Banks are also making changes in loan rates and deposit rates amid the continuous increase in repo rates by the Reserve Bank. For this reason FDs have now become a more attractive investment option than ever before.
Bank New FD Rates 2022: After the increase in the repo rates by the Reserve Bank, the benefit for those who keep deposits in the bank increases continuously. In fact, with the increase in the repo rates, banks are also increasing the fixed deposit rates continuously and the rates on FD are becoming more beneficial.
In this episode, Kotak Mahindra Bank and Bank of India have changed their rates. The FDs of these two will now get more interest than before. If you are also planning to get FD, then you can see the option in these banks.
Kotak Mahindra Bank increased FD rates by how much
Kotak Mahindra Bank has changed the interest rates on FDs of less than 2 crores from 1st November. After the change, an interest of 6.1 percent will be available on FD for 365 days to 389 days. On the other hand, senior citizens will get an interest of 6.6 percent for this period.
From 391 days to less than 23 months, 6.25 percent interest will be available, while senior citizens will get 50 basis points more ie 6.75 percent interest on this. For tenures of more than 2 years but less than 3 years, the interest rate has gone up to 6.3 per cent. On the other hand, senior citizens will get an interest of 6.8 percent. The maximum rate of interest has been increased to 6.3 percent for common people and 6.8 percent for senior citizens.
What is the FD rates of Bank of India
Bank of India has changed the rates for FDs below Rs 2 crore from 1st November. For more than one year but less than 2 years, the interest rates have gone up to 5.75 percent. At the same time, the interest rates for more than 2 years but less than 3 years are also at 5.75 percent. Between 3 years to 5 years the rates are at 6.25 percent. And the rates for between 5 years to 8 years are at 5.75 percent.
The bank is also offering additional interest to senior citizens. Senior citizens will get an additional half percent interest annually in the rates. The condition for this is that the period of FD is more than 6 months and maximum for 10 years, while the minimum amount of FD is Rs 5000. On the other hand, if a senior citizen makes an FD for more than 3 years, then he will get 0.75 percent additional interest instead of half a percent.
