List of Banks that Raised FD Rates in December 2023
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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.
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.
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.
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.
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.
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.
If you haven’t yet begun your mutual fund's investing journey, you could easily start it through stocks & investing apps such as Zerodha, Upstox, Groww, 5Paisa
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:
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 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 |
Checkout our latest ICICI Bank Offers & Deals page ✅
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 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.
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 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 |
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:
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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VU for efforts. Install Stable Money or Moneycontrol. They have higher FD return bank options
4
3
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...
2
1
VU for efforts. Install Stable Money or Moneycontrol. They have higher FD return bank options
Thank you! Such an article with so much up-to-date data takes quite some effort
Edit: Thank you very much for your comment
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.
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.
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.
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.
The above is historical data on repo rate in India
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.
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:
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 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:
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
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:
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
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.
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:
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%
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:
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 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:
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.
Latest News:
New LIC Credit Card launched by IDFC First Bank, powered by Mastercard
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