IDBI Bank (IDBI Bank) has changed the interest rates of fixed deposits (FD) of less than Rs 2 crore. The new interest rates have come into effect from June 14, 2023. The bank is offering a rate of 3 per cent on fixed deposits maturing between 7 and 30 days. IDBI Bank will pay an interest rate of 3.25 per cent on fixed deposits maturing between 31 to 45 days. The bank will pay interest at the rate of 4 per cent on fixed deposits maturing between 46 to 90 days. FDs maturing between 91 days and 6 months will now get an interest rate of 4.50 per cent.

Returns on FDs of less than one year

IDBI Bank is offering an interest rate of 5.75 per cent on FDs maturing between more than six months and less than one year. FDs maturing between one to two years (except 444 days) will get an interest rate of 6.80 per cent. 6.5 percent interest rate will be available on FDs with a tenure of more than two years but less than five years.

IDBI Bank tax-saving FD is also offering an interest rate of 6.5 per cent. 6.25 percent interest rate will be available on FDs maturing between five to 10 years.

FD Rates for Senior Citizens

Senior citizens will get an additional 0.50 percent interest rate on all FDs. The interest rate for FDs maturing between 7 to 30 days is 3.50 per cent. The interest rate for FDs maturing between 31 to 45 days is 3.75 per cent. 4.50 percent interest rate will be available on FDs maturing between 46 to 90 days.

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The Reserve Bank did not make any change in the repo rate for the second consecutive time on Thursday. However, before this RBI had increased the repo rate for 4 consecutive times. Due to the increase in the repo rate by the RBI, where the loan interest rates increase on the one hand, on the other hand the interest on fixed deposits increases.

Due to no change in repo rate, people are still getting good interest on FD. If RBI cuts the repo rate in future, then the interest on FD can also reduce.

The country’s largest public sector bank- SBI is paying the highest interest of 7.10 percent on FDs with an amount of less than Rs 2 crore. The name of this FD scheme is Amrit Kalash, whose tenure is 400 days.

Apart from this, 7.00 percent interest is being given on FDs ranging from 2 years to 3 years, 6.80 percent on FDs ranging from 1 year to 2 years, 6.50 percent on FDs ranging from 3 years to 10 years.

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Unity Small Finance Bank is offering 9.5% interest to senior citizens on 1001 days FD. However, 9 percent interest is being given to retail investors on this. Bank retail investors are getting 8.75 per cent and senior citizens 9.25 per cent interest on the 501-day fixed deposit scheme of Unity Small Finance Bank.

Utkarsh Small Finance Bank is giving up to 9% interest on 700 days

FD Utkarsh Small Finance Bank is giving 8.25% interest to general investors and 9.00% to senior citizens on 700 days FDs. The bank is giving an interest rate of 7.50% to general customers and 8.25% to senior citizens on fixed deposits (FDs) of 701 days to 5 years.

Equitas Small Finance Bank is giving up to 9% interest for 888 days.

Equitas Small Finance Bank is giving up to 8.5% interest to common people and up to 9% interest to senior citizens on FDs of 888 days. Recently, the bank has changed the interest rates for FDs of less than Rs 2 crore. According to the official website of the bank, the new FD interest rates have come into effect from April 11, 2023.

The pace of increase in the repo rate has stopped after 6 consecutive shocks.

Recently, the Reserve Bank of India (RBI) has given great relief to the common man. Actually, in the first MPC meeting of the new financial year, it has been announced to keep the repo rate stable. The repo rate has been retained at 6.50 per cent. Earlier, RBI had increased the repo rate by 2.50 percent from May 2022 to February 2023.

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Meanwhile, Jammu and Kashmir Bank, one of the oldest private sector banks in the country, has increased the interest rates on Fixed Deposits (FD).

Jammu and Kashmir Bank was formed around 1938 and since then the bank has become one of the scheduled commercial banks in the private sector. The bank has increased the interest on FDs up to Rs 2 crore. The increased new interest rates have come into effect from February 11, 2023.

Jammu and Kashmir Bank many new FD rates

The bank is offering an interest rate of 3.50 percent on FDs maturing in 7 days to 30 days. The bank is offering an interest rate of 3.70 per cent on FDs maturing in 31 days to 45 days. The bank has increased the interest rates on deposits of 46 days to 180 days by 25 bps to 4.75 per cent.

The bank is paying 5.50% interest on deposits of 181 days to 270 days. EPDs maturing in 271 days to less than 1 year will now get interest at the rate of 6.00%. FDs from 1 year to 2 years will now get interest at the rate of 7.25 percent, which was earlier 6.75 percent. Customers will get interest at the rate of 6.75 percent on FDs of 2 to 3 years or less. Apart from this, the bank is offering interest at the rate of 6.50 per cent on FDs of 3 to 10 years.

Increase in repo rate for the sixth consecutive time

Tell us that on February 8, Reserve Bank Governor Shaktikanta Das increased the repo rate for the sixth consecutive time. After the monetary policy meeting, he said that the pressure of rising inflation in the world is also on India and to overcome it completely, it has become necessary to increase the interest rates of loans once again. However, this time the repo rate has been increased by only 0.25 percent.

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According to the official website of the bank, the new rates have come into effect from January 3, 2023. The bank has increased the interest rates on FDs of less than 2 crores. According to the new rates, now common investors will get interest ranging from 3.25 percent to 7 percent on fixed deposits ranging from 7 days to 120 months. At the same time, senior citizens will get interest ranging from 3.75% to 7.75% on FDs of the same period.

For 8 percent interest, investment will have to be made for 30 months.
Investors will get up to 8 percent return on Yes Bank’s special FD scheme. Common investors will get 7.50 percent interest and senior citizens will get 8 percent interest on 30-month fixed deposits.

Yes Bank FD rates for general investors FDs of

7 to 14 days – 3.25% FDs of
15 to 45 days – 3.70% FDs of
46 to 90 days – 4.10% FDs of
91 to 180 days – 4.75%
181 FDs of 272 to 271 days – 5.75 per cent FDs of
272 to less than 1 year – 6 per cent FDs of 1
year to 120 months – 7 per cent

RBI has increased the repo rate

5 times in the last year Reserve Bank had increased the repo rate 5 times in the last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.

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According to the official website of the bank, the new rates have come into effect from today, December 28, 2022. Let us know what is the interest rate on FDs of different tenures.

What are the interest rates for different tenures

The interest rate on FDs of 7 to 24 days is 2.75%. At the same time, FDs of 15 to 30 days will get a return at the rate of 3%. 3.24% return will be available on FD of 31 days to 45 days. Apart from this, the interest rate on FDs of 46 days to 90 days is 3.50 per cent.

Returns up to 7.50% for senior citizens

Under the increase in interest rates, common investors will get 7 percent interest on FDs of 390 days, 391 days to less than 23 months and 23 months. At the same time, senior citizens will get up to 7.50% return on FDs of these periods.

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