FD Rate Hike Alert: If you are considering FD, now is an excellent time to do so. Currently, many banks are offering appealing interest rates to entice customers to maintain FDs with them, taking into account this trend.
It is not a coincidence that FD investments in banks are acquiring popularity as interest rates have risen in recent years. Currently, the Reserve Bank of India has placed a brief pause on the interest rate in order to control the rate, making this a favourable moment to make fixed deposits. If you are considering FD, now is an excellent time to do so. Taking into account this phenomenon (Current Events), many banks are currently offering alluring interest rates to entice customers to maintain FDs with them. Therefore, let’s examine the interest rates of some significant banks.
FD Rate Hike Alert: Indus Ind Bank Rate of Interest
- 7 -14 days
Interest Rate: General Population – 3.5%; Seniors – 4% - 15-30 days
Interest Rate: General Population – 3.5%; Seniors – 4% - 31-45 Days
- Interest Rate: General Population – 4; Seniors – 4.5
- 46-60 days
Interest Rate: Regular Persons – 4.5; Seniors – 5 - 61-90 Day Interest Rate: Regular Individuals – 4.60; Seniors – 5.10
- 91-120 Days
Interest Rate: 4.75 for the General Public and 5.25 for Senior Citizens - 121-180 days
Interest Rate: 5 for General Population; 5.50 for Senior Citizens - 181-210 days
Interest Rate: Regular Individuals – 5.85; Seniors – 6.35 - 211-269 days
Interest Rate: Regular Individuals – 6.10; Seniors – 6.60 - 270-354 days
Interest Rate: Regular Individuals – 6.35; Seniors – 6.85 - 355-364 days
Interest Rate: Regular Individuals – 6.35; Seniors – 6.85 - Punjab National Bank Interest Rate
- 7-14 days
People of average age receive a score of 3.50; senior citizens receive a score of 4. - 15-29 days, regular individuals receive a score of 3.50; senior citizens receive a score of 4; and super seniors receive a score of 4.30.
- 30-45 days: normal individuals receive a 3.50; senior citizens receive a 4; and super seniors receive a 4.30.
- 46-90 days: 4.5 for regular individuals; 5 for senior citizens; 5.30 for super seniors.
- 91-179 days: 4.5 for regular individuals; 5 for seniors; 5.30 for super seniors.
- 180-270 days: 5.5 for regular individuals; 6 for senior citizens; 6.30 for super seniors.
- 271 – Regular individuals within one day of the year – 5.8; Seniors – 6.30; Super Seniors – 6.60
NatWest is offering 4.5 percent interest rate on cash ISA
IDBI Bank Interest Rate
0-6 days not applicable
7-30 days
General population – 3; seniors – 3.5
General population -3.25 for 31-45 days; senior citizens -3.75
46-90 days
Normal individuals – 4; seniors – 4.50
91- Normal individuals for 6 months -4.5; Seniors -5.0
Six months to 364 days
People in general -5.75; senior citizens -6.25
In actuality, everyone anticipated that the Reserve Bank would raise its repo rate. However, it is remarkable that the Apex Bank has maintained the repo rate in a manner that has lowered everyone’s expectations.
Indeed, investors had anticipated that interest rates would rise again. In its semimonthly report released on April 6, 2023, the Reserve Bank stunned everyone by maintaining the repo rate at 6.5 without a rate increase.
Although there was no increase in the reserve rate this time, it has increased by 2.5% over the past eleven months. Overall, now is a favourable time for those who wish to maintain bank fixed deposits. Just in the past year, FD rates have declined significantly. Now, it can be said that there has been significant development.
Ultimately, the rising rate of inflation was the primary reason why the Federal Reserve raised interest rates. Now, however, there is no increase in the repo rate, which is a relief to many.
