Fixed deposits and recurring deposits are two such ways of saving, which are still preferred by a large section of people today. Fixed deposit assures that at a specified time when the policy matures, a fixed amount will be received along with interest.
On the other hand, Recurring Deposit i.e. RD is like a piggy bank, in which you save a fixed amount every month and interest is also charged on it from the bank. If you are planning to invest in FD or RD, then there is good news for you. Recently four banks have increased the interest rates on RD and FD. Know about them here so that you can invest in them after seeing your profits.
These banks increased interest
Axis Bank has increased the interest on FDs by 0.75% to 6.20%. The new rate has come into effect from October 14. At the same time, HDFC Bank has increased the interest rates of FD by 75 basis points i.e. 0.75 percent. At the same time, the bank has increased the interest on its RD by 50 basis points i.e. 0.50 percent. The new rates have come into effect from 11 October 2022. The bank will give 4.25% to 6.10% interest to its general customers on different recurring deposits of 6 months to 12 months. Apart from these banks, Equitas Small Finance Bank has increased the interest rate on savings accounts, FDs and RDs.
SBI interest rates applicable from today
Apart from this, the country’s largest bank SBI has also increased the interest rates on FDs by up to 20 basis points. The new rates will be applicable on FDs below Rs 2 crore. The new rates will be applicable from October 15, 2022. SBI has increased the interest rate on FDs between one year and less than two years from 5.45 per cent to 5.60 per cent.
FDs of two years and less than three years will now get 5.65 percent interest instead of 5.50 percent. At the same time, the interest rate between three years and less than five years has now increased from 5.60 percent to 5.80 percent. At the same time, the interest rate on FDs ranging from five years to 10 years has now increased from 5.65 percent to 5.85 percent. Apart from this, interest rates have been increased from 7 days to 45 days, 46 days to 179 days, on retail domestic term deposits from 180 to 210 days and 211 days on FDs of less than one year and senior citizens FDs.
