In June 2023, several banks in India hiked their Fixed Deposit (FD) interest rates. These rate revisions apply to amounts below Rs. 2 crore. Let's look at the banks that have implemented these changes and the new interest rates they offer.
IDBI Bank has introduced new interest rates effective from June 14, 2023. The new rates vary between 3.5 per cent and 6.8 per cent for general citizens. The highest rate of 6.8 per cent applies to FDs with a one-year to two-year tenure.
From July 1, 2023, the bank has also launched the "IDBI Special Non-callable Option FD" scheme, offering attractive rates of 7.25 per cent for general customers and 7.75 per cent for senior residents. Also, Under Amrit Mahotsav FD, the bank offers a higher interest rate of 7.15 per cent for 444 days.
IndusInd Bank has adjusted its FD interest rates, ranging from 3.50 per cent to 7.75 per cent for general citizens. The revised rates came into effect on June 2, 2023, as per the bank's official website. The bank provides a maximum interest rate of 7.75 per cent on fixed deposits maturing between one year and two years. Senior citizens can avail an additional 0.50 per cent interest rate, allowing them to earn 8.25 per cent on FDs with a maturity of one to two years.
Karur Vysya Bank
Karur Vysya Bank has revised its interest rates from June 15, 2023. The highest rates are offered for specific tenures, such as 7.30 per cent for FDs with 444 days. Depositors can earn interest rates of 7 per cent for tenures ranging from one year to 443 days and 6.50 per cent for 271 days to less than one year.
Small Finance Banks
DCB Bank has revised its fixed deposit interest rates for deposits below Rs. 2 crore. The new rates, effective from June 28, 2023, provide general customers with the highest FD interest rate of 8 per cent, while senior citizens can enjoy a rate of 8.50 per cent.
RBL Bank revised rates effective from June 1, 2023. The rates vary from 3.5 per cent to 7.8 per cent for regular citizens. The highest rate is offered for a tenure of 453 days to less than 24 months.
Unity Small Finance Bank
Unity Small Finance Bank has revised its deposit interest rates as of June 14, 2023. The bank offers attractive rates of 8.75 per cent for FDs with a maturity period of 6 months to 201 days and 9 per cent for 1001-day FDs. Senior citizens receive an additional 50 per cent premium on these rates