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After consecutive repo rate hikes by the Reserve Bank of India (RBI), banks have been hiking the interest rates on fixed deposits (FDs) and savings accounts since May 2022. The State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank and RBL Bank are among those lenders that have hiked interest on term deposits recently. Talking about the interest rates, small finance banks (SFBs) offer lucrative rates to customers.Â
IDFC First Bank, RBL Bank, Union Bank of India and Canara Bank offer interest rates more than 7% to general customers on some deposits.
IDFC First Bank latest FD rates
IDFC First Bank offers FD ranging from 7 days to 10 years. Senior citizens get 50 basis points (bps) extra on these deposits. For, fixed deposits maturing in 750 days, the bank offers 7.25% to general customers and 7.75% to senior citizens
RBL Bank latest FD rates
RBL Bank offers 7% interest on FDs maturing in 15 months to general customers. On this tenor, senior citizens will get 7.50% rate.
Union Bank of India latest FD rates
Union Bank of India is one government bank that has hiked interest rates on FD below ₹2 crore with effect from 17 October. After the latest hike, the bank offers interest ranging from 3% to 7% on FDs with maturities ranging from 7 days to 10 years. on the maturity period of 599 days
Canara Bank latest FD rates
Canara Bank has launched a special fixed deposit plan for a tenure of 666 days. According to this plan, the lender is offering an interest rate of 7% to its general customers, while senior citizens will receive 7.5% on these deposits.
Canara Bank raised its interest rates for all tenors and is currently providing an interest rate on deposits maturing in 7 days to 10 years that range from 3.25% to 7.00% for the general public and 3.25% to 7.50% for senior citizens. According to the bank’s, the new rates are effective from 7 October 2022.
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