2023-11-28 11:02:00
Banks Hike Fixed Deposit Interest Rates as RBI’s Repo Rates Remain Unchanged
As the RBI’s repo rates remain unchanged, many banks are now offering good returns on fixed deposit (FD) investments. If you are looking to invest in an FD, you can check the interest rates of private sector banks such as HDFC, ICICI, and Yes Bank.
Yes Bank has recently hiked its fixed deposit interest rates for select tenures for deposits below ₹2 crore. The bank now offers interest rates ranging from 3.25% to 7.75% for general citizens and 3.75% to 8.25% for senior citizens on FDs maturing in seven days to ten years, effective from November 21, 2023. Additionally, Yes Bank is offering a 7.25% interest rate on FDs maturing in one year and 7.50% interest rate within one year to 18 months.
ICICI Bank is offering general customers an interest rate of 3% to 7.1% on FDs with maturities of seven days to ten years and 3.5% to 7.65% to senior citizens, effective from October 16, 2023.
HDFC Bank has also revised its FD interest rates, offering an interest rate of 3% to 7.20% to general customers on deposits with maturities of 7 days to 10 years. Senior citizens will get an interest rate of 3.5% to 7.75% on these deposits, effective from October 1, 2023.
With the recent revisions in FD interest rates by these private banks, investors now have the opportunity to earn better returns on their fixed deposit investments. It is advisable to carefully consider the tenure and interest rates offered by different banks before making an investment decision.
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As always, it is important to carefully review the terms and conditions of any investment before making a decision.
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