THESE banks revised FD rates in 2023: Check calculator, latest rates, other details

Since the Reserve Bank of India (RBI) began changing the repo rate in May 2022 to control inflation after the epidemic period, banks have been providing tempting fixed deposit (FD) products. Many leading banks, including Axis Bank, Canara Bank, Punjab National Bank (PNB), Bank of India, Bandhan Bank, and Bank of Baroda (BoB), are offering FD interest rates of 7 percent or more on various tenors amid rising FD (fixed deposit) interest rates, which is more than adequate to outpace inflation increase during the time of investment. Here are the lists of such banks with the interest rate they are offering on FDs.

Axis Bank, a major private sector bank, has changed the interest rates on fixed deposits under Rs 2 crore. The new prices go into effect on January 10, 2023. Following the change, the bank is now offering interest rates for investments maturing between seven days and ten years that range from 3.5 percent to 7 percent for general investors and 3.5 percent to 7.75 percent for senior people, or those over 60.

For a deposit scheme maturing in 2 years to 30 months, it is providing a unique fixed deposit rate of 7.26 percent. Senior citizens investing in the same plan might earn an interest rate of 8.01 percent.

After the adjustment, the interest rate on a 444-day term deposit for general investors is 7.05%. The new interest rate for senior persons is 7.55 percent. Only senior persons are eligible for the 7.25 percent interest rate on the bank's 2- to 5-year fixed deposit programme. The new rate came into effect on January 10, 2023.

Private sector lender, Bandhan Bank has changed the fixed deposit rates for plans under Rs 2 crore. The prices go into effect on January 5, 2023. Following the change, the bank is now providing a maximum interest rate of 7.50 percent for general investors and 8 percent for seniors on deposits with a tenor of 600 days.

For schemes maturing between seven days and ten years, the bank generally offers interest rates ranging from 3.00 percent to 5.85 percent for general investors and 3.75 percent to 6.60 percent for seniors (investors over 60).

The interest rates for fixed deposits under Rs 2 crore have also been altered by public-sector lender Punjab National Bank (PNB) as of January 1, 2023. For ordinary investors, the bank now offers FD rates of 3.5 percent and 7.25 percent, while for senior residents, the bank now offers revised interest rates of 4.30 percent and 8.05 percent.

The bank is providing the general public with the following plans at the maximum interest rate of 7 percent: 390 days, 391 days to 23 months, 23 months, and 23 months 1 day to 2 years. The bank is giving 7.50 percent interest rates for elderly citizens on plans with maturities of 390 days, 391 days to 23 months, 23 months, and 23 months 1 day to 2 years. The new tariffs took effect on January 4, 2023.