These 9 Banks Hiked Interest Rates On Fixed Deposits In December 2023; Check Revised FD Rates

Several private and public sector banks in India revised/hiked the interest rates on fixed deposits (FDs) in the second half of December 2023, especially for deposit amounts below Rs 2 crore.

Effective December 27, 2023, SBI raised its deposit rates across various tenures. Interest rates have been raised for deposits under the one-year and those higher than three-year tenures.

SBI has raised interest rates by 50 basis points for deposits maturing in seven days to 45 days. This adjustment means that these deposits will now yield an interest rate of 3.5%. For deposits with a maturity period of 46 days to 179 days, the bank has increased rates by 25 basis points, resulting in an interest rate of 4.75%. It has raised interest rates by 50 basis points for deposits with a maturity period of 180 days to 210 days, resulting in a new interest rate of 5.75%. The bank has hiked rates by 25 basis points for deposits maturing in 211 days to less than 1 year, bringing the interest rate to 6%. Deposits maturing in three years to less than five years will now earn an additional 25 basis points, offering a new interest rate of 6.75%.

The rates are as seen on the bank's official website. Do refer to the bank's website to check the latest rates or changes in interest rates.

Effective December 28, 2023, HDFC Bank has revised its interest rates on non-withdrawable fixed deposits (the non-withdrawable FDs do not have any premature withdrawal facility). After the latest revision, HDFC Bank is now offering a maximum return of 7.55% on a term of 1 year to less than 18 months, 7.45% on a term of 18 months to two years and 7.20% on a term of 2 year 1 day to ten years. The previous change in the rates of these deposits was done on November 27. Here are the latest rates for deposits of Rs 5 crore and above.

Effective December 28, 2023, HDFC Bank has also revised its interest rates on withdrawal fixed deposits of Rs 5 crore and above. After the latest revision, HDFC Bank is now offering an interest rate of 4.75% to 7.6% for general customers on deposits maturing in seven days to ten years.

The rates are as seen on the bank's official website. Do refer to the bank's website to check the latest rates or changes in interest rates.

Effective December 28, 2023, ICICI Bank has also revised its FD rates for deposits of Rs 2 crore & above but less than Rs 5 crore.

After the latest revision, the bank now offers an interest rate of 4.75% to 7.25% for general customers on deposits maturing in seven days to ten years.

ICICI Bank has also revised the FD rates for term deposits of Rs 5 crore and above. Check the updated rates below.

The rates are as seen on the bank's official website. Do refer to the bank's website to check the latest rates or changes in interest rates.

Effective December 29, 2023, Bank of Baroda has hiked interest rates on domestic term deposits starting from 10 basis points across various maturity buckets. After the latest hike, the bank now offers an interest range ranging from 4.25% to 7.25% to general customers and up to 7.75% for senior citizens.

The rates are as seen on the bank's official website. Do refer to the bank's website to check the latest rates or changes in interest rates.

Effective December 11, 2023, Kotak Bank has revised its Fixed Deposit Interest rates for deposits under Rs 2 Crore. After the latest revision, the bank now offers an interest rate of 2.75% to 7.25% for general customers on deposits maturing in seven days to ten years, and 3.25% to 7.80% for senior citizens on these deposits.

Effective December 27, 2023, Kotak Bank has revised its Fixed Deposit Interest rates for deposits of more than Rs 2 Crore and less than Rs 5 crore. After the latest revision, the bank now offers an interest rate of 4% to 7.25% for general customers on deposits maturing in seven days to seven years, and 3.25% to 7.80% for senior citizens on these deposits.

Kotak Bank has also revised its Fixed Deposit Interest rates for deposits of more than Rs 5 Crore and less than Rs 10 crore. After the latest revision, the bank now offers an interest rate of 4.5% to 7.35% on deposits maturing in seven days to seven years.

The rates are as seen on the bank's official website. Do refer to the bank's website to check the latest rates or changes in interest rates.

Effective December 27, 2023, Union Bank of India has hiked interest rates on fixed deposits by up to 25 basis points across various tenors on deposits less than Rs 2 crore. After the latest hike, the bank now offers an interest range ranging from 3% to 7.25% to general customers and up to 7.75% for senior citizens on FDs maturing in seven days to ten years.

Bank of India was the first to raise interest rates on fixed deposits in December for domestic customers with deposits from Rs 2 crore and above to less than Rs 10 crore. With this adjustment, the bank now offers up to 7.25% interest for a tenure of one year. The below rates are effective from December 1, 2023.

The rates are as seen on the bank's official website. Do refer to the bank's website to check the latest rates or changes in interest rates.

Effective December 5, 2023, Federal Bank also hiked the interest rates on its fixed deposit offering a 7.50% rate for a 500-day tenure applicable to both resident and non-resident deposits. Senior citizens are offered an even more attractive interest rate of 8.15% for 500-day tenures and 7.80% for tenures beyond 21 months to less than three years.

Effective December 13, 2023, DCB Bank increased interest rates for select tenors for deposits below Rs 2 crore. After the hike, DCB Bank is offering an interest rate ranging from 3.75% to 8% on fixed deposits maturing in seven days to ten years to regular customers, and 4.25% to 8.60% to senior citizens.

The rates are as seen on the bank's official website. Do refer to the bank's website to check the latest rates or changes in interest rates.

The revision in the FD interest rate comes as good news for the customers of these banks who use fixed deposits as savings or investment instruments. With the recent surge in FD interest rates, new investors also have a range of options to consider for maximizing their returns. It is advisable for individuals to carefully review the terms and conditions of each bank to make informed investment decisions.

Disclaimer: All of the above information has been recorded from the websites of the respective banks. The interest rates are subject to change in the future. Please visit the official bank websites for more information on fixed deposits and interest rates. The above information does not constitute financial advice and NDTV Profit does not endorse investment in any of the FD mentioned above.