FD interest rates 2023: THESE banks hikes fixed deposit rates in new year; Check calculator along with other details

In a move to control inflation, the Reserve Bank of India has been announcing policy rate increases. Despite the policy rates, many banks increased their fixed deposit rates in January for sums under Rs 2 crore. Find out which banks have raised their interest rates by looking at the list.

The fixed deposit rates of Punjab National Bank (PNB) were increased on January 1st. PNB increased the rate on fixed deposits by 50 basis points.

The interest rates on fixed deposits with durations ranging from 7 days to 120 months have also increased at Yes Bank. It offers loan rates between 3.25 and 7 percent. Senior citizen charges range from 3.75 percent to 7.75 percent. For a 30-month period, Yes Bank's FD rate is 7.50 percent; for seniors, it is 8 percent.

The fixed deposit rates at Kotak Mahindra Bank were increased by 50 basis points. It is providing FDs with terms ranging from 390 days to two years at a healthy interest rate of 7 percent. Senior citizens pay a rate of 7.50 percent.

The FD market has just welcomed Bandhan Bank. On FDs with durations ranging from 7 days to 10 years, it offers interest rates of 3 to 5.85 percent. On 600-day fixed deposits, it offers interest rates of 7.50 percent and 8 percent.

Indian Overseas Bank recently increased the rates on short-term fixed-rate deposits (FDs) for maturities up to 90 days by 75 basis points.