Before the conclusion of 2023, six banks in the country presented a New Year’s gift to their clientele. The latest bank to join this initiative is Bank of Baroda (BoB). Prior to this, a spectrum of banks from State Bank of India (SBI) to Kotak Mahindra Bank had declared advantageous offers for their customers. So, what exactly have these banks done to benefit their customers? Well, these six banks have announced an escalation in the interest rates for their fixed deposits.
Bank of Baroda (BoB)
When discussing banks that have revised their Fixed Deposit Rates towards the end of the year, Bank of Baroda has recently disclosed a hike in its rates. BoB has increased the interest rates for different durations of fixed deposits, ranging from 10 basis points up to 125 basis points, or an elevation from 0.10 percent to 1.25 percent. This increment applies to fixed deposits below 2 crores and has been effective since December 29, 2023.”
State Bank of India (SBI):
SBI, India’s largest bank, has elevated interest rates on fixed deposits below 2 crores. The adjustments include a 0.50 percent rise for FDs lasting 7-45 days, a 0.25 percent hike for deposits between 46-179 days, and an increase of up to 0.50 percent for deposits between 180-210 days. These revised rates came into effect on December 27, 2023.
Kotak Mahindra Bank (Kotak Bank):
Kotak Mahindra Bank has also revised interest rates on fixed deposits maturing between three to five years. The bank is offering interest rates ranging from 2.75 percent to 7.25 percent for regular customers and from 3.35 percent to 7.80 percent for senior citizens, depending on the different tenure options.
DCB Bank:
DCB Bank has modified its interest rates for fixed deposits below 2 crores, varying across different durations. These revised rates came into effect on December 13. Following the changes, regular customers can now avail interest ranging from 3.75 percent to 8 percent on fixed deposits maturing from seven days to ten years. For senior citizens, the bank is offering interest rates from 4.25 percent to 8.60 percent for the same time frames.
Federal Bank:
Federal Bank has increased interest rates for customers investing in fixed deposits for a period of 500 days. The updated rates, effective from December 5, 2023, provide a maximum interest rate of 7.50 percent. For senior citizens investing in this duration, the bank is offering up to 8.15 percent interest. Additionally, for fixed deposits less than or equal to three years and nine months, regular customers are receiving interest at a rate of 7.30 percent, while senior citizens are obtaining a rate of 7.80 percent.
Also Read:Political Party Of J-K Designated Unlawful By MHA For Next 5 Years Under UAPA
