Even after the Reserve Bank of India did not change the repo rate, many banks have increased their loan interest rates and fixed deposit interest rates (banks FD rates in May 2023).
Due to the increase in deposit interest rates, the trend of investors towards investing in FD is increasing. In the month of May, 4 banks have increased the interest rates, after which the interest rate has increased up to 9.60 percent.
DCB Bank FD Rates
DCB Bank has revised the FD interest rates for deposit amount less than Rs 2 crore. According to the website of DCB Bank, the new rates have been made effective from 8 May 2023. After the amendment, the highest interest rate has become 8 percent for regular customers and 8.50 percent interest rate is being given for senior citizens.
Kotak Mahindra Bank FD Rates
Kotak Mahindra Bank has increased interest rates on Fixed Deposits ( Kotak Mahindra Bank FD Rates) by 50 bps. The revised interest rates have been implemented from 11 May 2023. Kotak Mahindra Bank is offering interest rates ranging from 2.75% to 7.20% to general residents.
Whereas, interest rate ranging from 3.25% to 7.70% has been offered to senior citizens. The bank has increased the interest rate by 50 basis points from 6.50% to 7% on tenure of 180 days. Whereas, with an increase of 10 basis points on FDs of 365 days tenure, the interest rate has been increased from 7% to 7.10%.
Suryoday Small Finance Bank FD Rates
Suryoday Small Finance Bank (SSFB Fixed Deposit Rates) has revised the fixed deposit interest rates. The interest rates were revised by 49 to 160 basis points (bps) over the tenor of 1 to 5 years. The new interest rates are effective from 5 May 2023. After the revision, the bank is giving an interest rate of 4.00 percent to 9.10 percent to the general public. Whereas, senior citizens have been offered an interest rate of 4.50 percent to 9.60 percent.
FD interest rates of Unity Small Finance Bank
Unity Small Finance Bank has increased the interest rates on Fixed Deposits (Unity Bank FD Interest Rates) from 2 May 2023. Now the bank is giving the highest FD interest of 9.50% on FDs of 1001 days tenure to senior citizens. The bank is giving interest rate up to 9.00% to regular citizens on FD of this tenure.
