List of banks that hiked FD interest rates in the first week of January 2023
1. Bank of Baroda
2. Axis Bank
3. Karnataka Bank
4. ICICI Bank
5. Kotak Mahindra Bank
6. Punjab National Bank
7. State Bank of India
There are various banks who have revised their Fixed Deposit (FD) interest rates this January. It is one of the most popular options for fixed-income investors mainly because it provides stable and higher returns than savings accounts. The rate revision by the banks in January has been done, in order to attract new customers and to ensure to generate higher deposit growth, compared to other months.
The following is a list of banks that have hiked FD interest rates from the 1st week of January 2023:
1. Bank of Baroda: The rates for Bank of Baroda’s FDs have been raised from 3.25% to 3.50% for general customers and from 4.00% to 4.25% for senior citizens, for deposits without a renewal.
2. Axis Bank: This private sector bank has also revised its FD interest rates and has now increased it from 4.00% to 4.25% for general customers, and 4.50% to 4.75% for senior citizens, on deposits with a maturity of 7 days to 10 years.
3. Karnataka Bank: Customers of this bank can now get a higher rate on their FDs, which has been hiked from 4.00% to 4.50%. Senior citizens are likely to enjoy even more as the bank has increased its FD interest rate from 4.75% to 5.25%.
4. ICICI Bank: It has increased its FD rates this month from 5.00% to 5.25% for general customers, and from 5.50% to 5.75% for senior citizens, for deposits ranging from 7 days to 10 years.
5. Kotak Mahindra Bank: The bank has hiked the FD interest rate from 4.75% to 5.20%. Senior citizens are likely to be happier as the rate for them has been increased from 5.25% to 5.70%.
6. Punjab National Bank: This state-owned lender has increased its FD interest from 5.55% to 5.85%, for deposits of 7 days to 10 years. Senior citizens will benefit more with the rate being raised from 6.05% to 6.35%.
7. State Bank of India: This is the largest commercial lender in India. It too has raised its FD interest rate from 5.50% to 5.70%, with senior citizens likely to receive an interest rate of 6.20%, which is a 0.20% increase from the previous rate.
If you are looking for higher returns on your FDs, these are few of the banks that have hiked their FD interest rates from the 1st week of January 2023, and offer great rates for general and senior citizen customers. It is important to read the terms and conditions of the banks as they may vary from each other. Be sure to compare the FD interest rates before selecting the FD scheme that suits your requirements. Investing in an FD is a great way of conserving capital and making it grow over a period of time. Preset deposit desire prices have been steadily escalating from May 2022 as a end result of RBI’s regular hike in the repo price to management inflation.