Latest FD Interest Rate Last month, the State Bank of India increased the FD interest rates. Following this increase, many banks in the country also updated their interest rates. If you are also thinking of investing in FD, you should check which bank you are going to get the FD from. Read the full news.
Business Office, New Delhi. Nowadays, FD is a very good option for a safe investment. People who want to invest without risk can invest in fixed deposits. The bank charges interest on the amount deposited in FD. The Bank reviews these interest rates periodically.
Last month, in December 2023, the State Bank of India (SBI) updated the FD interest rate. After this, many banks like Bank of Baroda, Kotak Mahindra Bank, Union Bank, Federal Bank, etc. They updated the interest rates on federal deposits. If you are also going to invest in FDs, you should check which bank is offering the interest rate to the customer.
Bank of Baroda
Bank of Baroda has decided to increase FD interest rates. The bank has increased FD interest rates by 10 basis points. The latest FD rates of Bank of Baroda range between 4.25 per cent and 7.25 per cent. As for older people, this rate ranges between 4.75% and 7.75%. The bank has updated the FD rates with a tenor ranging from 7 days to 10 years.
Central Bank of India
The State Bank of India has updated the FD interest rates up to Rs 2 lakh crore. These new rates come into effect on December 27, 2023. Deposit interest rates for customers generally range between 3.5 percent and 7 percent. At the same time, interest rates for seniors were increased by an additional 50 basis points.
Union Bank has raised its FD rates by 25 basis points. The bank has revised interest rates on FDs to Rs 2 lakh crore. The new rates came into effect from December 27, 2023. Now the FD interest can range between 3 per cent and 7.25 per cent.
Kotak Mahindra Bank
Kotak Mahindra Bank has revised the interest rates on FDs with tenors ranging from 3 to 5 years. After the update in FD rates, General is offering customers interest rates ranging from 2.75 per cent to 7.25 per cent on FDs from 7 days to 10 years. Seniors receive interest ranging from 3.35 percent to 7.80 percent.
The new interest rate updated by the Federal Reserve has come into effect from December 5, 2023. Banks are now offering an interest rate of 7.50 percent for 500-day FD bonds and an interest rate of 8 .15 percent for seniors. Meanwhile, senior citizens get 7.80 per cent interest on the 21-month FD.