RBI once again increased the repo rate by 0.50% on August 2022 during its bi-monthly monetary policy meeting. FD interest rates have increased further due to three consecutive repo rate hikes. FD investors can look forward to better days as the era of historically low FD rates is now unquestionably behind us. These are some of the banks which have increased the fixed deposit interest rate after the hike by RBI.
1. State Bank Of India
State Bank of India (SBI) has increased interest rates by up to 15 basis points (bps) on select fixed deposit (FD) tenures. According to the bank’s website, the new rates will be effective from August 2022 and will be applicable on FDs of less than Rs 2 crore.
With effect from August 2022, the bank has increased the FD interest rate from 180 to 210 days to 4.55%. The interest rate has been increased from 5.30 % to 5.45% for a period of one to two years. SBI has increased the interest rate on loans with terms of two to three years to 5.50%. The rate has been increased to 5.60% for three to five years. The bank will now offer 5.65 % for tenures of 5 years and up to 10 years.
2. Kotak Mahindra Bank
Kotak Mahindra Bank has increased FD interest rates by up to 15 basis points for one to three years (for amounts less than Rs 2 crore) starting August 2022.
The interest rate on FDs with a maturity of 365 to 389 days has been increased by 15 basis points to 5.75 % from 5.60 %. The interest rates on FDs with maturities ranging from 390 days to three years have been increased by 15 basis points to 5.90 % from 5.75 %. interest rates have not been raised for a period of three to ten years; They will continue to earn 5.90 %.
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3. ICICI Bank
ICICI Bank has increased interest rates for select term deposits (FD) by up to 40 basis points for amounts below Rs 2 crore. The new rates will be effective from August 2022. For regular citizens, ICICI Bank will now offer interest rates ranging from 2.75 % to 6.10 % for tenures ranging from 7 days to 10 years.
4. HDFC bank
HDFC Bank has increased fixed deposit (FD) interest rates after a gap of two months. The bank has increased the FD rates by up to 40 basis points with effect from August 2022. These rates are applicable on deposits of less than Rs 2 crore.
According to HDFC Bank’s website, from one-year to two-year tenure, there will now be an increase of 15 basis points to 5.50 % instead of 5.35 %. For a tenure of two to three years, 5.50 % of earnings will continue. The bank increased the interest rates for the three-year one-day to five-year by 40 basis points, from 5.70 % earlier to 6.10 %.
5. Axis Bank
With effect from August 2022, Axis Bank increased the FD interest rates on fixed deposits (FDs) for a limited period (for amounts less than Rs 2 crore).
The bank has increased its fixed deposit interest rate for FDs of 17 to 18 months by 45 basis points from 5.60 % to 6.05 %. The Axis Bank website states that the interest rates remain the same for other FD tenors.
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6. PNB Bank
PNB has increased the interest rates for fixed deposits (FDs) to less than Rs 2 crore. For some periods, the bank has increased fixed deposit interest rates by up to 20 basis points (bps). According to the PNB website, the new interest rates are effective from August 2022.
PNB has increased the interest rate on long-term FDs by up to 20 basis points. The bank will now offer an interest rate of 5.50 % on deposits maturing in one year, at an increase of 20 basis points. PNB has increased the interest rate on deposits maturing in more than one year and up to two years by 15 basis points (bps), raising it to 5.50% from 5.45%. The bank will continue to offer an interest rate of 5.50 % to 5.60% on deposits maturing in more than two years and up to three years.
PNB has added a new tenure of 405 days with an interest rate of 6.10 % with effect from August 19, 2022. The other tenure that has been added is from 406 days to two years with an interest rate of 5.50 %.