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These 5 banks changed the FD rates, some increased the interest and some reduced it, know what are the latest rates

New Delhi: FD is the safest and guaranteed return destination for investment. However, if you do FD after doing a little research and stay updated with the latest rates, then you can get higher returns on FD too. In the last few days, many banks have made changes in their FD rates. Some have raised rates and some have reduced them. In such a situation, if you are also preparing to do FD, then first check these rates, so that you can invest in the place that gets higher returns.

Kotak Mahindra Bank FD rate hiked

Kotak Mahindra Bank has increased interest rates on various tenors for fixed deposits (FDs) below Rs 2 crore. This increase is up to 0.25%. The new rates have become effective from 12 April 2022. The new FD rates have been updated on the website of Kotak Mahindra Bank. The bank has set the interest rate on FDs with tenors ranging from ‘two years to less than three years’ to 5.30% and for ‘3 years and above but less than 4 years’ at 5.45 per cent. FDs with tenor of ‘4 years and above but less than 5 years’ will now attract an interest of 5.50 per cent per annum instead of 5.45. The interest rate on FDs with tenor of ‘5 years and above and up to 10 years’ has been increased by 0.10 per cent to 5.60 per cent per annum.

Indian Overseas Bank reduced rates

Indian Overseas Bank (IOB) has reduced interest rates on fixed deposits. The bank (Indian Overseas Bank) has cut interest rates by 0.4 percent for FDs with various short term tenors. The new interest rates on FDs of Indian Overseas Bank have become effective from 11 April 2022. Information about this is available on the bank’s website. The bank now offers interest rates starting from 3 per cent per annum on various maturity periods for FDs below Rs 2 crore. The highest interest rate of 5.45 per cent per annum is on FDs with tenures of 3 years and above.

HDFC Bank has increased the rate

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Recently HDFC Bank increased the interest rates for FDs below Rs 2 crore on select maturity periods. The new rates came into effect from 6 April 2022. Now in HDFC Bank, the interest rate has been increased by 0.1 per cent to 5.10 per cent per annum for FDs of one year tenor and ‘one year one day to two years’ tenor. Earlier this rate was 5 per cent per annum. At the same time, 5.20 percent interest is being given on FDs of 2-3 years, 5.45 percent on FDs of 3-5 years and 5.6% on FDs of 5-10 years.

Now more returns on FD in Axis Bank

FD rates have been increased recently by Axis Bank. The new rates have come into effect from March 21. Now Axis Bank is getting 4.45 percent interest on FDs of more than Rs 2 crore up to one year. At the same time, 4.55 percent interest will be available on FD of 2 years. If you make FD for 3 years, then you will get 4.65 percent interest. Apart from this, if you make an FD for 5-10 years, then you will get an interest of 4.65 percent.

State Bank of India has also increased rates

If you look at the figures till a little earlier, then SBI has increased the FD rates in March itself. The bank has increased the interest rates by 20-40 percent. These rates are applicable on FDs above Rs 2 crore. The rates are applicable from March 10 last month. The bank has increased the FD rates by 10 basis points for FDs less than Rs 2 crore. FDs of 2 years will now get 5.20 percent interest, while FDs of less than 3-5 years are getting 5.45 percent interest. Apart from this, you will get 5.5% interest on FD of 5-10 years. These rates are applicable from February 15.

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