FD Rate 2024: The trend of earning on FD may continue for a few more months i.e. in 2024 also. DCB Bank, Bank of India, Federal Bank and Kotak Bank have increased the interest rates on FD this month.
Bank News: The Reserve Bank of India (RBI) has maintained the repo rate at 6.5 percent for the fifth consecutive time in the recently held Monetary Policy Committee (MPC) meeting, but the interest rates on fixed deposits (FD) continue to increase. Many banks have increased the interest rates on FD this month. According to experts, the trend of earning on FD may continue for a few more months i.e. in 2024. Let us also tell you which bank has increased the interest on FD by how much.
DCB Bank: Fixed deposit rates on selected tenures have been increased for FDs less than Rs 2 crore. The new rates are effective from December 13. According to the bank’s website, after the change in rates, general customers will get 8% interest and senior citizens will get 8.60% interest. General customers are being given interest rates ranging from 3.75% to 8% on FDs of seven days to 10 years and senior citizens are being given interest rates ranging from 4.25% to 8.60%.
Bank of India: The bank has increased FD rates for customers (more than Rs 2 crore and less than Rs 10 crore) from December 1, 2023. Rates have been increased for short periods. The rate has been fixed at 5.25% for the period of 46 days to 90 days, 6.00% for the period of 91 days to 179 days, 6.25% for the period of 180 days to 210 days, 6.50% for the period of 211 days to less than one year. At the same time, interest rates have been fixed at 7.25 percent for one year.
Federal Bank: The bank has increased the FD rates from December 5, 2023 to 7.50 percent for 500 days. At the same time, for senior citizens, maximum interest is given at 8.15% for a period of 500 days and 7.80% for a period of more than 21 months to less than three years.
Kotak Bank: Interest rates have been increased for tenures ranging from three to five years. Under this, the interest rate for general customers on FDs maturing in seven days to 10 years has increased from 2.75% to 7.25%. Whereas, for senior citizens the interest rate increased from 3.35% to 7.80%. The new rates are effective from December 11, 2023.
