Competition to increase FD rate, these 4 banks increased interest rates in one day

Private sector bank, Kotak Mahindra Bank has increased the rate of FD from 390 days to 3 years. Rate has been increased on FDs of less than Rs 2 crore. According to the bank, the new rates have been implemented from August 17.

it seems that fixed deposit rate There is a competition among banks to increase (FD Rates). After increasing the repo rate, the customers of FD have become silver. Ever since the Reserve Bank has started increasing the repo rate, the FD rate is also seeing a jump. There is hardly any bank, private or government, which has not increased FD rates. During Wednesday-Thursday, 4 banks simultaneously announced an increase in FD rate. The names of these banks include IDFC First Bank, HDFC Bank, Punjab National Bank and Kotak Mahindra Bank. Earlier, Ujjivan Small Finance Bank had also increased the FD rate. Let’s know which bank has increased how much.

1-IDFC Bank

IDFC Bank is a private sector bank that has increased the rates of FDs below Rs 2 crore. The new rates have been implemented from August 16. This bank has said that 6.50 percent interest will be available on FDs maturing in 2 years 1 day to 749 days. Similarly, FDs maturing in 750 days will get 6.90 percent interest. IDFC Bank earlier used to give 6.50 percent interest on FDs maturing in 2 years 1 day to 3 years. The new rates are applicable on FDs of less than Rs 2 crore. An additional 0.50 percent interest will be given to senior citizens.

2-Kotak Mahindra Bank

Private sector bank, Kotak Mahindra Bank has increased the rate of FD from 390 days to 3 years. Rate has been increased on FDs of less than Rs 2 crore. According to the bank, the new rates have been implemented from August 17. Earlier, Kotak Mahindra had increased the FD rate on 10 August. FDs ranging from 390 days to 3 years have been included in the recent hike. Kotak Mahindra Bank has announced to give interest ranging from 2.50 percent to 5.90 percent for FDs maturing in 7 days to 10 years. This rate is for general public, while senior citizens will get interest from 3 to 6.40 percent.

3-HDFC Bank

HDFC Bank has again increased the FD rate. The FD rate has been increased by 40 basis points. Two months back also, HDFC Bank had increased the FD rate. The new rates have come into effect from August 18, 2022. However, the rates have been increased only for FDs of less than Rs 2 crore. According to HDFC Bank, 5.50 percent interest will be available on FDs with a tenor of one year to two years. Earlier, 5.35 percent interest was available on FDs of the same period.

Earlier, 5.35 percent interest was available on FDs of the same period. In this way, the FD rate maturing in one to two years has been increased by 15 basis points. FDs maturing in two years one day to three years will also get 5.50 percent interest. FDs maturing in three years from one day to five years will get 6.10 percent interest.

4-Punjab National Bank

Government bank, Punjab National Bank has increased the interest rate on FDs below Rs 2 crore. The new rates of PNB FD are applicable from August 17. According to PNB, the rate of fixed deposits with maturity from one year to three years and tenure of 5 years and above has been increased. The rate of FD up to 10 years has also been increased.

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PNB will continue to offer an interest rate of 3.25% on FDs maturing in 46 to 90 days and 3.00% on FDs maturing in 7 to 45 days. FDs with maturities between 91 and 179 days will continue to pay 4.00% interest, while FDs with maturities of 180 days and less than one year will continue to pay 4.50% interest.