After a series of interest rate cuts in the past few years, the banks have now started hiking the fd interest rates on fixed deposits.
As of March 11, 2022, India’s G-Sec rate stood at 6.85 percent. Over the past month, many banks have raised the interest rates for various fixed deposit tenures. It is expected other banks will also follow the same suit and increase the rates in FD.
Canara Bank has increased the interest rates on FD of less than Rs 2 crore by 0.25 percent. It is giving a 5.20 percent interest rate on FD tenure of 2 to less than 3 years. IndusInd Bank has hiked the interest rates on short-term fixed deposits tenures of less than 2 crores by 0.25 percent. The bank is giving a 2.75 percent rate on fixed deposits tenure of 7 to 14 days to the general public for amounts less than Rs 2 crore.
Fincare Small Finance Bank is offering an interest rate of 6 percent on FDs tenures of 1 to 2 years, 6.75 percent for tenure more than 30 months to 66 months, and 5.50 percent for the tenure of more than 66 months to 84 months. Axis Bank is offering a 5.40 percent interest rate on FD tenure of more than 2 years to less than 5 years, 5.75 percent on FD tenure of more than 5 years to less than 10 years.
