Banks raise FD interest rates: 4 banks offer more than 7% fixed deposit rates

After the Reserve Bank of India (RBI) hiked repo rate consecutively, banks have been increasing their fixed deposit (FD) and savings account rates since May 2022. State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank and RBL Bank are among the lenders that have raised their term deposit rates recently. Talking about interest rates, small financial banks (SFBs) offer attractive interest rates to customers.

IDFC First Bank, RBL Bank, Union Bank of India and Canara Bank offer interest rates of more than 7% for general customers on some deposits.

IDFC First Bank latest FD rate

IDFC’s First Bank provide FD from 7 days to 10 years. Seniors receive an additional 50 basis points (bps) on these deposits. For fixed deposits maturing in 750 days, the bank offers 7.25% incentives for general customers and 7.75% for seniors

Latest FD rate of RBL . Bank

RBL Bank offers a preferential interest rate of 7% for FDs with a term of 15 months for general customers. For this term, the elderly will enjoy the rate of 7.50%.

Union Bank of India latest FD rate

Union Bank of India is a government bank which raised interest rate on below FD 2 crore effective October 17. Following the most recent hike, the bank offers interest rates ranging from 3% to 7% on FDs with maturities from 7 days to 10 years. at maturity 599 days

Latest FD rate of Bank of Canara

Canara Bank has launched a special fixed deposit plan for 666 days. Under this scheme, the lender is offering 7% interest to its general customers, while seniors will receive 7.5% on these deposits.

Canara Bank has raised interest rates for all tenors and is currently offering 7 days to 10 years term deposit rates ranging from 3.25% to 7.00% for the general public and 3.25% to 7.50% for the elderly. According to the bank, the new rate is effective from October 7, 2022.

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