Bank fixed deposit (FD) rates: Fixed deposits (FD) have gained popularity, with some banks offering up to 9 per cent interest in different tenures. Some banks, public and private, have raised interest rates on fixed deposits in December. Since May 2022, FD investors have seen an upward interest rate trajectory with some public sector banks offering interest rates in the range of 7 to 8 per cent. Some small finance banks, which are regulated by the Reserve Bank of India, even offer interest rates of about 9.5 per cent.
In the month of December, five banks, State Bank of India, Bank of Baroda, Kotak Mahindra Bank, Federal Bank, DCB Bank, hiked their interest rates by up to 85 basis points.
Here’s a look at the interest rates offered by these banks:
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State Bank of India
The State Bank of India (SBI) hiked the interest rates for fixed deposits (FDs) below Rs 2 crore, which got effective from December 27, 2023. For deposits maturing in seven days to forty-five days, the SBI increased interest rates by 50 basis points (bps). These deposits will fetch you an interest rate of 3.50 per cent. For FDs for 46 days to 179 days, the bank has hiked rates by 25 bps, and these will guarantee interest of 4.75 per cent.
On term deposits from 180 days to 210 days, the bank has increased the rates by 50 bps. These FDs will fetch an interest rate of 5.75 per cent.
The bank has hiked rates by 25 bps on 211 days to less than 1 year tenors (6%). FDs maturing in 3 years to less than 5 years will now give 25 bps more, 6.75 per cent.
FDs booked for 1 Year to less than 2 years will fetch an interest rate of 6.80 per cent, and those booked for 2 years to less than 3 years will fetch an interest rate of 7.00 per cent.
FDs for 3 years to less than 5 years can be booked at 6.75 per cent, while those for 5 years and up to 10 years will fetch an interest rate of 6.50 per cent.
Senior citizens will get 50 basis points (bps) extra on these deposits.
The “400 days” (Amrit Kalash) scheme’s interest rate is 7.10%, w.e.f. 12- April- 2023. Senior Citizens are eligible for a rate of interest of 7.60%. The Scheme will be valid until 31 March 2024.
7 days to 45 days 4%
46 days to 179 days 5.25%
180 days to 210 days 6.25%
211 days to less than 1 year 6.5%
1 Year to less than 2 years 7.30%
2 years to less than 3 years 7.50%
3 years to less than 5 years 7.25
5 years and up to 10 years 7.5%
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Kotak Mahindra Bank
Kotak Mahindra Bank increased the interest rates on Fixed Deposits (FDs) of less than Rs 2 crore by up to 85 bps across various tenures. Senior citizens would get a maximum of 7.80% interest rate.
7 – 14 Days 2.75%
15 – 30 Days 3.00%
31 – 45 Days 3.25%
46 – 90 Days 3.50%
91 – 120 Days 4.00%
121 – 179 days 4.25%
180 Days 7.00%
181 Days to 269 Days 6.00%
270 Days 6.00%
271 Days to 363 Days 6.00%
364 Days 6.50%
365 Days to 389 Days 7.10%
390 Days (12 months 24 days) 7.15%
391 Days – Less than 23 Months 7.20%
23 Months 7.25%
23 months 1 Day- less than 2 years 7.25%
2 years- less than 3 years 7.10%
3 years and above but less than 4 years 7.00%
4 years and above but less than 5 years 7.00%
5 years and above up to and inclusive of 10 years 6.20%
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DCB Bank
DCB Bank has hiked fixed deposit interest rates on select tenors for deposits below Rs 2 crore, which were effective from December 13, 2023. The bank is offering the highest FD interest rate of 8 per cent to general customers and 8.60 per cent for senior citizens after the revision.
After the hike, DCB Bank is offering an interest rate ranging from 3.75% to 8% on FDs maturing in seven days to ten years to general customers, and 4.25% to 8.60% to elderly people.
7 days to 45 days 3.75%
46 days to 90 days 4.00%
91 days to less than 6 months 4.75%
6 months to less than 10 months 6.25%
10 months to less than 12 months 7.25%
12 months 7.15%
12 months 1 day to 12 months 10 days 7.85%
12 months 11 days to 18 months 5 days 7.15%
18 months 6 days to less than 700 days 7.50%
700 days to less than 25 months 7.55%
25 months to 26 months 8.00%
More than 26 months to less than 37 months 7.60%
37 months to 38 months 7.90%
More than 38 months to less than 61 months 7.40%
61 months 7.65%
More than 61 months to 120 months 7.25%
Federal Bank
From December 5, 2023, Federal Bank has updated its deposit interest rates. After revision, the bank is offering 7.50 per cent to both resident and non-resident deposits on 500-day deposits. For senior citizens, Federal Bank is now giving a maximum return of 8.15% for 500-day tenures and 7.80% for tenures beyond 21 months to less than three years.
Withdrawable before maturity (Less than Rs 2 crore)
500 Days: 7.50% (General Public) 8.00% (Senior Citizen)
Above 21 Months to less than 3 years 7.05% (General Public) 7.55% (Senior Citizen)
Non-withdrawable before maturity (Above Rs 1 crore – less than Rs 2 crore)
500 Days: 7.65% (General Public) 8.15% (Senior Citizen)
Above 21 Months to less than 3 years: 7.30% (General Public) 7.80% (Senior Citizen)
Bank of Baroda
Bank of Baroda hiked interest rates on retail term deposits from 10 basis points to up to 125 basis points on various maturity buckets. These rates are applicable on deposits below Rs 2 crore with effect from December 29. After the latest hike, BoB offers an interest range ranging from 4.25 % to 7.255 to general customers.
7 Days to 14 Days 4.25%
15 Days to 45 Days 4.50%
46 Days to 90 Days 5.50%
91 Days to 180 Days 5.60%
181 Days to 210 Days 5.75%
211 Days to 270 Days 6.15%
271 Days to less than 1Y 6.25%
1Y 6.85%
Above 1Y to 400D 6.85%
Above 400D to 2Y 6.85%
Above 2Y to 3Y 7.25%
Above 3Y to 5Y 6.50%
Above 5Y to 10Y 6.50%
Above 10Y (MACAD only) 6.25%
399D (Tiranga Plus) 7.15%
For senior citizens, the FD rates are between 4.75% and 7.75% on deposits maturing in 7 days to 10 years.
