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5 Banks Hiked Interest Rates On Deposit Products Post Surprise Rise of Repo Rate By RBI
The Reserve Bank of India (RBI) hiked the key repo rate by 40 basis points (bps) to 4.4 per cent and the Cash Reserve Ratio (CRR) by 50 basis points to 4.5 per cent in an unexpected announcement on Wednesday. Banks are prone to raise their rates on fixed deposits, savings accounts, and other debt products when key rates rise. As a consequence, we've identified 5 banks that have raised interest rates on fixed deposits and savings bank deposits in response to the surprise jump in the RBI repo rate.
Bandhan Bank
Bandhan Bank increased fixed deposit interest rates by 50 basis points on May 4, 2022. On deposits maturing in one year to 18 months and above 18 months to less than two years, the bank increased interest rates from 5.25 percent to 5.75 percent.
| Tenors | Regular rates p.a. | Senior citizens rates p.a. |
|---|---|---|
| 7 days to 14 days | 3.00% | 3.75% |
| 15 days to 30 days | 3.00% | 3.75% |
| 31 days to Less than 2 months | 3.50% | 4.25% |
| 2 months to less than 3 months | 3.50% | 4.25% |
| 3 months to less than 6 months | 3.50% | 4.25% |
| 6 months to less than 1 year | 4.50% | 5.25% |
| 1 year to 18 months | 5.75% | 6.50% |
| Above 18 months to less than 2 years | 5.75% | 6.50% |
| 2 years to less than 3 years | 6.25% | 7.00% |
| 3 years to less than 5 years | 6.25% | 7.00% |
| 5 years to up to 10 years | 5.60% | 6.35% |
| Source: Bank Website |
ICICI Bank
On 5th May 2022, ICICI Bank hiked interest rates on several tenors on fixed deposits of Rs 2 Cr to 5 Cr.
| Tenors | Regular rates p.a. | Senior citizens rates p.a. |
|---|---|---|
| 7 days to 14 days | 2.75% | 2.75% |
| 15 days to 29 days | 2.75% | 2.75% |
| 30 days to 45 days | 3.00% | 3.00% |
| 46 days to 60 days | 3.00% | 3.00% |
| 61 days to 90 days | 3.25% | 3.25% |
| 91 days to 120 days | 3.50% | 3.50% |
| 121 days to 150 days | 3.50% | 3.50% |
| 151 days to 184 days | 3.50% | 3.50% |
| 185 days to 210 days | 3.75% | 3.75% |
| 211 days to 270 days | 3.75% | 3.75% |
| 271 days to 289 days | 4.00% | 4.00% |
| 290 days to less than 1 year | 4.00% | 4.00% |
| 1 year to 389 days | 4.50% | 4.50% |
| 390 days to lsss than 15 months | 4.50% | 4.50% |
| 15 months to less than 18 months | 4.60% | 4.60% |
| 18 months to 2 years | 4.65% | 4.65% |
| 2 years 1 day to 3 years | 4.75% | 4.75% |
| 3 years 1 day to 5 years | 4.80% | 4.80% |
| 5 years 1 day to 10 years | 4.80% | 4.80% |
| Source: Bank Website |
Union Bank of India
Union Bank of India has announced an interest rate hike on savings accounts, which will take effect on June 1, 2022. Here are the updated rates on savings bank deposits, according to the bank's official website.
| Balance | Existing Interest Rate | Revised Interest Rate |
|---|---|---|
| Up to Rs.50 lakhs | 2.90% | 2.75% |
| Up to Rs.50 lakhs | 2.90% | 2.90% |
| Above Rs.100 Crores to Rs.500 Crores | 2.90% | 3.10% |
| Above Rs.500 Crores to Rs.1000 Crores | 2.90% | 3.40% |
| Above Rs.1000 Crores | 2.90% | 3.55% |
| Source: Bank Website |
Federal Bank
On 5th May 2022, Federal Bank announced interest rate revision on savings accounts.
| End of the Day Balance Slab | Rates of Interest (p.a) |
|---|---|
| Less than ₹5 Crores | 1.75% below RBI's Repo Rate |
| ₹5 Crores and above | 1.75% below RBI's Repo Rate for amount up to and including ₹1Lakh, and 0.60% below RBI's Repo Rate for the remaining balance above ₹1Lakh |
| Source: Bank Website |
The bank has mentioned on its website that "As the interest rates are linked to Repo rates, the interest rates will change as and when the Repo Rate gets revised by RBI on a T+1 basis. The rates as mentioned above will be calculated on the daily End of the Day balances maintained in Savings Bank accounts (Resident/NRE/ONR) and the same will be credited to respective accounts on a quarterly basis."
Jana Small Finance Bank
Jana Small Finance Bank hiked interest rates on deposits maturing in three to five years from 6.75 per cent to 7% on May 5, 2022, a 25 basis point increase.
| Period | Regular FD Interest Rate (p.a.) | Senior Citizen FD interest rate (p.a.) |
|---|---|---|
| 7-14 days | 2.50% | 3.30% |
| 15-60 days | 3.00% | 3.80% |
| 61-90 days | 3.75% | 4.55% |
| 91-180 days | 4.50% | 5.30% |
| 181-364 days | 5.50% | 6.30% |
| 1 Year [365 Days] | 6.50% | 7.30% |
| 1 Year - 2 Years | 6.50% | 7.30% |
| 2 Years - 3 Years | 6.75% | 7.55% |
| 3 Year - < 5 Years | 7.00% | 7.80% |
| 5 Years [1825 Days] | 6.75% | 7.55% |
| 5 Years- 10 Years | 6.00% | 6.80% |
| Source: Bank Website |
