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Fixed deposit rates: ICICI Bank, Axis Bank, Bank of Baroda hike interest rates in various tenors; check FD rates here

Fixed deposit rates: ICICI Bank, Axis Bank, Bank of Baroda hike interest rates in various tenors; check FD rates here

Most banks have tweaked their FD interest rates after the Reserve Bank of India increased its repo rate in September. The RBI will be holding its next MPC meeting between December 5 and 7. The rate hike decision will be announced on December 7.

When it comes to investment and long-term savings schemes, fixed deposits are still the most popular instrument for risk-averse people. When it comes to investment and long-term savings schemes, fixed deposits are still the most popular instrument for risk-averse people.

Bank Fixed Deposit Interest Rates: ICICI Bank, Axis Bank, and Bank of Baroda are the latest banks to hike their fixed deposit (FD) interest rates below Rs 2 crore on select tenors for the second time. Most banks have tweaked their FD interest rates after the Reserve Bank of India increased its repo rate in September. The RBI will be holding its next MPC meeting between December 5 and 7. The rate hike decision will be announced on the last day of the meeting (December 7). 

ICICI Bank has hiked fixed deposit (FD) interest rates on select tenors by up to 30 basis points, which will be effective from November 16, 2022. At present, ICICI Bank is offering interest rates between 3 per cent and 6.60 per cent for different FD schemes of 7 days to 10 years for regular investors. 

Earlier, ICICI Bank revised the interest rates of select FD tenures by up to 50 basis points on October 29, 2022. 

The bank has revised the interest rate on FD schemes from 15 months to less than 18 months to 6.40 per cent from 6.10 per cent. For fixed deposits (FDs) of 18 months to two years, the interest rate has gone up from 6.15 per cent to 6.40 per cent. 

For deposits of 2 years 1 day to 2 years, investors can draw an interest rate of 6.50 per cent. It was 6.20 per cent earlier. 

The FD interest rates for schemes of three years one day to five years have been tweaked to 6.60 per cent. It was 6.35 per cent before. 

For five years and one day to 10 years, the new interest rate is 6.50 per cent, which was 6.25 per cent before. The private sector bank will now offer 6.60 per cent interest rate on 5-year-tax-saving fixed deposit schemes. Earlier, the interest rate for tax-saving FD was 6.35 per cent. For other tenors, the interest rates have been kept unchanged. 

For senior citizens, ICICI Bank will now offer interest rates between 3.50 percent and 7.10 percent for tenors from 7 days to 10 years. 

Also read: Fixed deposit rates: HDFC Bank, Bank of Maharashtra hike FD rates again for plans under Rs 2 crore

Axis Bank 

Axis Bank has again increased its fixed deposit (FD) interest rates for amounts less than Rs 2 crore on select tenors. The new rates are effective from November 15, 2022. It had previously revised its FD rates on November 5, 2022.  

With the latest hike, fixed deposit interest rates for 15 and 18 months have been hiked to 6.40 per cent from 6.25 per cent before. 

For schemes of 18 months to 3 years, investors can now earn an interest rate of 6.50 per cent. The bank was previously offering 6.30 per cent interest rates to its general customers. 

The bank kept interest rates of many tenors unchanged. Like the interest rates on deposits of 3 to 10 years will continue to earn 6.50 per cent. Other FD interest rates for shorter tenors are unchanged. 

Also read: ICICI Bank, Yes Bank revise their Fixed Deposit (FD) rates: Check new rates here

Bank of Baroda 

Bank of Baroda (BoB) has hiked the interest rates on its retail term deposit schemes on select tenors from November 14 for both general and senior citizen customers. The rate hike is applicable on fixed deposits below Rs 2 crore for both senior citizens and the general category. As per its website, it has also revised its Tiranga deposit and tax saving schemes’ interest rates from November 14. 

Revised FD rates 

The bank is offering a revise rate of interest of 6.10 per cent on 1 year to 2 years deposits. It is offering the same interest rate of 6.10 per cent for schemes above 3 years to 10 years. It is offering 6.10 per cent rate for FDs above 10 years. 

The bank has revised its interest rates for 2 years to 3 years tenures and will be offering 6.25 per cent to general customers, which is the highest rate within the general category. 

For schemes of 271 days to above and less than 1 year, the new interest rate is 5.50 per cent. For schemes maturing in 181 days to 270 days, the revised rate is 5.25 per cent. 

On tenures from 46 days to 180 days, the interest rate is set at 4.50 per cent. For shorter period from 7 days to 45 days, the rate is around 3 per cent a year. 

Baroda Tiranga Deposit Scheme  

The Bank of Baroda is offering a callable rate of 6.10 per cent for its schemes of 444 days and 555 days for the investors in the general category. For senior citizens, the rate is 6.60 per cent. 

The non-callable rate is 6.35 per cent for the general category, while for senior citizens it is 6.85 per cent. 

It needs to be noted that there is no premature withdrawal allowed in this scheme. Also, the minimum deposit is from Rs 15.01 lakh to a maximum of Rs 1.9 crore.  

Published on: Nov 16, 2022, 4:42 PM IST
Posted by: Basudha Das, Nov 16, 2022, 4:25 PM IST