After the decision of RBI, the customers of these banks became silver, now there will be more profit on FD than before

FD interest rates have been increased after the Reserve Bank of India (RBI) announced a 0.40 percent increase in the repo rate.

May 06, 2022 | 7:00 AM

TV9 Hindi , Edited By: Sanjeet Kumar

May 06, 2022 | 7:00 AM




The Reserve Bank of India (RBI) on Wednesday increased the repo rate by 40 basis points.  After the announcement of the increase in policy rates by the central bank, the loans of banks started getting expensive.  By increasing the loan rates, banks have increased the burden of EMI on the common man.  On the other hand, some relief has been given by increasing the interest rates on fixed deposits.  After the decision of RBI, four banks have increased the interest rates on FD as well as savings account.  Customers will now have more profits on their FDs.

The Reserve Bank of India (RBI) on Wednesday increased the repo rate by 40 basis points. After the announcement of the increase in policy rates by the central bank, the loans of banks started getting expensive. By increasing the loan rates, banks have increased the burden of EMI on the common man. On the other hand, some relief has been given by increasing the interest rates on fixed deposits. After the decision of RBI, four banks have increased the interest rates on FD as well as savings account. Customers will now have more profits on their FDs.

Kotak Mahindra Bank: Private sector Kotak Mahindra Bank has increased the interest rates on fixed deposits (FDs) of different tenors by up to 0.35 percent for its retail customers.  The hike in interest rates on FDs is effective from May 6, 2022.  This increase is for FDs less than Rs 2 crore.  According to the bank, the interest rate on FDs for a period of 390 days has been increased by 0.30 percent to 5.50 percent.

Kotak Mahindra Bank: Private sector Kotak Mahindra Bank has increased the interest rates on fixed deposits (FDs) of different tenors by up to 0.35 percent for its retail customers. The hike in interest rates on FDs is effective from May 6, 2022. This increase is for FDs less than Rs 2 crore. According to the bank, the interest rate on FDs for a period of 390 days has been increased by 0.30 percent to 5.50 percent.

ICICI Bank: ICICI Bank has also increased the fixed deposit rates.  At present, this increase has been made on deposits ranging from Rs 2 crore to Rs 5 crore.  The new rates have become effective from May 5, 2022.  FD interest rates have been increased by up to 25 basis points.  Now one-fourth percent more will be available on deposits up to 90 days.  There has been an increase of 20 basis points on deposits of 271 days to 1 year and 15 basis points on deposits up to 2 years.

ICICI Bank: ICICI Bank has also increased the fixed deposit rates. At present, this increase has been made on deposits ranging from Rs 2 crore to Rs 5 crore. The new rates have become effective from May 5, 2022. FD interest rates have been increased by up to 25 basis points. Now one-fourth percent more will be available on deposits up to 90 days. There has been an increase of 20 basis points on deposits of 271 days to 1 year and 15 basis points on deposits up to 2 years.

Federal Bank: A day after RBI's 0.40 percent hike in the repo rate, Federal Bank of the private sector has increased the interest rates on savings accounts.  The new rates have come into effect from May 5, 2022.  Federal Bank savings account interest rates are linked to repo rates.  Similarly, the interest rate on savings bank deposits of Rs 5 crore and above will be 1.75 per cent lower than the RBI repo rate for amounts up to Rs 1 lakh.  At the same time, on balance above Rs 1 lakh, interest will be 0.60 percent less than the repo rate of RBI.

Federal Bank: A day after RBI’s 0.40 percent hike in the repo rate, Federal Bank of the private sector has increased the interest rates on savings accounts. The new rates have come into effect from May 5, 2022. Federal Bank savings account interest rates are linked to repo rates. Similarly, the interest rate on savings bank deposits of Rs 5 crore and above will be 1.75 per cent lower than the RBI repo rate for amounts up to Rs 1 lakh. At the same time, on balance above Rs 1 lakh, interest will be 0.60 percent less than the repo rate of RBI.

Jana Small Finance Bank: Jana Small Finance Bank has increased the interest rates by 25 basis points on fixed deposits of less than Rs 2 crore.  After this amendment, the interest rates on deposits maturing in 3 to 5 years have been increased from 6.75 percent to 7 percent.  The bank has not made any change in the interest rates for the rest of the period.

Jana Small Finance Bank: Jana Small Finance Bank has increased the interest rates by 25 basis points on fixed deposits of less than Rs 2 crore. After this amendment, the interest rates on deposits maturing in 3 to 5 years have been increased from 6.75 percent to 7 percent. The bank has not made any change in the interest rates for the rest of the period.






Most Read Stories