DelhiDesk Several banks in India, including Kotak Mahindra, DCB, Bank of Baroda, Federal Bank, Unity Small Finance Bank, and Suryoday Small Finance Bank, have revised their fixed deposit (FD) interest rates in May 2023. While many banks have not changed their FD rates after the Reserve Bank of India’s decision to pause on repo rates, some have increased their rates on select tenors. The new rates range from 2.75% to 8% for general customers and 3.25% to 8.50% for senior citizens. The revisions come into effect from various dates in May 2023.
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– Many banks have not changed their fixed deposit (FD) interest rates after the Reserve Bank of India paused repo rates
– However, Kotak Mahindra, DCB, Bank of Baroda, Federal Bank, Suryoday Bank, and Unity Small Finance Bank have revised their interest rates in May 2023
– Federal Bank revised its interest rates on fixed deposits of less than 2 crore, with rates ranging from 3% to 6.6% for general customers and 3.5% to 7.25% for senior citizens
– Bank of Baroda increased interest rates on select tenors and offers rates ranging from 3% to 7.25% for general customers and 3.5% to 7.75% for senior citizens
– Kotak Mahindra Bank provides rates ranging from 2.75% to 7.20% for general customers and 3.25% to 7.70% for senior citizens
– DCB Bank now offers the highest interest rate of 8% for general customers and 8.50% for senior citizens
– Suryoday Small Finance Bank offers rates from 4% to 9.10% for general customers and 4.50% to 9.60% for senior citizens
– Unity Small Finance Bank offers rates between 4.5% to 9% for regular customers and 9.5% for senior citizens on fixed deposits invested for terms of 1001 days
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