Jun 15, 2022
FD investors who were faced with extremely low interest rates can now rejoice. With the RBI hiking key rates twice in a month, banks too have slowly started hiking FD interest rates.
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SBI has raised the interest rate on FDs with terms ranging from 211 days to less than a year by 20 basis points to 4.60%. For 1 year to less than 2 year, the interest rate offered has been hiked to 5.30%. And the interest rate has been raised by 15bps on 2 years to less than 3 years tenor FDs to 5.35%.
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FD rates have been raised by up to 25 basis points. According to the website, the higher interest rates are effective from June 15, 2022. According to the HDFC Bank website, from 6 months to less than 9 months FD will now earn 4.65 percent, up from 4.40 percent. For tenor 9 months to less than one year will earn 4.65 percent, up from 4.50 percent, and 1 year to 2 years FDs will earn 5.35 percent, up from 5.10 percent.
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Over the past couple of months banks have started slowly hiking rates. Here are the banks offering the highest interest rates on 1-, 2-, and 3-year FDs. (The rates are as on June 9, 2022)
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RBL Bank is offering 6.25%. DCB Bank, IDFC First Bank and Indusind Bank all are offering 6%. Bandhan Bank is offering 5.75%.
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DCB Bank, Indusind Bank and RBL Bank 2-year FDs will fetch 6.5%. Bandhan Bank's will earn you 6.25%. IDFC First Bank 2-year FDs will earn 6%.
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DCB Bank and Indusind Bank 3-year FDs earn 6.5%. RBL Bank is offering 6.3%, Bandhan Bank 3-year FD fetch 6.25% and IDFC First Bank will fetch 6%.
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