These banks raised the interest rates on Fixed Deposits | Popgen Tech

Banks are raising interest rates on their loan and deposit offerings at the same time as the RBI’s recent hikes in interest rates to fight inflation. Interest rates on fixed deposits have also increased at a number of institutions, including HDFC Bank, PNB, ICICI Bank and more.

Here is the comparison of current fixed deposit (FD) interest rates offered by these banks on deposits below Rs. 2 crores:

HDFC Bank:
According to the website, HDFC Bank is offering 3.50% to senior citizens and 3% to the general public on fixed deposits. For one year to less than 15 days, HDFC bank is offering 6.50% to the public while 7% to senior citizens and for 18 months one day to less than 21 months- for the General Public – 7.00 percent ; for Seniors – 7.50 percent. For 2 1 to 3 years, HDFC Bank has revised the rates on FDs, for General Public – 7% and for Senior Citizens – 7.50% effective from 14th December.

South Indian Bank:
Interest rates on fixed deposits below 2 crore rupees have been hiked at private sector lender South Indian Bank. The new rates will come into effect on December 20, 2022, according to the bank’s official website. The bank now provides interest rates on deposits maturing in 7 days to 10 years ranging from 2.65% to 6.00% for the general public and between 3.15% and 6.50% for the elderly as a result of the modification. Deposits with a maturity period of one year in South Indian Bank now have a maximum regular interest rate of 7.00% and 7.50% for senior citizens.

GNP:
Punjab National Bank has revised interest rates on fixed deposits below Rs 2 crore. The bank is offering 3.50% and 4% for 7 days to 14 days to the general public and seniors and 1 year for the general public – 6.30 percent; for the elderly – 6.80 percent. More than a year to 599 days: for the general public – 6.30 percent; For elderly people- 6.80 percent effective from December 19.

ICICI Bank:
ICICI Bank is offering 3% to 3.50% to the public and senior citizens on fixed deposits below Rs 2 crore. The revised interest rates on fixed deposits below Rs 2 crore in ICICI Bank will be effective from December 16. Interest rates for 290 days for less than one year for general public – 5.75 percent and for senior citizens – 6.25 percent and interest rates on FD for 1 year to 389 days: for public – 6.60 in a hundred; for elderly people- 7.10 percent.