The Reserve Bank of India recently raised the key repo rate by 40 basis points in a surprise move
Even as the Reserve Bank of India (RBI) recently raised the key repo rate by 40 basis points (bps) in a surprise move, banks have started increasing loan as well as deposit interest rates. Recently, Bandhan Bank, Kotak Mahindra Bank, Jana Small Finance Bank, Bank of Baroda, ICICI Bank and Punjab National Bank raised their interest rates on fixed deposits across multiple tenor baskets for retail customers.
Kotak Mahindra Bank has increased FD interest rates by 30 basis points and 35 basis points for the tenure of 390 days and 23 months, respectively. Bandhan Bank raised the interest rate on deposits by 50 basis points for one year to 18 months and above 18 months to less than two years tenure deposits. ICICI Bank FD interest rates have been hiked by up to 25 basis points, or 0.25 per cent.
Bank of Baroda also increased the interest rates for domestic term deposits & NRO deposits of above Rs 10 crore to up to Rs 50 crore (fresh and renewal), with effect from May 6. Following are the detailed revised FD interest rates of PNB, ICICI Bank and Bank of Baroda:
Read More: Gold Loan vs Other Loans: Is gold loan a better and easier option?
PNB increases fixed deposits interest rates (single domestic term deposits of less than Rs 2 crore):
7 days to 45 days – annual interest rate ranges from 2.90 per cent to 3.00 per cent, depending upon borrower profile, including age
91 days to 179 days – from 3.80 per cent to 4.00 per cent
180 days to less than 1 year- from 4.40 per cent to 4.50 per cent
1 Year – from 5 per cent to 5.10 per cent
Between 1 and 2 Years- from 5 per cent to 5.10 per cent
Here are the revised interest rates for domestic term deposits & NRO deposits of above Rs 10 crore to up to Rs 25 crore (fresh and renewal) at Bank of Baroda:
For maturity range, 7 days to 14 days- 3.25 per cent per annum
15 days to 45 days- 3.50 per cent
46 days to 90 days- 3.50 per cent
91 days to 180 days- 3.75
181 days to 270 days- 4.00 per cent
271 days & above and less than 1 year- 4.25 per cent
1 year- 5.05 per cent
Above 1 Year and upto 2 Years- 5.05 per cent
Above 2 Years and upto 3 Years- 5.10 per cent
Above 3 Years and upto 5 Years- 4.50 per cent
Read More: Cheapest personal loans in a rising interest rate regime – Compare rates
Here are the revised interest rates on fixed deposits above Rs 2 crore up to Rs 5 crore at ICICI Bank from May 5, 2022 (per annum):
7 days to 14 days: For General Public – 2.75 per cent; For Senior Citizens – 2.75 per cent
15 days to 29 days: For General Public – 2.75 per cent; For Senior Citizens – 2.75 per cent
30 days to 45 days: For General Public – 3.00 per cent; For Senior Citizens – 3.00 per cent
46 days to 60 days: For General Public – 3.00 per cent; For Senior Citizens – 3.00 per cent
61 days to 90 days: For General Public – 3.25 per cent; For Senior Citizens – 3.25 per cent
91 days to 120 days: For General Public – 3.50 per cent; For Senior Citizens – 3.50 per cent
121 days to 150 days: For General Public – 3.50 per cent; For Senior Citizens – 3.50 per cent
151 days to 184 days: For General Public – 3.50 per cent; For Senior Citizens – 3.50 per cent
185 days to 210 days: For General Public – 3.75 per cent; For Senior Citizens – 3.75 per cent
211 days to 270 days: For General Public – 3.75 per cent; For Senior Citizens – 3.75 per cent
271 days to 289 days: For General Public – 4.00 per cent; For Senior Citizens – 4.00 per cent
290 days to less than 1 year: For General Public – 4.00 per cent; For Senior Citizens – 4.00 per cent
1 year to 389 days: For General Public – 4.50 per cent; For Senior Citizens – 4.50 per cent
390 days to less than 15 months: For General Public – 4.50 per cent; For Senior Citizens – 4.50 per cent
15 months to less than 18 months: For General Public – 4.60 per cent; For Senior Citizens – 4.60 per cent
18 months to 2 years: For General Public – 4.65 per cent; For Senior Citizens – 4.65 per cent
2 years 1 day to 3 years: For General Public – 4.75 per cent; For Senior Citizens – 4.75 per cent
3 years 1 day to 5 years: For General Public – 4.80 per cent; For Senior Citizens – 4.80 per cent
5 years 1 day to 10 years: For General Public – 4.80 per cent; For Senior Citizens – 4.80 per cent
