Banks, which have recently raised their term deposit interest rates, include Bank of Baroda (BOB), State Bank of India (SBI), DCB Bank, HDFC Bank, ICICI Bank, and Axis Bank.
Bank FD rates: In the month of December, five banks, State Bank of India, Bank of Baroda, Kotak Mahindra Bank, Federal Bank, DCB Bank, hiked their interest rates by up to 85 basis points.
BoB disclosed that interest rates on term deposits up to Rs 2 crore will witness an increase ranging from 10 basis points to a significant 125 basis points across different maturity brackets.
Considering a fixed deposit of Rs 1 lakh, with interest rates varying from 2.50 percent to 8.50 percent per annum, the following monthly interest estimates can provide a clear picture of how much interest you will earn.
Union Bank of India hiked interest rates by up to 25 basis points (bps) on its fixed deposits (FDs) on certain tenures for amounts less than Rs 2 crore.