1. Yes Bank

Private sector bank Yes Bank is offering maximum interest of 8.25 percent on FD to senior citizens.

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Many banks have increased the interest rates on FD this month. According to experts, the trend of earning on FD may continue for a few more months i.e. in 2024. Let us also tell you which bank has increased the interest on FD by how much.

Bank of India increases FD rates in December 2023

Bank of India has increased the interest rates on FDs of Rs 2 crore and above and less than Rs 10 crore for its customers and general public from December 1, 2023. Bank of India has increased its FD rates for short periods. 5.25% on FD of 46 days to 90 days, 6.00% on FD of 91 days to 179 days, 6.25% on FD of 180 days to 210 days, 6.50% on FD of 211 days to less than 1 year and one year FD But interest is available at 7.25% per annum.

DCB Bank increases FD rates in December 2023:

Fixed deposit rates on selected tenures have been increased for FDs less than Rs 2 crore. The new rates are effective from December 13. According to the bank’s website, after the change in rates, general customers will get 8% interest and senior citizens will get 8.60% interest. General customers are being given interest rates ranging from 3.75% to 8% on FDs of seven days to 10 years and senior citizens are being given interest rates ranging from 4.25% to 8.60%.

Kotak Bank increases FD rates in December 2023

Kotak Mahindra Bank increased the interest rates for periods ranging from three to five years. After revision, Kotak Bank is offering interest rates of 2.75% to 7.25% on FDs maturing in seven days to ten years. It is offering interest rates of 3.35% to 7.80% for senior citizens. These rates are applicable from 11 December 2023.

Federal Bank increases FD rates in December 2023:

The bank has increased the FD rates from December 5, 2023 to 7.50 percent for 500 days. At the same time, for senior citizens, maximum interest is given at 8.15% for a period of 500 days and 7.80% for a period of more than 21 months to less than three years.

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According to the information given on the website of ICICI Bank, the interest on FD of Rs 2 crore to Rs 5 crore for a period of 7 to 14 days is 4.75 percent. The interest on FD of 30 days to 45 days is 5.5 percent and the interest on FD of 46 days to 60 days is 5.75 percent. Apart from this, interest on FD of 61 days to 90 days has been fixed at 6 percent, interest on FD of 91 days to 120 days has been fixed at 6.5 percent.

6.5 percent interest is being given on FDs of 121 days to 150 days, 6.75 percent interest is being given on FDs of 271 days to 289 days. The bank is offering 7.25 percent interest on FDs of one year to 389 days.

HDFC Bank also changed FD interest rate

HDFC Bank has also changed the interest rates on FDs of Rs 5 crore or more. The bank is now offering interest ranging from 4.75 percent to 7.00 percent on FDs of more than Rs 5 crore.

Let us tell you, recently the Federal Bank has changed the interest rates of some selected tenure FDs of less than Rs 2 crore. Now the bank is offering 7.50 percent interest rate to common citizens on FD of 500 days and 7.05 percent interest rate on FD of 21 months to less than 3 years. At the same time, banks are giving additional interest of 0.50 percent to senior citizens on FDs of both the tenures.

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Whenever a bank ignores RBI rules and does its own thing, the central bank can impose a fine on it. In this series, RBI has imposed penalty on Punjab National Bank (PNB), Federal Bank, Mercedes Benz Financial Services India Private Limited and Kosamattam Finance Limited, Kottayam. This action has been taken due to non-compliance of rules.

RBI said on Friday that it has imposed a penalty of Rs 72 lakh on PNB and Rs 30 lakh on Federal Bank. The central bank has imposed a fine of Rs 10 lakh on Mercedes Benz Financial Services India Pvt Ltd (formerly known as Daimler Financial Services India Pvt Ltd) for non-compliance with certain provisions of its Know Your Customer (KYC) Directive, 2016. Fine has also been imposed.

STORY | RBI imposes penalty on PNB, Federal Bank, 2 other entities

READ: https://t.co/hLrloaPJEj

(PTI File Photo) pic.twitter.com/o2sjlzskIR

— Press Trust of India (@PTI_News) November 3, 2023

RBI also said that Kosamattam Finance Limited, Kottayam has been fined for non-compliance with certain provisions of the ‘Non-Banking Financial Companies – Systemically Important Non-Deposit Taking Companies and Deposit Taking Companies (Reserve Bank) Directions, 2016’. A fine of Rs 13.38 lakh has been imposed.

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Federal Bank has made its customers happy by increasing the limit of their FDs. Federal Bank has increased the interest rates on FDs below Rs 2 crore. Federal Bank has announced a hike of 77 basis points in interest rates. According to Federal Bank, these increased rates will be valid only for a short time.

New FD interest rates of Federal Bank

Federal Bank is offering 3 percent interest rate on FDs maturing in 7 to 29 days and 3.25 percent on FDs maturing in 30 to 45 days. According to the bank’s website, it is paying 4.00 per cent interest on FDs maturing in 46 days to 60 days and 4.75 per cent interest on FDs maturing between 61 days to 90 days. 4.75 per cent on FDs maturing in 91 to 119 days.

Interest will be given at the rate of %. Those maturing in the next 120 to 180 days will now get interest at the rate of 5%. The bank is offering an interest rate of 5.75 percent on FDs maturing in the next 181 days to 270 days and 6 percent on FDs maturing in less than a year from the next 271 days.

Now these will be the new rates

Federal Bank is now offering an interest rate of 6.80 per cent on FDs maturing in 1 year to less than 15 months and 7.25 per cent on FDs maturing in 15 months to 2 years. FDs of more than two years and less than three years will now get interest at the rate of 6.75 percent. Maturity FDs of three years to less than five years will now get interest at the rate of 6.60 percent. The bank is offering an interest rate of 6.60 percent on FDs with a period of 5 years and above.

How much interest is being received on savings account

The bank is also offering an interest rate of up to 7.15 per cent on its savings account. According to the Federal Bank website, the interest rate is linked to the repo rate, so whenever the RBI changes the repo rate, that bank will also change the FD interest rates.

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How much did Federal Bank increase (Federal Bank MCLR Hike)

Federal Bank has increased its lending rates by 0.10% today, the new rates are applicable from today. Now the lending rate for one year will be 9.30%. Overnight MCLR has become 9.05, one month MCLR 9.10, three months MCLR 9.15 and six months MCLR 9.25%.

How much interest will be charged on home loan?

The bank’s home loan interest rates for salaried people are as follows – 10.15% on home loans of 30 lakhs, 10.20% on home loans between 30 lakhs to 75 lakhs and 10.25% on home loans above 75 lakhs. It will take By the way, if we talk about the interest rates, then the most expensive loan is the car loan of the bank, on which you will have to pay interest at the rate of 16.30%.

Punjab and Sind Bank hikes MCLR by 0.10-0.20%

Punjab and Sindh Bank has also increased the lending rate from today. The one year MCLR of the bank (above six months to 1 year) has become 8.60%. Overnight MCLR is 7.70, one month MCLR is 7.80, up to three months MCLR is 8.30 and six months MCLR is 8.45%.

Explain that MCLR is the minimum rate at which banks can lend to customers. They are not allowed to give loans below this rate. The RBI MCLR system works with the target that banks have a fixed base lending rate for different types of loans.

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