After the increase in the repo rate by the Reserve Bank of India (RBI), apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, private sector IDFC First Bank and Equitas Small Finance Bank have increased the interest rates on fixed deposits ie FDs.
IDFC First Bank has increased its interest rates on FDs below Rs 2 crore. For deposits maturing in 7 days to 10 years, the bank is offering an interest rate of 3.5 per cent to 7.00 per cent. IDFC First Bank is currently offering a maximum interest rate of 7.75 per cent on deposits maturing in 18 months 1 day to 3 years (549 days to 3 years). The new rates of the bank are effective from March 1, 2023.
IDFC First Bank FD Rates
Bank is now offering 3.50% interest rate on FDs maturing in 7 to 29 days and 4.00% interest rate on deposits maturing in 30 to 45 days . The bank is now offering an interest rate of 4.50 per cent on deposits of 46-90 days and 5.00 per cent on deposits of 91-180 days. Deposits maturing in 181 days to 366 days will now fetch an interest rate of 6.75 per cent and FDs maturing in 367 days to 18 months (367 days to 548 days) will now fetch an interest rate of 7.25 per cent.
8.20 percent interest on FD of 888 days
The new FD rates of Equitas Small Finance Bank have come into effect from March 1, 2023. The bank said that its customers will be able to earn 8.20 per cent interest on FDs of less than Rs 2 crore for a period of 888 days. Interest rates have also been increased on investments for a period ranging from 12 months to 24 months. Equitas Small Finance Bank has said in the filing that interest payment will continue quarterly in all types of accounts. Domestic senior citizens will get 0.50 percent additional interest on FD and RD rates.
Many banks have increased FD rates.
It is noteworthy that on February 8, RBI had increased the repo rate by 0.25 percent. After the increase in the repo rate, many government and private banks of the country have increased their FD rates. Many banks like SBI, ICICI Bank, HDFC Bank, Yes Bank have increased interest on FDs in recent times.
