State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank and RBL Bank are among the banks that have recently increased the interest payable to customers on fixed deposits.
Apart from this, IDFC First Bank, RBL Bank, Union Bank of India and Canara Bank are paying interest rates above 7% to customers on certain deposits. IDFC First Bank offers FDs ranging from 7 days to 10 years. Senior citizens get an extra 0.50 percent interest on these deposits. For fixed deposits maturing in 750 days, the bank pays an interest rate of 7.25% to general customers and 7.75% to senior citizens.
RBL Bank gives 7% interest to common customers on FDs maturing in 15 months. Senior citizens will get interest at the rate of 7.50% on this period.
Union Bank of India is a government bank, which has increased interest rates on FDs of less than ₹ 2 crore from October 17. After the new hike, the bank gives an interest of 3% to 7% on FDs maturing from 7 days to 10 years.
Canara Bank has prepared a special fixed deposit plan for a tenure of 666 days. According to this scheme, banks are giving interest at the rate of 7% to their general customers, whereas, senior citizens will get interest at the rate of 7.5%.