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Indian Banks Revise Interest Rates On Deposit To Woo Investors

Last Updated: October 27, 2022, 13:20 IST

India’s largest bank State Bank of India (SBI) has increased the interest rates by up to 20 basis points.

SBI will now offer an interest rate ranging from 3% to 5.85% for the general public and 3.50% and 6.65% for senior citizens.

Following the frequent hikes in the RBI repo rate, Indian banks have also increased their interest rates on fixed deposits. Major lenders like SBI, HDFC Bank, ICICI Bank, and Axis Bank, have increased their rates to attract investors. In May, the Reserve Bank of India (RBI) raised the repo rate by 190 basis points to curb the spiralling inflation and stop the rupee’s depreciation against the US dollar.

Here is the updated list of interest rates for major lenders:

Axis Bank: With new rates effective from October 14, fixed deposits are available at different tenures maturing between 7 days to 10 years. The range has also been increased from 3.50% to 6.10% for the general public and 3.50% to 6.85% for senior citizens.

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HDFC Bank: The bank has increased the interest rates on Fixed deposits up to 75 basis points. The new rates have been effective from October 11. A depositor will get an interest rate of up to 6% for the general public and 6.75% for senior citizens. The interest rates also depend on different tenures maturing between 7 days and 10 years.

ICICI Banks: This private bank is offering interest rates between 3% to 6.20% for the general public and 3.50% to 6.75% for senior citizens. The rates will mature between 7 days to 10 years.

SBI: India’s largest bank State Bank of India (SBI) has increased the interest rates by up to 20 basis points. It will now offer an interest rate ranging from 3% to 5.85% for the general public and 3.50% and 6.65% for senior citizens. They are available for different Fixed Deposits maturing between 7 days to 10 years.

Earlier, the Indian banks were reluctant to raise the deposit rates. But the change from a liquidity abundance situation to a near-deficit scenario has worked in favour of savers. Indian banks have faced serious challenges to bring back savers into the fold as some of them migrated to other investment options.

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