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Fixed deposit rates: These banks hiked FD interest rates recently. Details here

Banks have increased fixed deposits (FDs) interest rates recently. (Hemant Mishra/Mint) — Banks have increased fixed deposits (FDs) interest rates recently. **(Hemant Mishra/Mint)**

2 min read . Updated: 26 Jun 2022, 08:44 AM IST Livemint

The increase in interest rates has come against the backdrop of an increase in reports rates by 50 basis points by the RBI

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Several banks have increased the fixed deposit interest rates for a different amounts of deposits and for different tenures recently. The increase in interest rates has come against the backdrop of an increase in reports rates by 50 basis points by the Reserve Bank of India (RBI) to tame inflation across the country. Bank FDs or fixed deposits are popular investment products in the country. However, financial experts have always advised that one should not park their entire savings in bank FDs. One needs to assess their asset allocation and goals to decide how much money they need to park in banks.

Here are the latest FD interest rates revised by various banks recently:

ICICI Bank FD rates

Private lender ICICI Bank revised FD rates twice in a week recently. As per the official website of ICICI Bank, FD rates offered by the bank now range from 2.75% to 5.75% across tenures. The bank has revised FD interest on deposits below ₹2 crore. Check the latest FD rates of ICICI Bank here:

HDFC Bank FD rates

The country's largest private lender also increased FD interest rates on deposits less than rs 2 crore. The bank hiked interest rates on multiple tenors and currently offers 2.75% to 5.75% to the general public and 3.25% to 6.50% to senior citizens on deposit tenures ranging from 7 days to 10 years.

Check the latest FD rates of HDFC Bank here:

Canara Bank FD rates

The Canara Bank has recently introduced a special fixed deposit scheme for the general public. This special term deposit scheme introduced by the state-owned bank is for an amount below ₹2 crore and is valid till September 30. The special term deposit scheme launched by the Canara Bank offers an annual interest rate of 5.10 % for the public in general whereas senior citizens will get 5.60 % annual return on their money.

Bank of India FD rates

Bank of India is providing an interest rate on deposits ranging from seven days to ten years of 2.85 % to 5.35 %. In order to receive the additional rate advantage, a senior citizen must open the fixed deposit account as the primary account holder and be older than 60 at the time of deposit.

Check the latest FD rates of the Bank of India (BOI) here:

IndusInd Bank FD rates

IndusInd Bank, the country's 5th largest private sector bank by market cap, has revised interest rates on fixed deposits of less than ₹2 crore. The bank has increased interest rates on several deposit tenors, offering the general public a maximum rate of 6.50 % and senior citizens a maximum rate of 7%.

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