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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Giving information to the customers, SBI Cards and Payment Services has told that it will affect the customers using SBI Credit Card. The bank has increased the card fee. This amendment will be applicable from 17 March 2023.

Information about this has been given by sending messages and mails from SBI Card. SBI Cards has told that users paying their fare through credit card will now be charged Rs 199 plus other applicable taxes.

Let us tell you that in November 2022, SBI Card had increased the payment fee in credit card fare to Rs 99 plus 18% GST, but instead of Rs 99 plus applicable taxes, now Rs 199 plus tax will be charged from them. Customers were informed about this. Giving information to the customers, the company has told that the new rates will be implemented soon.

SBI Card has told that it is increasing the processing fee in the payment of rent. The charges on SBI Credit Card rental payment transactions are being revised. Let us tell you that before this ICICI Bank, HDFC Bank and Kotak Bank have also increased.

Let us tell you that from February 15, 2023, Kotak Bank has collected 1 percent of the transaction amount and GST charge. At the same time, Bank of Baroda has also charged a transaction fee of 1 percent. HDFC Bank has also changed the rewards points. ICICI Bank has also changed the rates from 20 October 2022.

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Kotak Mahindra Bank customers can earn reward points by using this card at any Indian Oil petrol pump. If you collect more reward points near you, then you can also get petrol for free. However, you will get petrol-diesel equal to the price of that petrol.

Monthly discount up to Rs.500

If you get fuel filled with the help of this credit card, you can get rewards up to Rs 300 every month. However, you will have to fill this fuel at the Indian Oil station itself. On the other hand, if you can get up to Rs 200 monthly or 2% discount on the purchase of groceries, restaurants and other items.

Surcharge waiver and Smart EMI facility

At the same time, surcharge will also be exempted. With 1% discount on surcharge, you can get a monthly discount of up to Rs 100. Interest free loan will be allowed for 48 days. Smart EMI facility is available. Whereas if the card is lost then there is zero liability for you. At the same time, the facility of tap and pay has also been given.

Indian Oil is the world’s largest fuel supply firm

Indian Oil is the world’s largest fuel supplying company, which has 34 thousand gas stations across the country. To further increase the business and to promote online, the company has introduced Fuel Credit Card. Fuel Credit Card has been introduced on RuPay platform.

Rajeev Pillai, head of managing and marketing at the National Payments Corporation of India, has said that Kotak Mahindra and Indian Oil’s RuPay credit card will be given the privilege.

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Many small banks are now offering up to 9.25% interest for senior citizens . However, it also includes many big banks which are giving interest ranging from 8 to 8.50%. Let us tell you, Utkarsh Small Finance Bank is giving up to 9.25% interest on 700 days fixed deposit to its senior citizens.

In such a situation, it is being speculated that if RBI increases the repo rate once again in April. So banks can give more interest on FD. In such a situation, debt and fixed income can prove to be better at this time for excellent returns, especially when there is a lot of volatility in the equity market.

Kotak and SBI increased the interest rates so much

Let us tell you, Kotak Bank is currently giving 7.20% interest on FD of 390 days and 6.2% on FD of 364 days. Whereas, State Bank of India is paying 7.10% interest on 400 days FD. According to experts, while selecting FD, you should look at the period for which you want to invest money. That is, till you do not need the money, you can invest the money till then.

Axis increased 0.40% interest

On Friday, Axis Bank has increased the interest on FD by 0.40%. Bank’s customers will now get 7.15% interest on FDs of 13 months to 24 months, earlier it was 6.75%. Will pay 7.26% interest on FDs of two years to two and a half years. 7% interest is being given on FDs of 30 months to 10 years.

How to choose the right FD tenure for you

While opening FD, do consult your advisor for the period or tenure. According to experts, if you are investing keeping the returns in mind at the time of opening FD, then you should choose a plan that gives good returns. On the other hand, if you want to invest money for a short time, then you can select a plan with a short term period.

Many people open FDs for long term such as 5 or 10 years, while many open FDs of short term such as 1, 2 or 3 years. Everyone does this according to their convenience. Before opening an FD, you must also think about the type of investment you want to make, short term or long term.

keep these things in mind

While opening FD, you must keep some things in mind. With this, you can also avoid losses and keep more information about FD. According to experts, the things that you should take care of, safety, returns, facility of loan on need, tax benefit, charge to be paid for breaking before maturity, all these things are included. Keeping these things in mind, you should invest money in FD.

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The new rates have come into effect from today, February 10, 2023. Kotak Bank is offering FDs ranging from 7 days to 10 years to its customers. It is offering interest ranging from 2.75 per cent to 7.50 per cent to general customers and senior citizens. At the same time, 7.50 percent interest is being given to senior citizens.

These are the new rates of Kotak Bank

7 days to 14 days – For general public: 2.75 per cent; For Senior Citizen: 3.25 percent

15 days to 30 days – For general public: 3.00 per cent; For Senior Citizen: 3.50 percent

31 days to 45 days – For general public: 3.25 per cent; For Senior Citizen: 3.75 percent

46 days to 90 days – For general public: 3.50 per cent; For Senior Citizen: 4.00 percent

91 days to 120 days – For general public: 4.00 per cent; For Senior Citizen: 4.50 percent

121 days to 179 days – For general public: 4.25 per cent; For Senior Citizen: 4.75 percent

180 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent

181 days to 269 days – For the general public: 6 percent; For Senior Citizen: 6.50 percent

270 days – For general public: 6 percent; For Senior Citizen: 6.50 percent

271 days to 363 days – For general public: 6 percent; For Senior Citizen: 6.50 percent

364 days – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent

365 days to 389 days – For general public: 6.90 per cent; For Senior Citizen: 7.40 percent

390 days (12 months 25 days) – For general public: 7 percent; For Senior Citizen: 7.50 percent

391 days to less than 23 months – For the general public: 7 percent; For Senior Citizen: 7.50 percent

23 months – For the general public: 7 percent; For Senior Citizen: 7.50 percent

23 months 1 day to less than 2 years – For general public: 7.10 per cent; For Senior Citizen: 7.60 percent

2 years to less than 3 years – For general public: 6.75 per cent; For Senior Citizen: 7.25 percent

3 years and above but less than 4 years – For general public: 6.50 per cent; For Senior Citizen: 7 percent

4 years and above but less than 5 years – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent

5 years and above and up to and including 10 years – For general public: 6.20 per cent; For Senior Citizen: 6.70 percent.

Interest on FD increased after RBI increased repo rate

The Reserve Bank of India (RBI) in the Monetary Policy Committee ( MPC ) increased the repo rate by 25 basis points to 6.50 percent. To curb inflation, RBI has been increasing the repo rate since May. Due to this, most of the banks in India are increasing the interest rates on Fixed Deposit.

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