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FD interest rate up to 8.25%: These 6 banks have revised fixed deposit interest rates in October 2023

October 12, 2023

FD interest rate up to 8.25%: These 6 banks have revised fixed deposit interest rates in October 2023
In anticipation of the Reserve Bank of India’s Monetary Policy Committee meeting on October 4-6, 2023, several major banks, including HDFC Bank, IDBI Bank, IndusInd Bank, and Punjab & Sindh Bank, have adjusted their Fixed Deposit (FD) interest rates. The Reserve Bank of India (RBI) has maintained its key rates for the past three meetings.

HDFC Bank, a private sector bank, lowered the interest rates for two special FD schemes with tenures of 35 and 55 months, effective from October 1, 2023.

Bank of India has updated its FD rates for amounts below Rs 2 crore. The revised rates, effective from October 1, 2023, offer interest between 3% and 7.25% for periods ranging from 7 days to 10 years. Senior citizens will receive rates varying from 3.5% to 7.75%. Punjab & Sindh Bank also modified its FD rates for deposits below Rs 2 crore, providing interest rates between 2.80% and 7.40% for tenures from 7 days to 10 years, effective from October 1, 2023.

IDFC First Bank, IndusInd Bank, and Karnataka Bank have also adjusted their FD rates for deposits under Rs 2 crore, offering interest rates between 3% and 8.25% for various tenures starting from 7 days to 10 years, starting October 1, 2023. These changes come ahead of the RBI’s upcoming policy meeting, reflecting adjustments in the banking landscape as they prepare for potential economic shifts. 
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