List of Banks that Raised FD Rates in December 2023

Here’s all you need to know about it and a list of banks' FD rates in December 2023 that have seen a rise.

by Vrushali.S Updated: 15 Dec, 2023, 16:18 IST
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Ahead of the UPI Transaction Limit increase from INR 1L to 5L for hospitals & educational institutions and MPC’s decision to keep the repo rate in India at 6.50%, several banks have now increased their FD rates up to 8%. MPC or Monetary Policy Committee led by the RBI governor released a circular on December 8, 2023, addressing the upcoming financial year's GDP projections and inflation projects. Here’s all you need to know about it and a list of banks' FD rates in December 2023 that have seen a rise.

List of Banks that Raised FD Rates in December 2023

MPC Releases GDP & Inflation Projections for FY23 to FY24 (April 2023 - March 2024)

MPC or Monetary Policy Committee led by RBI in its key policy announcements on December 8, announced the GDP projects & inflation projections for the financial year 2023-2024. As per the official report, the GDP projection is 6.5% for Q3 FY23-24, 6.0% for Q4 FY23-24 and so on.

MPC Releases GDP & Inflation Projections for FY23 to FY24 (April 2023 - March 2024)


The World Bank data on the GPD growth in India from the year 1961 to the year 2020 displays a powerful historical rise of the Indian economy from 3.7% in the year 1961 to 9.1% in FY21-22.

A rise in the GDP generally signifies a growth in the country’s economy which means more opportunities for jobs, development and progress.


Recently, RBI also revised the UPI transaction limit from INR 1 Lakh to 5 Lakh for hospitals and educational institutions. Additionally, “RBI has proposed to enhance the additional factor of authentication (AFA) limit to ₹1 lakh per transaction (15,000 at present) for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments, to further accelerate the usage of e-mandates” read the circular.


While we are talking about mutual funds, insurance and credit cards, be sure to check out our Banking Offers & Deals group to know what are the latest saving offers you can avail.



Repo Rate to Remain Unchanged at 6.50% for FY23 - FY24

In the same meeting held, RBI also emphasised their target to keep the repo rate unchanged at 6.5% for FY23 - FY24.

The RBI Governor highlighted that easing inflation across all components of retail inflation is one of the reasons behind the MPC's decision to keep the repo rate unchanged.

Repo Rate to Remain Unchanged at 6.50% for FY23 - FY24

The above is historical data on repo rate in India

What does an unchanged repo rate mean?
An unchanged repo rate basically means that the rate at which the central bank lends money to commercial banks will remain unchanged. This leads to a more stable monetary stance between the bank & the central bank. Hence providing borrowers more security that their monthly EMIs will not increase.



Banks Increase FD Rates in December 2023

After the announcement of RBI keeping the repo rates unchanged at 6.50%, several banks have revised their current FD rates. This includes ICICI Bank, Kotal Mahindra Bank, HDFC Bank, Axis Bank, UCO Bank & more.

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While some banks like Axis has revised their FD rates on deposits above 5 Crore, there are some banks like ICICI who has revised FD rates w.e.f from December 14, 2023, for deposits above 2Cr. Kotak Mahindra FD Rates have also been revised and are increased by 85 basis points for fixed deposits below 2Cr. Below is list of the latest bank FD rates in December 2023.

Recommended reads:

Updated List of Bank FD Rates for December 2023

Following, we have added the list of the updated FD rates of several banks such as ICICI Bank, Federal Bank, HDFC Bank, Axis Bank, etc.

Here’s a list of the updated ICICI Bank FD Rates w.e.f from 14th December 2023.


ICICI Bank FD Rate (Effective from 14th December 2023)

ICICI Bank revised FD rates applying to deposits from Rs.2 Crores to Rs.100 Crores+. The FD rate for Rs.2 Crore FD in ICICI Bank now offers a 7.25% interest rate for 365 days and 7% for 180 days. Following are the FD rates ICICI Bank is offering now:


ICICI Bank Fixed Deposits Interest Rates for Domestic/ NRO / NRE effective from 14th December 2023

Single deposit of ₹2 Crores & above but less than ₹5 Crores

Maturity Period

General Citizen's Interest Rate

Senior Citizen's Interest Rate

7 days to 14 days

4.75%

4.75%

15 days to 29 days

4.75%

4.75%

30 days to 45 days

5.50%

5.50%

46 days to 60 days

5.75%

5.75%

61 days to 90 days

6.00%

6.00%

91 days to 120 days

6.50%

6.50%

121 days to 150 days

6.50%

6.50%

151 days to 184 days

6.50%

6.50%

185 days to 210 days

6.75%

6.75%

211 days to 270 days

6.75%

6.75%

271 days to 289 days

6.85%

6.85%

290 days to less than 1 year

6.85%

6.85%

1 year to 389 days

7.25%

7.25%

390 days to < 15 months

7.25%

7.25%

15 months to < 18 months

7.05%

7.05%

18 months to 2 years

7.05%

7.05%

2 years 1 day to 3 years

7.00%

7.00%

3 years 1 day to 5 years

7.00%

7.00%

5 years 1 day to 10 years

7.00%

7.00%

5 Years (80C FD) – Max to `1.50 lac

NA

NA

Updated List of Bank FD Rates for December 2023

Checkout our latest ICICI Bank Offers & Deals page



HDFC BANK FD Rates Revised from 14 December 2023

HDFC Bank FD rates are revised for FDs exceeding Rs 100 crore to Rs 500 crore. Earlier the interest was 7.35% which now stands at 7.30%. Below are the latest HDFC Bank FD Rates:

HDFC Bank FD Rates - Domestic/NRE/NRO Term Deposits for amounts equal & more than Rs. 5 Cr (Withdrawable)

Period

5Cr < 5.25Cr

>=5.25Cr < 5.50Cr

>=5.50Cr < 24.75Cr

7 - 14 days

4.75%

4.75%

4.75%

15-29 days

4.75%

4.75%

4.75%

30-45 days

5.50%

4.75%

5.50%

46-60 days

5.75%

4.75%

5.75%

61-89 days

6.00%

4.75%

6.00%

90 days <= 6 months

6.50%

4.75%

6.50%

6 months 1 day <=9months

6.65%

4.75%

6.65%

9 months 1 day to < 1 Year

6.75%

5.00%

6.75%

1 Year to < 15 months

7.25%

5.00%

7.25%

15 months to < 18 months

7.05%

5.00%

7.05%

18 months to < 21 months

7.05%

5.00%

7.05%

21 months to 2 years

7.05%

5.00%

7.05%

2 year 1 day to 3 years

7.00%

5.00%

7.00%

3 year 1 day to 5 years

7.00%

5.00%

7.00%

5 year 1 day to 10 years

7.00%

5.00%

7.00%

View the complete table here

HDFC Bank also recently crossed its 2.75 Lakh Crore mark in UP. The bank was also offering its HDFC Tata Neu Credit Card for lifetime free until 3 months back


To not miss deals like these, sign up on Desidime




Federal Bank FD Rates December 2023

Federal Bank also revised its FD Rates on 14th December 2023 and is now offering 7.80% interest rate for 1 Year term deposit as opposed to 7.45% interest previously on Rs.2 Cr and above funds. The interest rate for 61-90 days period for 2 Cr to 2.25 Cr funds is now also increased to 7% from 6.50% interest previously.

Federal Bank FD Rates December 2023




Kotak Mahindra Bank FD Rates

Kotak Mahindra Bank FD Rates are revised for both regular and senior citizens w.e.f 11 December 2023. The highest interest rate customers can grab is 7.80 % for senior citizens for 23 months which was 7.75% previously. For regular citizens, the starting interest rate is revised to 3% from 2.75% previously for a period of 7-14 days. Below are the latest FD rates offered by Kotak Mahindra Bank:

Interest rates for Domestic/NRO/NRE fixed deposits effective from 11th December 2023

Regular

Senior Citizen*

Maturity Periods - Premature Withdrawal Allowed

Less than Rs.2 Crore

Annualised Yield

Less than Rs.2 Crore

Annualised Yield

7 - 14 Days

3.00%

3.00%

3.25%

3.25%

15 - 30 Days

3.00%

3.00%

3.50%

3.50%

31 - 45 Days

3.25%

3.25%

3.75%

3.75%

46 - 90 Days

3.50%

3.50%

4.00%

4.00%

91 - 120 Days

4.00%

4.00%

4.50%

4.50%

121 - 179 days

4.25%

4.25%

4.75%

4.75%

180 Days

7.00%

7.00%

7.50%

7.50%

181 Days to 269 Days

6.00%

6.09%

6.50%

6.61%

270 Days

6.00%

6.09%

6.50%

6.61%

271 Days to 363 Days

6.00%

6.09%

6.50%

6.61%

364 Days

6.50%

6.61%

7.00%

7.12%

365 Days to 389 Days

7.10%

7.29%

7.60%

7.82%

390 Days (12 months 24 days)

7.15%

7.34%

7.65%

7.87%

391 Days - Less than 23 Months

7.20%

7.40%

7.70%

7.93%

23 Months

7.25%

7.45%

7.80%

8.03%

23 months 1 Day- less than 2 years

7.25%

7.45%

7.80%

8.03%

2 years- less than 3 years

7.10%

7.29%

7.65%

7.87%

3 years and above but less than 4 years

7.00%

7.19%

7.60%

7.82%

4 years and above but less than 5 years

7.00%

7.19%

7.60%

7.82%

5 years and above upto and inclusive of 10 years

6.20%

6.35%

6.70%

6.87%

Checkout our latest Kotak Bank Offers & Deals page



Bank of Baroda FD Rate December 2023

Bank of Baroda is considered as one of the good banks for high FD rates on deposits. Following are the latest Bank of Baroda Term Deposit interest rates:

₹2.00 Crores up to ₹5.00 Crores (w.e.f 14 December 2023)

TENOR

Rs. 2.00 Crs to upto Rs. 3.00 Crs

Above Rs. 3.00 Crs to upto Rs. 4.00 Crs

7D to 14D

4.00

4.00

15D to 45D*

4.50

4.50

46D to 90D

5.50

5.00

91D to 180D

5.25

5.25

181D to 210D

5.50

5.50

211D to 270D

6.00

6.00

271D to less than 1Y

6.25

6.25

1 Year

7.25

7.25

Above 1Y to 15M

6.85

6.85

Above 15M to 2Y

6.85

6.85

Above 2Y to 3Y

6.50

6.50

Above 3Y to 5Y

6.00

6.00

Above 5Y and upto 10Y

5.00

5.00


Bank of Baroda FD Rates





Axis Bank Fixed Deposit Interest Rates w.e.f 14 December 2023

Axis Bank fixed deposit interest rates are also revised on 14 December for funds ranging from 2Cr to 500 Cr and above. The bank has also been recently offering zero charges on issuing loan sanctions. Customers planning for a fixed deposit of 2 Cr and above can consider the following latest Axis bank FD rates:

Axis Bank Fixed Deposit Interest Rates w.e.f 14 December 2023


Checkout our latest Axis Bank Coupons & Offers page




So, this was all about sharing the latest Bank FD rates. After the announcement of the RBI governor’s decision to keep the repo rate unchanged at 6.50% for FY23-FY24, several banks as mentioned above increased their FD rates. There are also other banks such as DCB Bank, UCO Bank, Bank of India who have revised their FD interest rates for December month. We hope this article helps you plan your investment. 


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Review Expert
Vrushali Sawant is an experienced content writer with a love for knowledge & extensive research. She writes product recommendations & reviews, buying guides, trending news & offers. When not working, you'd find her reading about the cosmos & universe.
Top Comments
Deal Cadet Deal Cadet
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VU for efforts. Install Stable Money or Moneycontrol. They have higher FD return bank options

Savings Mentor Savings Mentor
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@Vrushali.S But those are not entities regulated by RBI or the amount insured by DICGC, are they?
Deal Lieutenant Deal Lieutenant
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@some1anywhere All Bnaks and NBFCs are regulated by RBI. DICGC insurance is anyway till 5 lakhs and post talks about 2 crore plus. Anyway, my take on the same, FD beyond 2 crores are for Corporate or HNI. Sr Citizens, yes, can have FDs, but since these FDs can not be prematurely broken, it does not make sense for them to invest here as they might require money anytime and with less hassle. Around 5 to 10% of Sr Citizen's corpus can also be invested in MF to beat inflation, and if they have surplus, even more can be done. Having medical insurance helps them to reduce expenses. For others, it is better to invest in a diversified portfolio like MF, stocks, real estate (may be as it is usually illiquid), bonds, small saving schemes, and FD. For a salaried person, I like RD over FD as I can invest monthly like SIP. PS I am not a registered investment advisor, though by education, I have full qualifications to do so. Have an interest in personal finance and manage my own finances.
Deal Lieutenant Deal Lieutenant
Link Copied
@some1anywhere All Bnaks and NBFCs are regulated by RBI. DICGC insurance is anyway till 5 lakhs and post talks about 2 crore plus. Anyway, my take on the same, FD beyond 2 crores are for Corporate or HNI. Sr Citizens, yes, can have FDs, but since these FDs can not be prematurely broken, it does not make sense for them to invest here as they might require money anytime and with less hassle. Around 5 to 10% of Sr Citizen's corpus can also be invested in MF to beat inflation, and if they have surplus, even more can be done. Having medical insurance helps them to reduce expenses. For others, it is better to invest in a diversified portfolio like MF, stocks, real estate (may be as it is usually illiquid), bonds, small saving schemes, and FD. For a salaried person, I like RD over FD as I can invest monthly like SIP. PS I am not a registered investment advisor, though by education, I have full qualifications to do so. Have an interest in personal finance and manage my own finances.
Review Expert Review Expert
Author
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@arorasid

Good info there @arorasid but there's just one point I doubt here. I do not think all banks are regulated by RBI. Only scheduled banks are regulated by RBI, isn't it?


The list of all the regulated/non-regulated banks in India can be found on this official RBI page - https://rbi.org.in/commonman/English/Scripts/Ba...

16 Comments  |  
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Deal Captain Deal Captain
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Keeping Rs 2 crore + in fd for mere interest can be workable only to senior citizens , retired people , else its foolishness for the other lot to keep such amount in bank fds rather than exploring other avenues or doing business
Review Expert Review Expert
Author
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Makes sense to me..but I think if I am going to be keeping 2 Cr+ in FD, then perhaps more of my focus would be on parking my money in a safe investment than merely making the most buck out of it.. since that gives me decent returns yearly + perhaps can help tackle inflation..but then there would also be huge taxes of course.. please share if you have any more views on this Loaferg 

Edit: Thank you very much for your comment
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Savings Mentor Savings Mentor
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Thank you! Such an article with so much up-to-date data takes quite some effort

Review Expert Review Expert
Author
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Thank you so much @some1anywhere Means a lot!
Deal Cadet Deal Cadet
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VU for efforts. Install Stable Money or Moneycontrol. They have higher FD return bank options

Review Expert Review Expert
Author
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Thanks for your comment & suggestion @YSK
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Entertainer Entertainer
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No sbi, rbl?
Review Expert Review Expert
Author
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Hi, neither of them has revised their FD rates in December and hence. Thanks for your comment.
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