% for regular customers and 2.90% to 6.25% for senior citizens as a result of the modification.
Yes Bank FD Rates
Yes Bank increased its interest rates on fixed deposits below ₹2 crore on August 10, 2022. Yes Bank will now provide interest rates for fixed deposits maturing in 7 days to 10 years that range from 3.25% to 6.75% for the general public and 3.75% to 7.50% for elderly persons. Yes Bank will now provide a maximum interest rate on fixed deposits with maturities between three and ten years of 6.75% for non-senior citizens and 7.50% for older adults.
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