PNB
Punjab National Bank (PNB) announced a rise in the interest rates for savings accounts and fixed deposits on January 1. PNB raised the interest rate on savings accounts by 25 basis points for balances of Rs. 100 crore or more, while the bank raised the interest rate on fixed deposits by up to 50 basis points for a range of maturity buckets.
Indian Overseas Bank
Indian Overseas Bank (IOB) announced a 75 basis point increase in the FD interest rate on short-term deposits having tenors of 7 to 90 days on January 1. The bank currently offers a maximum interest rate of 6.55% on deposits with a 444-day maturity period to the general public, while the additional rates for senior citizens and super senior citizens (those 80 years of age and above) remain at 0.50% and 0.75%, respectively.
Punjab & Sind Bank
The interest rate hike for fixed deposits was announced by Punjab & Sind Bank on January 1. The bank currently offers 2.80% to 6.25% interest rates on deposits with maturities ranging from 7 days to 10 years, whereas Punjab & Sind Bank only offers a maximum interest rate of 7% on a tenor of 601 days.
Bandhan Bank
Bandhan Bank increased the interest rate on fixed deposits on January 5, 2023. For deposits maturing in 7 days to 10 years, the bank presently offers interest rates that vary from 3.00% to 5.85% for non-senior citizens and from 3.75% to 6.60% for older adults. On deposits with a term of 600 days (1 year, 7 months, 22 days), the bank offers a maximum interest rate of 7.50% for the general public and 8% for senior citizens.
Kotak Mahindra Bank
Kotak Mahindra Bank raised interest rates on a range of tenors by up to 50 bps on January 4, 2023. For deposits with maturities of 390 days to under two years, the bank now offers a maximum interest rate of 7% for the general public and 7.50% for senior citizens.
Karnataka Bank
The latest fixed deposit interest rates of Karnataka Bank are effective as of 1st January 2023. The bank is presently offering 5.25% to 5.80% interest rates on deposits with maturities ranging from 7 days to 10 years. On deposits with a 555-day term, Karnataka Bank is now offering a maximum interest rate of 7.30% for the general public and 7.70% for senior citizens.
Yes Bank
Yes Bank announced an interest rate modification for fixed deposits under ₹2 crore on January 3, 2023. For deposit tenors from 7 days to 120 months, the bank is now giving interest rates that vary between 3.25% and 7.00% for the general public and 3.75% to 7.75% for senior citizens. On a special fixed deposit tenor of 30 months, Yes Bank is now offering a maximum interest rate of 7.50% for the general public and 8% for senior citizens.
