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Fixed Deposit Interest rates By Top Banks: Following the surprise repo rate hike announcement by the reserve bank of India recently, several banks have announced a change in their Fixed Deposit rates. Most of the banks have increased rates by a few points specially for fixed deposits of small tenors.
Banks like SBI has increased fixed deposit rates for some tenors on deposits above Rs 2 crore. With expected repo rate hikes in the upcoming policy meets, it is expected that banks may further announce increased FD rates.
Here’s a look at the Fixed Deposit Interest rates offered by SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Punjab National Bank on deposits above Rs 2-5 crores.
Fixed Deposit Rates by Banks
State Bank of India
SBI is offering 3.75% interest on deposit of Rs 2-5 crore for up to 1 year. The highest interest rate offered by this bank for such large deposits is 4.5 percent on 5 and 10 year tenors.
HDFC Bank
HDFC Bank is offering 4% interest on deposit of Rs 2-5 crore for up to 1 year. The highest interest rate offered by this bank for such large deposits is 4.8 percent on 5 and 10 year tenors.
Kotak Mahindra Bank
Kotak Mahindra Bank is offering 4.75% interest on deposit of Rs 2-5 crore for up to 1 year. The highest interest rate offered by this bank for such large deposits is 5.75 percent on 5 and 10 year tenors.
ALSO READ | Interest burden on a Rs 35 lakh loan goes up by 6.5% after a 0.4% rate hike – Check calculation
Axis Bank
Axis Bank is offering 4.5% interest on deposit of Rs 2-5 crore for up to 1 year. The highest interest rate offered by this bank for such large deposits is 5.25 percent on 2, 3, 5 and 10 year tenors.
Punjab National Bank
PNB is offering 4% interest on deposit of Rs 2-5 crore for up to 1 year. The highest interest rate offered by this bank for such large deposits is 4 percent across 1,2,3,5,10 year tenors.
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