Ahead Of The Festive Season, Here's How Banks Are Upping Fixed Deposit Rates To Attract Depositors
Find out the banks which have raised their FD rates during the festival season
As the festive season arrives in full swing, a number of banks aim to attract increasing deposits by upping the fixed deposit interest rates. Many banks have reportedly raised their FD interest for various tenures ahead of the festival season to attract more customers. The resulting rise in deposits will help the banks to get funds for the increasing demand for loans during the festive season. Here, we have compiled a list of all major banks that are offering increased bank interest rates for fixed deposits along with the applicable period.
List Of Banks Raising FD Interest Rates
The following banks have raised their FD rates during the festival season, for increasing their deposits:
CSB Bank has raised the interest rates for two of their FD schemes, namely the NRE and USD FCNR-B deposits. Under the NRE deposit, CSE Bank is offering interest rates of 6.90%. For the USD FCNR-B deposits, the bank is offering an interest rate of 3.90%.
Kotak Mahindra Bank is offering an increased interest rate of 6.10% on fixed deposits with a maturity term of 23 months to 2 years. For fixed deposits that have a maturity period between 2 to 10 years, Kotak Mahindra Bank has set interest rates at 6%.
City Union Bank is also offering increased FD interest rates to the general public between 4%-6%, depending on the FD scheme chosen. For senior citizens, City Union Bank is offering FD rates between 4%-6.25% for different FD schemes.
Karnataka Bank is offering interest rates of 6.20% for fixed deposits under the value of ₹2 crore. For senior citizens, however, the bank is offering interest rates of 6.60%.
The Karur Vysya Bank has also revised its rates, and the bank is offering an interest rate of 6.10% for fixed deposits that have a maturity period between 1-6 years.
The State Bank of India (SBI) has also increased FD interest rates from 4.40% to 4.55% for deposits with tenures between 180 days and 210 days. The SBI also launched a special 75-day ‘Utsav Deposit Scheme’ which is valid till Oct. 30. Under this scheme, the bank is offering interest rates of 6.10% and senior citizens will get interest rates of 6.60%.
Bank of Baroda has launched a new FD scheme called ‘Baroda Tiranga Deposit Scheme’, which offers 5.5% interest rates on FDs for 44-days. Under the same scheme, the interest rate for FDs of 555 days is 6%. It’s important to note that this scheme is only valid till Dec. 31, 2022, and for FDs under ₹2 crore.
Canara Bank is offering an interest rate of 6% on fixed deposits with a tenure of 666 days.
Punjab National Bank (PNB) is offering an interest rate of 5.75% on FDs that have a tenure of 1,111 days.
One of the largest private institutions, HDFC Bank is offering interest rates of 5.75% on fixed deposits with a tenure between 5 years and one day to 10 years.
ICICI Bank is also offering a 5.75% FD interest rate for deposits of the same tenure.
Axis Bank is offering a 6.05% interest rate on FDs with a tenure of 17-18 months.
To Conclude
If you’ve been planning to invest in an FD, the increased FD rates during this festive season are a possibility to be considered. As banks seek to attract more deposits, customers can benefit from increased returns. Not just the banks mentioned above, but many other small and large-scale banks are also offering increased interest rates for the coming festive season.