Good news: SBI, Bank of Baroda, Kotak Mahindra among 7 banks that hiked fixed deposit rates in December 2023. Full list
Bank of Baroda has hiked interest rates on retail term deposits from 10 basis points to up to 125 basis points on various maturity buckets.These rates are applicable on deposits below ₹2 crore with effect from today, December 29. After the latest hike, BoB offers an interest range ranging from 4.25 % to 7.255 to general customers. Bank of Baroda offers senior citizens an interest rate ranging from 4.75% to 7.75% on deposits maturing in seven days to ten years.
The State Bank of India (SBI) has hiked interest rates on fixed deposits (FDs). This interest rate is applicable on FDs below ₹2 crore. The new rate is effective from today, 27 December 2023.
After the latest hike, SBI offers rates ranging from 3.5 to 7% on deposits maturing in seven days to ten years. Senior citizens will get 50 basis points (bps) extra on these deposits. Union Bank of India hiked interest rates by up to 25 basis points (bps) on its fixed deposits (FDs) on certain tenures for amounts less than ₹2 crore.
These rates are with effect from December 27. 3% 7.25% on FDs maturing in seven days to ten years DCB Bank has hiked fixed deposit interest rates on select tenors for deposits below ₹2 crore. The new rates are effective from 13 December as per the DCB Bank website.
The bank is offering the highest FD interest rate of 8% to general customers and 8.60% for senior citizens, after the revision. After the latest hike, DCB Bank is offering an interest rate ranging from 3.75% to 8% on FDs maturing in seven days to ten years to general customers, and 4.25% to 8.60% to elderly people. Kotak Mahindra Bank increased interest rates on tenors ranging from three to five years.
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