SBI, PNB, Kotak Mahindra Bank, DCB Bank, and others: List of banks hiked FD rates in February

SBI, PNB, Kotak Mahindra Bank, DCB Bank, and others: List of banks hiked FD rates in February


Many banks have hiked fixed deposit (FD) interest rates soon after the Reserve Bank of India hiked the repo rates by 25 basis points to 6.50% in its monetary policy meeting in February. Fixed deposit investors are seeing their interest rates grow with each RBI monetary policy.

Here is a list of banks that have hiked fixed deposit interest rates in February.

SBI FD interest rates

The State Bank of India (SBI) has increased the interest rates on some fixed deposits (FDs) by up to 25 basis points (bps). The increase in FD interest rates ranges from 5 to 25 basis points, according to the SBI website. The new FD interest rates have been effective from February 15, 2023. The increased interest rates are applicable to fixed deposits of up to Rs 2 crore.

PNB FD interest rates
Punjab National Bank (PNB) has increased interest rates of select fixed deposits (FDs) tenures by up to 30 basis points (bps). The new interest rates will be applicable for fixed deposits of less than Rs 2 crore.

The highest rate offered to regular citizens is 7.25%. The increased interest rates on the FDs are effective from February 20, 2023, according to the PNB website.

Axis Bank FD interest rates
Axis Bank revised its fixed deposit interest on amounts below Rs 2 crore effective February 11, 2023. The bank offers the highest interest rate of 7.26% to regular citizens and 8.01% to senior citizens.

Kotak Mahindra Bank FD interest rates
Kotak Mahindra Bank raised interest rates on fixed deposits, making them more appealing to customers. With the increase, the bank now offers 7.7 percent interest rates to senior citizens and 7.2 percent interest rates to regular citizens.

Federal Bank FD interest rates
Federal Bank recently increased the interest rate on fixed deposits (FDs) under Rs 2 crore. The bank’s highest interest rate offered is 7.25 percent for the general public and 7.75 percent for senior citizens. These new interest rates are effective from February 17, 2023.

DCB Bank FD interest rates
DCB Bank customers can now earn the highest interest rate of up to 7.85% on fixed deposits for amounts below Rs 2 crore. For senior citizens, the interest rate on fixed deposits can go up to 8.10%. The new rates are effective from February 16, 2023.

IndusInd Bank FD interest rates
IndusInd Bank has increased the interest rate on fixed deposits with balances of less than Rs 2 crore. With the hike, regular depositors can now earn up to 7.5% in interest, while senior citizens can earn up to 8.25%. The higher rates have been effective from February 16, 2023, according to the bank’s website.

Bank of Maharashtra FD interest rates
Customers of the Bank of Maharashtra can now earn interest rates of up to 6.25% on fixed deposits under Rs 2 crore effective from February 14, 2023. In addition, the bank has issued two special tenors with 200-day and 400-day maturities, with assured returns of 7% and 6.75%, respectively.



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