Changes in Fixed Deposit Interest Rates by 5 Banks During June
Indian Banks Increase Fixed Deposit Interest Rates in June 2023
During the month of June 2023, a number of Indian banks decided to raise their fixed deposit (FD) interest rates for amounts below Rs. 2 crore. These changes were made to provide better returns to customers who choose to invest in fixed deposits. Let’s take a closer look at the banks that implemented these revisions and the new interest rates they are offering.
IDBI Bank took the initiative to introduce new interest rates starting from June 14, 2023. The revised rates now range between 3.5 per cent and 6.8 per cent for general citizens. Notably, the highest rate of 6.8 per cent applies to FDs with a duration of one to two years.
In addition to the rate revisions, IDBI Bank also launched the “IDBI Special Non-callable Option FD” scheme on July 1, 2023. This scheme offers even more attractive rates of 7.25 per cent for general customers and 7.75 per cent for senior citizens. Furthermore, the bank introduced the Amrit Mahotsav FD, which provides a higher interest rate of 7.15 per cent for a 444-day tenure.
IndusInd Bank also adjusted its FD interest rates, which came into effect on June 2, 2023, according to the bank’s official website. The new rates now range from 3.50 per cent to 7.75 per cent for general citizens. The bank offers a maximum interest rate of 7.75 per cent for fixed deposits maturing between one year and two years. Senior citizens are eligible for an additional 0.50 per cent interest rate, allowing them to earn 8.25 per cent on FDs with a maturity period of one to two years.
Karur Vysya Bank decided to revise its interest rates starting from June 15, 2023. The bank offers the highest rates for specific tenures, such as 7.30 per cent for FDs with a duration of 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 durations from 271 days to less than one year.
Moving on to the small finance banks, DCB Bank made revisions to its fixed deposit interest rates for deposits below Rs. 2 crore. These changes became effective from June 28, 2023. The bank now offers general customers the highest FD interest rate of 8 per cent, while senior citizens can enjoy a rate of 8.50 per cent.
Similarly, RBL Bank implemented rate revisions from June 1, 2023. The new rates vary from 3.5 per cent to 7.8 per cent for regular citizens. The highest interest rate is offered for a tenure of 453 days to less than 24 months.
Lastly, Unity Small Finance Bank made changes to its deposit interest rates as of June 14, 2023. The bank now 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.
In summary, several Indian banks increased their fixed deposit interest rates in June 2023, providing customers with the opportunity to earn better returns on their investments. These rate revisions aim to attract more individuals to invest in fixed deposits and take advantage of the enhanced interest rates offered by these banks.
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