Private sector lenders ICICI Bank and RBL have revised interest rates on fixed deposits under ₹2 crore. As per both banks’ websites, these rates are effective from 16 October.
ICICI Bank revises FD rates in October
After the latest hike, ICICI Bank is offering an interest rate ranging from 3% to 7.1% on FDs maturing in seven days to ten years to general customers, and 3.5% to 7.65% to senior citizens. For a term of 15 months to two years, ICICI Bank gives a maximum return of 7.10% to the general public and 7.65% to senior citizens. The bank has also extended the duration of senior citizens’ special term deposit programme Golden Years FD.
RBL Bank revises FD rates in October
The RBL Bank has revised the interest rates on fixed deposits under ₹2 crore. After the latest hike, ICICI Bank is offering an interest rate ranging from 3.5% to 7.80% on FDs maturing in seven days to ten years to general customers, and 4.00% to 8.3% to senior citizens. RBL Bank is offering a maximum return of 7.80 per cent to the general public, and 8.30% to senior citizens on tenures of 453 days to less than 24 months.
These banks have revised FD rates in October 2023
Bank of Baroda has hiked interest rates on fixed deposit (FD) rates by up to 50 basis points (bps) across various tenors. Unity Small Finance Bank Limited (Unity Bank) has hiked its interest rates offered on fixed deposits on selected tenors.
Private lenders Yes Bank, and HDFC Bank have slashed the fixed deposit interest rate on selected tenure for deposits below ₹2 crore.
IndusInd Bank, and Punjab & Sindh Bank have also revised FD interest rates on their term deposits in October 2023.
Is your bank FD rate beating inflation?
According to data shared by FundsIndia, term deposit rates have increased in one year, but post-tax returns are still below the FY 24 Inflation expectation of 5.4%. If we look at the returns on two-year term deposits, HDFC Bank and State Bank of India (SBI) are giving a 7% interest rate, but post-tax returns come out to be 4.95%. ICICI Bank is offering an interest rate of 7.1% on these deposits, but post-tax returns are 5.02%, the data showed.
Source By: livemint
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