Last Updated: February 07, 2023, 16:47 IST
The FD rates have been raised by 25-50 bps depending on the maturity period.
Bandhan Bank is now paying interest rates, ranging between 3-8 per cent to regular citizens on its FDs for tenures ranging between 7 days to 10 years.
Bandhan Bank has announced a hike in the interest rates offered on its fixed deposits (FDs). The revised rates came into effect on 6 February 2023. The lender is now providing an interest rate of up to 8.5 per cent to senior citizens and 8 per cent to general citizens on FDs with a maturity period of 600 days. The hiked FD rates are applicable for retail deposits of a maximum of Rs 2 crore. The cycle of raising FD rates is being continued by the banks across India since last year. This comes after the most recent repo rate hike by the Reserve Bank of India (RBI) on 7 December 2022. RBI increased the repo rate by 35 basis points (bps) in its attempt to contain inflation.
Bandhan Bank
Bandhan Bank is now paying interest rates, ranging between 3-8 per cent to regular citizens on its FDs for tenures ranging between 7 days to 10 years. On the other hand, senior citizens are being offered 3.75-8.5 per cent for the same tenure. The FD rates have been raised by 25-50 bps depending on the maturity period.
Jana Small Finance Bank
Other banks like Jana Small Finance Bank (SFB) have also hiked their FD rates. Jana SFB raised its interest rates on FDs deposits of less than Rs 2 crore on 1 February. The bank is now offering up to 8.1 per cent interest on deposits maturing in 2 to 3 years. The senior citizens will be able to earn 8.8 per cent on FDs with the same tenor.
RBI’s Monetary Policy Committee Meeting
The three-day meeting of the Monetary Policy Committee (MPC) headed by Shaktikanta Das, RBI Governor, began on Monday. The meeting is being held amid anticipations of a smaller 25 basis points rate hike or a pause on the rate raising cycle which commenced in May Last year. The decision of the six-member rate-setting panel is going to be notified by Shaktikanta Das on Wednesday. If RBI announces an increase in the repo rate, then banks will be prompted to hike the interest on their FDs again.
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