Before the MPC meeting of the Reserve Bank of India, many banks have changed the fixed deposit interest rates. This includes HDFC Bank, IDBI Bank, IndusInd Bank and Punjab and Sindh Bank.
The meeting of the Monetary Policy Committee of RBI is scheduled to be held from 4 to 6 October 2023. Regarding this meeting, it is expected that the Central Bank can keep the repo rate unchanged. However, even before this in October, six banks have changed the FD rates.
Private sector HDFC Bank has cut fixed deposit interest rates for two special tenures. This special tenure is of 35 and 55 months. The bank is offering interest ranging from 3 percent to 7.15 percent on FD.
Bank of India has revised the FD interest on investments less than Rs 2 crore. After this change, the FD interest of the bank has increased from 3 percent to 7.25 percent, the tenure of which is for 7 to 10 years.
Punjab and Sindh Bank has revised the interest rate on investments less than Rs 2 crore. These banks are offering interest ranging from 2.80 to 7.40 percent on tenure of 7 days to 10 years. This new interest is effective from October 1.
IDFC First Bank has also revised the interest rate on investment of Rs 2 crore. With this change the bank is giving interest of 3 to 7.50 percent. It is offering interest on tenure of seven days to 10 years. This will be considered effective from October 1.
IndusInd Bank is offering interest ranging from 3.50 percent to 7.85 percent on FD of seven days to 10 years. For senior citizens, this bank is giving interest up to 8.25 percent on FD. The new rates are effective from October 1. Whereas Karnataka Bank is giving interest of 3.50 percent and 7.25 percent on FD of 7 days to 10 years.