new Delhi. In recent times, many banks in the country have increased the fixed deposit ie FD rate. State Bank of India (SBI) and HDFC Bank have increased the interest rates on FDs after the Reserve Bank of India (RBI) decided to keep the policy rates unchanged.
SBI FD Rates (Effective February 15, 2022)
SBI has increased the interest rates on FDs for tenures above 2 years. Interest rates have been increased from 5.10 per cent to 5.20 per cent for 2-3 years. At the same time, the rates on FDs of 2-5 years have been increased by 15 basis points to 5.45 percent. The interest rates have been increased to 5.50 per cent for FD deposits with a tenor of 5-10 years. The revised interest rates of State Bank of India are effective from February 15, 2022.
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HDFC Bank FD Rates (Effective February 14, 2022)
Recently, HDFC Bank has increased the interest rate on FDs of one year tenor from 10 basis points to 5 per cent. Rates on deposits with a tenure of 3-5 years have been increased by 5 basis points to 5.45 per cent. The revised interest rates of HDFC Bank are effective from February 14, 2022.
Central Bank of India and UCO Bank have also increased interest rates
Central Bank of India and UCO Bank also revised interest rates on fixed deposits soon after the RBI MPC announced to keep repo and reverse repo rates unchanged. The new interest rates of both these banks have come into effect from February 10, 2022.
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Inflation rate rising towards higher altitudes
According to experts, banks have announced a hike in FD rates as the inflation rate in India is on a higher trajectory. In a Mint report, Ravi Singhal of GCL Securities said, “Inflation is one of the major factors that affect interest rate levels. The higher the rate of inflation, the more likely the interest rates to rise. As the inflation rate in India is rising towards higher levels, most of the banks are increasing the FD rates to protect the consumer from future inflation.”
Tags: Bank FD, FD Rates, Fixed deposits, hdfc bank, sbi
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