Good News For 44 Crore SBI Customers: Interest Rate Hiked For These Deposits (Full Details)

In times of corona, when the economy is suffering all over the place there are few sectors that have made massive gains in the last two years. Banking is one such sector. It has made massive profits in recent troubled times. And now it looks like Banks are willing to share their profits with their depositors as well.

Recently, SBI, HDFC, and Kotak Mahindra have revised their interest rates which might bring smiles to the faces of their depositors.

SBI hikes interest rates considerably

Recently, the State Bank of India (SBI) has hiked its interest rates on fixed deposit (FD) by up to 10 basis points (bps). It should be noted that this interest rate is applicable on FDs below ?2 crores and the new rate is effective from 15 January 2022.

As per the data available with the SBI website. The interest rate on fixed deposits for tenure 1 year to less than 2 years has been increased to 5.1 percent from 5.0 percent. The bank has not made any changes in the interest rates on FD of another tenure.

It should be noted that SBI offers the highest interest rate of 5.40 percent on FD for tenure from 5-10 years. For FD of tenure two years to less than three years stands 5.10 percent. For tenure of 3 years to less than 5 years the interest rate is 5.30 percent. Senior citizens will get 50 basis points (bps) extra on these deposits.

HDFC and Kotak Mahindra bank also offer higher interest rates

Along with SBI, HDFC Bank has hiked the interest rates on fixed deposits (FDs). At HDFC Bank, FDs maturing in 2 years to 3 years will now give 5.20%. The bank has also hiked interest rates on deposits maturing in 3 years to 5 years. These deposits will give 5.40%, Deposits with maturity period 5 years to 10 years will give 5.60% interest. The bank has not made any changes in the interest rates on FD of other tenures. The revised rates of interest are applicable on FDs starting from 12 January 2022.

Kotak Mahindra Bank has also increased the interest rate on fixed deposits (FD) across various tenors. After the revision, for FDs maturing in 7 to 30 days, 31 to 90 days, and 91 to 120 days, Kotak Mahindra Bank is offering an interest rate of 2.5%, 2.75%, and 3% respectively. These revised rates are applicable from 6 January 2022.