6 banks change FD rates ahead of RBI meeting 'this' bank offers 8.25 percent interest
By Lokmat English Desk | Published: October 4, 2023 04:28 PM2023-10-04T16:28:54+5:302023-10-04T16:28:54+5:30
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Many banks, including HDFC Bank, IDBI Bank IndusInd Bank, Punjab & Sindh Bank have revised FD interest rates ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting.
HDFC Bank, a private sector bank, reduced fixed deposit interest rates of two special tenure fixed deposit schemes – these are for FD tenures of 35 and 55 months. The new rates are effective from October 1, 2023.
Bank of India has revised fixed deposit interest rates on tenures below Rs 2 crore. After the revision, the bank offers interest rates between 3% and 7.25% for tenures ranging from 7 days to 10 years. For senior citizens interest rates vary between 3.5% to 7.75%. The new rates are effective from October 1, 2023.
Punjab & Sindh Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 2.80% and 7.40% for tenures ranging from 7 days to 10 years. The new rates are effective from October 1, 2023
IDFC First Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 3% and 7.50% for tenures ranging from 7 days to 10 years. The new rates are effective from October 1, 2023.
IndusInd Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 3.50% and 7.85% for tenures ranging from 7 days to 10 years for general citizens. Senior citizens will earn the highest interest rate of 8.25%. The new rates are effective from October 1, 2023.
Karnataka Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 3.50% and 7.25% for tenures ranging from 7 days to 10 years for general citizens. The new rates are effective from October 1, 2023.
Despite widespread expectations that the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) would maintain the current interest rates and policy stance, rate-sensitive sectors such as banking, automobile, and real estate experienced significant losses during intraday trading on Wednesday, October 4th.
Experts expect the central bank to keep rates unchanged and maintain its hawkish policy stance on October 6.
