FD rate hikes: Latest fixed deposit rates by 6 major lenders including SBI, HDFC Bank and ICICI Bank
raised their fixed deposit (FD) interest rates while a few have introduced special schemes for offering higher rates of interest. Bank of India, for instance, has introduced Super Special Fixed Deposit with an interest rate of 7.5 percent per annum for deposits ranging from ₹2 to ₹50 crore and has a fixed maturity period of 175 days starting Jan 1, 2024 Other banks, which have recently raised their term deposit interest rates, include Bank of Baroda (BOB), State Bank of India (SBI), DCB Bank, HDFC Bank, ICICI Bank, and Axis Bank. State Bank of India (SBI): SBI has raised the FD rates to 6 percent from 5.75 percent (for 211 days to less than one year).
Other durations for which interest rates were raised include 7 days to 45 days (3 to 3.5 percent), 46 days to 179 days (4.5 to 4.75 percent), 180 days to 210 days (5.25 to 5.75 percent). For one year to less than two years, the rate of interest offered by SBI is unchanged i.e., 6.80 percent; for 2-3 years, it is 7 percent; for 3-5 years, the rate of interest is 6.75 percent. Bank of Baroda: The state lender — with effect from Dec 29, 2023 — has been offering an interest rate of 6.85 percent for one-year to 2 years.
For deposits between 2 and 3 years, the bank offers 7.25 percent interest rate. The interest rate falls to 6.5 percent for deposits between 3 and 10 years. The bank, meanwhile, offers 7.15 percent on 399 days deposits known as Baroda Tiranga Plus Deposit Scheme.
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