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Top 8 Banks That Have Hiked Interest Rates on Fixed Deposits, Good News For Senior Citizens Too

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Several banks have decided to hike interest rates on fixed deposits soon after the Reserve Bank of India (RBI) increased repo rate by 0.40%. A hike in the repo rate makes savings attractive as it can fetch higher interest rates on Fixed Deposits. Meanwhile, the changes announced by the Central Bank in Repo Rate has strong impact on lending as well as deposit rates. Below are top 7 banks that have increased the interest rates on their Fixed Deposits:

Canara Bank:

Canara Bank:

The bank has announced a hike in fixed deposit interest rates for amount less than Rs 2 crore than can mature in 46 days to ten years, as per Canara Bank's official website. The new rates have already came into effect on May 12, 2022. Canara Bank has raised 3.90 % interest rates to 4% on deposits maturing in 46 to 90 days. Similarly, the bank has decided to hike the interest rate from 3.95% to 4.05 on fixed deposits maturing in 91 to 179 days. It is a 10 basis point hike announced by Canara Bank.

Canara Bank was offering 4.40% interest rates on term deposits maturing in 180 days to less than a year and now it has decided to raise it to 4.50%. The bank will now offer 4.55% on deposits maturing in 270 days to less than one year. The bank has raised interest rate from 5.10% to 5.30% on fixed deposits maturing in one year. Deposits maturing in two years or less will fetch an interest rate of 5.40% now which was 5.15% earlier.

SBI Bank:
 

SBI Bank:

India's largest lender has also decided to hike interest rates on Domestic Bulk Term Deposits of Rs 2 Crore and above. The revised rates came into effect on May 10, 2022. SBI offers 3.00 % interest rates on domestic bulk term deposits of Rs 2 crore and above that mature in 7 to 45 days. The bank has hiked interest rates to 3.50% from 3% on deposits maturing in 46 to 179 days, a rise of 50 basis point.

Meanwhile, interest rates have been hiked on deposits maturing in 180 days to 210 days by 40 basis points to 3.5%. It is worth mentioning that interest rates on deposits maturing in 211 days to less than 1 year has been raised to 3.75%. SBI has also hiked the rates on deposits maturing in 1 year to less than 2 years to 4%. There is a great news for senior citizens too. They will be eligible to receive an additional 0.50 % over and above the regular rate.

Axis bank:

Axis bank:

India's third largest private lender, Axis Bank revised its interest rates on domestic fixed deposits below Rs 2 crore. The bank has revised interest rates on deposits of 9 months and above. Axis bank will now offer 4.75% on deposits maturing in 9 months to less than a year from the previous 4.4%, a hike of 35 basis point.

Meanwhile, the interest rate on deposits maturing in less than 1 year 5 days will be 5.25% from the previous 5.1%. The bank will now offer an interest rate of 5.25% on deposits maturing in 1 year 25 days to less than 15 months. The interest rates on deposits maturing in 5 to 10 years will remain constant at 5.75%. Meanwhile, senior citizens will get 0.50% more on all tenures. Now senior citizens will get 2.50% to 6.50% on deposits maturing in seven days to less than 10 years.

Central Bank of India:

Central Bank of India:

The leading public sector lender has revised interest rates on its fixed deposits too. It has revised interest rates on domestic fixed deposits of less than Rs 2 crore. Now the bank will offer you 2.75% interest rates on deposits maturing in 7-14 days while deposits maturing in 15-45 days will fetch you 2.90% interest rate.

Meanwhile, the interest rates on deposits maturing in two years to less than three years will be now 5.25% from the previous 5.1%, a rise of 15 basis point. Now the interest rates on deposits maturing in 3 to 5 years will be 5.30% from the earlier 5.1%, a hike of 20 basis point. Earlier, Central Bank of India offered 5.15% interest rates on deposits maturing in five to ten years but now it has been hiked to 5.5%, a 35 basis increase. There is some great news for senior citizens too. They will get an additional rate of 0.50% over and above the interest rate. Soon after the revised rates senior citizens will become eligible to get 5.75 interest rates on FDs maturing in 2 years to less than 3 years. They will get 5.6% interest rates on FDs maturing in 1 year to less than 2 years. The interest rates for deposits maturing in 180 to 270 days will be 4.75%.

Utkarsh Small Finance Bank:

Utkarsh Small Finance Bank:

The DICGC-insured bank has also revised its interest rates on fixed deposits of less than 2 crore. Soon after the revision, the common public will be eligible to receive a maximum interest rate of 7.25% while senior citizens will get a maximum rate of 7.75%.

Interest rates on deposits maturing in 7 to 45 days will be now 3% while interest rates will be 3.25% on deposits maturing in 46 to 90 days. Now the bank will offer 4.25% interest rates on deposits maturing in 91 to 180 days, a hike of 25 basis point. It has decided to offer 5.575% interest rate on term deposits maturing in 181 days to 364 days. Also, the interest rates for term deposits maturing in 365 days to 699 days will be 6.90% from the previous 6.50%, a rise of 40 basis point. Seniors citizens are also eligible to receive the revised rate hikes and get an additional 0.50% interest rate across all tenors.

Bank of Maharashtra:

Bank of Maharashtra:

The public sector lender too have revised interest rates on domestic and NRO term deposits. As per the leading bank's official webpage, the new rates came into effect on May 8, 2022. Senior citizens will get more 0.50% interest rates for all maturity slabs of 91 days and above for deposits less than 2 crore. Now the bank gives 3.25% interest rates on deposit maturing in 46 to 90 days.

Bank of Maharashtra offers 3.50% and 3.75% interest rates on term deposits maturing in 91 to 119 days and 120 to 180 days respectively. The interest rates on deposits maturing in 181 to 270 days is 4% while the rate on FDs due in 271 to 364 days is 4.25%. The rates for deposits maturing in 1 year is 5%.

UCO Bank:

UCO Bank:

The leading bank has also brought into effect the new interest rates on fixed deposits of less than Rs 2 crore on May 10, 2022. It will now offer a revised rate of 2.55% to 6.02% to both general public and senior citizens. It will offer 2.55% rates on deposits maturing in 7 to 29 days to regular and elderly while on deposits maturing in 30-45 days, it will offer 2.80% interest rates.

Meanwhile, on deposits that mature in 46 to 90 days both regular and senior citizens customer categories will get 3.55%. Both the customers are now eligible to receive 3.70% on deposits maturing in 91 to 120 days while they will get 3.71% on deposits maturing in 121-180 days. On deposits maturing in 1 to 2 years, the bank offers a regular rate of 5.20% while senior citizens will get 5.41%. UCO bank offers 5.33% to regular customers on deposits maturing between two to three years while senior citizen will get 5.55% rate of interest.

ICICI Bank:

ICICI Bank:

The bank has also declared a 5 basis point interest rate hike on fixed deposits of Rs 2 core to 5 crore. According to ICICI Bank's official website, interest rates have been increased for deposits maturing in 15 months to 10 years. Soon after the revision, ICICI Bank will offer 4.50% interest rates on fixed deposits maturing in 1 years to 389 days and 390 days to less than 15 months. Meanwhile, it will offer 4.65% interest rates on deposits maturing in 15 months to less than 18 months. Now it will offer 4.80% interest rates on deposits maturing in two years and one day to three years. ICICI Bank has decided to hike the interest rate from 4.8% to 4.85% on term deposits maturing in 3 years 1 day to 5 years and 1 day to 10 years.


 

Story first published: Friday, May 13, 2022, 15:21 [IST]
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