New Delhi. After the Reserve Bank of India (RBI) hiked the repo rate, interest rates on bank deposits began to increase along with interest rates on loans. Meanwhile, the private sector’s IDFC First Bank and Equitas Small Finance Bank have raised rates on fixed deposits, i.e. FDs.
IDFC First Bank has increased its interest rates on FDs to below Rs 2 crore. For deposits with a maturity of 7 days to 10 years, the bank offers an interest rate of 3.5 percent to 7.00 percent. IDFC First Bank currently offers a maximum interest rate of 7.75 percent on deposits with maturities of 18 months, 1 day to 3 years (549 days to 3 years). The bank’s new tariffs will apply from March 1, 2023.
IDFC First Bank FD Courses
The bank now offers 3.50 percent interest on FDs with a 7 to 29 day maturity and 4.00 percent interest on deposits with a 30 to 45 day maturity. The bank now offers an interest rate of 4.50 percent on deposits from 46 to 90 days and 5.00 percent on deposits from 91 to 180 days. Deposits with a maturity of 181 to 366 days now earn 6.75 percent and FDs with a maturity of 367 to 18 months (367 to 548 days) earn 7.25 percent.
Also read this – RBI Monetary Policy 2023: RBI made credit 0.25 percent more expensive, estimated growth rate of 6.4 percent next year
8.20% interest on 888 days FD
Equitas Small Finance Bank’s new FD rates came into effect on March 1, 2023. The bank said its customers can earn 8.20 per cent interest on FDs of less than Rs 2 crore for an 888-day period. Interest rates have also been increased for investments for a period of 12 months to 24 months. Equitas Small Finance Bank said in the filing that interest payments will continue on a quarterly basis for all types of accounts. Domestic seniors earn 0.50 percent additional interest on the FD and RD rates.
Also read this – Explainer: Which FD is Better to Invest in Fixed or Floating Rate? In what and why will you get more profit
Many banks have increased FD rates
Significantly, on February 8, the RBI raised the repo rate by 0.25 percent. After the repo rate hike, many state-owned and private banks in the country increased their FD rates. Many banks like SBI, ICICI Bank, HDFC Bank, Yes Bank have recently increased interest in FDs.
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Tags: Bank FD, bank rate, FD prices, fixed deposits, IDFC first bench, Tips for making money
FIRST RELEASED : March 1, 2023 8:37 PM IST
