Bank Fixed Deposit Interest Rate Hike: Lenders across the private and public sectors have been quick to hike their interest rates across loan tenures, savings accounts, fixed deposits. While increased loan EMIs are going to cut a hole in the pocket of Indians, those who have invested in fixed deposits at banks are also seeing a hike in the interest rates. Of these, DBS Bank and Central Bank of India have hiked their interest rates by up to 50 basis points for various tenures. This came days after the RBI hiked its interest rates by 50 basis points as it planned to withdraw from its accommodative stance.
DBS Bank FD Interest Rate Hike
“DBS Bank India Limited today announced the revision of Fixed Deposit (FD) rates offered by the bank. The upward revision of FD rates range from 10 bps to 50 bps across tenors. In addition, senior citizens will receive 50 bps over and above the new rates for deposits over 6 months,” said the lender in a statement issued on Friday, June 10.
For deposits below Rs 2 crore, the DBS Bank fixed deposit rates have been hiked by 10 to 50 basis points. DBS Bank FD interest rates have been hiked by 50 basis points to 5 per cent from the earlier 4.50 per cent for tenures of seven days applicable to general public. For tenures between one year to 375 days, the rates have been hiked by 20 basis points to 5.30 per cent, while for tenures between 276 days to less than 2 years the rates have been hiked to 5.50 per cent. Tenures between two years to two years six months will see an increased FD interest rate of 5.60 per cent, while tenures between two years six months to three years will attract an interest rate of 5.80 per cent. From three years to more than or equal to five years, DBS Bank FD interest rates have been increased to 6 per cent from the earlier 5.75 per cent.
“In addition, senior citizens will receive 50 bps over and above the new rates for deposits over 6 months,” the bank said in its statement.
Central Bank of India FD Interest Rate Hike
Public sector lender Central Bank of India has also increased its fixed deposit interest rates. According to the official website of the lender, it offers 2.75 per cent interest rates of fixed deposits with tenures of 7 to 14 days, 2.90 per cent for maturity periods between 15 to 45 days. For tenures between 46 to 90 days, the Central Bank FD rates are 3.25 per cent, while for tenures between 91 to 179 days, the interest rates have been fixed at 3.80 per cent. For a maturity period of 180 to 364 days, investors will get a return of 4.35 per cent. The bank offers the highest interest rates to deposits above five years and up to 10 years at the rate of 5.60 per cent per annum.