SBI vs IOB vs Kotak vs Yes Bank: Check latest FD rates post repo rate hike
2 min read 13 Dec 2022, 02:43 PM ISTMajor banks, including the largest lender State Bank of India (SBI), have announced interest rate hikes on retail term deposits of less than ₹2 Cr.
PremiumMajor banks, including the largest lender State Bank of India (SBI), have announced interest rate hikes on retail term deposits of less than ₹2 Cr. after the Reserve Bank of India (RBI) increased its repo rate by 35 basis points last week. Since May of this year, the majority of financial institutions have significantly raised their FD rates in line with the policy results of the RBI's significant rate hike of 225 basis points in FY23. Consequently, after the RBI's hike in the repo rate to 6.25% from 5.90% in the December policy meeting, these banks have raised their interest rates on fixed deposits of less than ₹2 crore.
SBI FD Rates
On fixed deposits of less than ₹2 Cr, the country’s largest lender SBI has announced an interest rate hike of up to 65 bps and the new rates are effective as of today 13th December. On deposits maturing in 211 days to 10 years, SBI has hiked interest rates in a range of 25 bps to 65 bps.
SBI has mentioned on its website that “A special ‘SBI Wecare’ Deposit for Senior Citizens in the Retail TD segment wherein an additional premium of 50 bps over & above the existing 50 bps i.e. 100 bps over card rate for public (as indicated in the above table) will be paid to Senior Citizens on their retail TD for '5 Years and above' tenor only. ‘SBI Wecare’ deposit scheme stands extended up to 31st March 2023. The interest rate payable to SBI Staff and SBI pensioners will be 1.00 % over and above the applicable rate shown in the above table."
IOB FD Rates
On fixed deposits under ₹2 crore, Indian Overseas Bank (IOB) has raised interest rates. The updated rates are valid as of 10.12.2022, claims the bank's official website. The bank increased FD rates on a number of tenors by up to 20 bps in response to the alteration. The bank now offers interest rates on deposits maturing in 7 days to 3 years and beyond that range from 3.75% to 6.50%.
Kotak Mahindra Bank FD Rates
On fixed deposits under ₹2 crore, Kotak Mahindra Bank has revised the interest rates. The new rates are in effect as of December 9, 2022, according to the bank's official website. On deposits maturing in 390 days (12 months 25 days) to less than two years, Kotak Mahindra Bank is now giving a maximum interest rate of 6.50% to the general public and 7.00% to senior citizens.
Yes Bank FD Rates
For fixed deposits under ₹2 crore, Yes Bank altered the interest rates on December 9, 2022, according to the bank's official website. After the adjustment, the bank now provides interest rates on deposits with maturities ranging from 7 days to 10 years that fall between 3.25% and 6.75% for the general public and 3.75% to 7.50% for senior citizens. In addition, Yes Bank has launched a 30-month special FD programme with interest rates of 7.50% for the general public and 8.00% for older adults.
