Big banks such as Axis Bank, Bank of India, PNB, IndusInd have also cut FD rates on select tenures in the last two months. DCB Bank has cut fixed deposit interest rates by up to 50 basis points (bps) for deposits below Rs 2 crore.
The interest rate on a 13-month term deposit is 7.30% for the general citizens and 8.07% for senior citizens. The increased pricing would only be available for a short time.
SBI Fixed Deposit scheme: State Bank of India (SBI) s high-interest rate, fixed-term investment programme, Amrit Kalash, was introduced on April 12, 2023. The last date to invest in the SBI Amrit Kalash FD Scheme is August 15, 2023. Similarly, IDBI Bank s special FD scheme Amrit Mahotsav FD will also end on August 15. Watch BT Visual Story for the FD rates, tenure, lock-in period, and other information.
Banks hiked FD rates as the RBI increased the repo rate by a whopping 2.5% over the course of only 10 months, from May 2022 to February 2023. Here are five banks that can decreased fixed deposit interest rates in the past two months.