The change in fixed deposit rates came after the RBI decided to maintain the key repo rate at 6.5% for the fifth consecutive time.
In December 2023 and from January 1, 2024, up to nine banks revised the interest rates on fixed deposits across various tenors, especially on deposits less than Rs 2 crore. Here are the latest fixed deposit rates of top six banks.
Effective December 27, 2023, SBI raised its deposit rates across various tenures. For deposits less than Rs 2 crore, here are the revised rates.
General Public: Starting from 3.5% and going up to 7%
Senior Citizens: Starting from 4% and going up to 7.5%
Effective January 1, 2024, ICICI raised interest rates for single deposits of Rs 2 Crore & above but less than Rs 5 Crore, for deposits less than Rs 2 crore, rates have not been revised. For deposits of Rs 2 Crore & above but less than Rs 5 Crore, here the revised rates.
General Public and Senior Citizens: Starting from 4.75% and going up to 7.25%
Effective December 29, 2023, Bank of Baroda has hiked interest rates on domestic term deposits starting from 10 basis points across various maturity buckets. For deposits less than Rs 2 crore, here are the revised rates.
General Public: Starting from 4.25% and going up to 7.25%
Senior Citizens: Starting from 4.75% and going up to 7.75%
Effective January 1, 2024, HDFC Bank has revised its interest rates on non-withdrawable fixed deposits for amounts equal to and more than Rs 2 crore. After the latest revision, the bank is now offering an interest rate of -
6.85% on a tenor starting from 90 days to <=6 months and going up to 7.45% on a tenor of 1 year to 2 years
7.20% on a tenor of 2 years 1 day to ten years
Effective January 1, 2024, BOI has revised its interest rates on fixed deposits on amounts starting from Rs 2 crore and above to less than Rs 10 crore. Here are the revised rates.
Starting from 4.5% for a tenor of 7 days to 14 days and going up to 7.5% for a tenor of 175 days.
Effective December 11, 2023, Kotak Bank has revised its interest rates on fixed deposits on amounts of less than Rs 2 crore. Here are the revised rates.
General Public: Starting from 2.75% and going up to 7.25%
Senior Citizens: Starting from 3.25% and going up to 7.8%
Disclaimer: All of the above information has been recorded from the websites of the respective banks. The interest rates are subject to change in the future. Please visit the official bank websites for more information on fixed deposits and interest rates. The above information does not constitute financial advice and NDTV Profit does not endorse investment in any of the FD mentioned above.