FD Rate Hikes in 2024: Recent Changes in Fixed Deposit Rates by Major Lenders, SBI, BoB, ICICI Bank!HDFC,

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Changes in Fixed Deposit Rates by Major Lenders: In recent times, several banks have made adjustments to their fixed deposit (FD) interest rates, aiming to provide better returns to depositors. Notable among these are Bank of Baroda (BOB), State Bank of India (SBI), DCB Bank, HDFC Bank, ICICI Bank, and Axis Bank.

Special Schemes and Competitive Rates

Banks are not only raising their FD rates but are also introducing special schemes with attractive interest rates. For instance, Bank of India has launched the Super Special Fixed Deposit, offering an interest rate of 7.5 percent per annum for deposits ranging from ₹2 to ₹50 crore with a fixed maturity period of 175 days starting January 1, 2024.

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Changes in Fixed Deposit Rates by Major Lenders

Let’s take a closer look at the adjusted FD rates offered by some major banks:

Changes in Fixed Deposit Rates by Major Lenders:

Bank Interest Rates
State Bank of India (SBI) – 6% for 211 days to less than one year

– 6.80% for one year to less than two years

– 7% for 2-3 years

– 6.75% for 3-5 years

Bank of Baroda – 6.85% for one year to 2 years

– 7.25% for 2-3 years

– 6.5% for 3-10 years

– 7.15% on 399 days (Baroda Tiranga Plus Deposit Scheme)

HDFC Bank – 6.6% for one year to 15 months

– 7.10% for 15 months to 18 months

– 7% for 18 months to 21 months

– 7% for 21 months to 2 years

– 7.20% for 4 years and 7 months to 55 months

ICICI Bank – 7.25% for one year to 389 days

– Various rates for different tenures, ranging from 4.5% to 7%

Axis Bank – 6.7% for one year to 15 months

– 7.10% for 15 months to five years

– Different rates for shorter duration FDs

DCB Bank – 7.15% per annum from Dec 13, 2023

– 7.85% for 12 months to 12 months and 10 days

– Highest rate of 8% for deposits between 25 months and 26 months

Understanding the Changes

These adjustments come as a response to the evolving economic landscape and aim to provide depositors with more attractive options. The increased rates are not only a boost for individuals looking for secure investment opportunities but also reflect the competitiveness among banks.

Considerations for Depositors

As a potential depositor, it’s essential to consider the tenure that aligns with your financial goals and the associated interest rates. Comparing offerings from different banks will enable you to make an informed decision based on your investment preferences.

In conclusion, these changes in FD rates present an opportune moment for individuals to explore secure investment avenues and potentially enhance their financial portfolios. Always consult with financial advisors or bank representatives to understand the specific terms and conditions associated with each FD scheme.

Disclaimer: The provided interest rates are based on the latest available information and are subject to change. Prospective investors are advised to check with the respective banks for the most up-to-date rates and offerings.

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