Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Livemint
Livemint
Business
Vipul Das

SBI vs IOB vs Kotak vs Yes Bank: Check latest FD rates post repo rate hike

Since May of this year, the majority of financial institutions have significantly raised their FD rates in line with the policy results of the RBI's significant rate hike of 225 basis points in FY23.

SBI FD Rates

On fixed deposits of less than 2 Cr, the country’s largest lender SBI has announced an interest rate hike of up to 65 bps and the new rates are effective as of today 13th December. On deposits maturing in 211 days to 10 years, SBI has hiked interest rates in a range of 25 bps to 65 bps.

SBI FD Rates (sbi.co.in)

SBI has mentioned on its website that “A special ‘SBI Wecare’ Deposit for Senior Citizens in the Retail TD segment wherein an additional premium of 50 bps over & above the existing 50 bps i.e. 100 bps over card rate for public (as indicated in the above table) will be paid to Senior Citizens on their retail TD for '5 Years and above' tenor only. ‘SBI Wecare’ deposit scheme stands extended up to 31st March 2023. The interest rate payable to SBI Staff and SBI pensioners will be 1.00 % over and above the applicable rate shown in the above table."

IOB FD Rates

On fixed deposits under 2 crore, Indian Overseas Bank (IOB) has raised interest rates. The updated rates are valid as of 10.12.2022, claims the bank's official website. The bank increased FD rates on a number of tenors by up to 20 bps in response to the alteration. The bank now offers interest rates on deposits maturing in 7 days to 3 years and beyond that range from 3.75% to 6.50%.

IOB FD Rates (iob.in)

Kotak Mahindra Bank FD Rates

On fixed deposits under 2 crore, Kotak Mahindra Bank has revised the interest rates. The new rates are in effect as of December 9, 2022, according to the bank's official website. On deposits maturing in 390 days (12 months 25 days) to less than two years, Kotak Mahindra Bank is now giving a maximum interest rate of 6.50% to the general public and 7.00% to senior citizens.

Kotak Mahindra Bank FD Rates (kotak.com)

Yes Bank FD Rates

For fixed deposits under 2 crore, Yes Bank altered the interest rates on December 9, 2022, according to the bank's official website. After the adjustment, the bank now provides interest rates on deposits with maturities ranging from 7 days to 10 years that fall between 3.25% and 6.75% for the general public and 3.75% to 7.50% for senior citizens. In addition, Yes Bank has launched a 30-month special FD programme with interest rates of 7.50% for the general public and 8.00% for older adults.

Yes Bank FD Rates (yesbank.in)
ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.