In order to combat rising inflation, the Reserve Bank of India’s monetary policy committee raised the benchmark repo rate by 50 basis points in August, to 5.4%. This was the third jump in a row. As a result of the increase in the repo rate, interest rates on bank loans and deposits have risen. Since the repo rate increase, major banks, including SBI, have already raised fixed deposit interest rates, which is great news for fixed-income investors. Investors looking for top banks with higher FD interest rates can compare the interest rates of the banks listed below.
SBI Fixed Deposit Rates
State Bank of India (SBI), the country’s largest lender, raised interest rates on fixed deposits of less than Rs 2 crore on August 13, 2022. In response to the change, the bank raised interest rates by 15 basis points across all tenors. Non-seniors can now earn a maximum interest rate of 5.65% on fixed deposits maturing in 5 years or up to 10 years, while older adults can earn a maximum interest rate of 6.45%.
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FD Rates at IndusInd Bank
On August 12, 2022, IndusInd Bank announced a rate increase for fixed deposits under 2 crore. Currently, the bank offers fixed deposits with maturities ranging from 7 days to 10 years, with interest rates ranging from 3.50% to 6.75% for the general public and 4.25% to 7.50% for senior citizens. On fixed deposits maturing in one year, six months to 61 months, the general public will now receive a maximum interest rate of 6.75%, while senior citizens will receive a maximum interest rate of 7.50%.
Axis Bank Fixed Deposit Rates
On August 11, 2022, Axis Bank announced a rate increase for fixed deposits under 2 Cr. As a result of the change, the bank raised the interest rate on fixed deposits with maturities ranging from 17 to 18 months from 5.60% to 6.05%.