Fixed Deposit: Customers got ‘New Year gift’, now up to 8-9% interest on FD, these banks are giving tremendous offers

To control inflation, RBI has continuously increased the repo rate, due to which banks have increased the interest rates on various savings schemes including FDs and savings accounts. In the new year, in the first week of January, many banks including Bandhan Bank, Punjab National Bank, Yes Bank and Kotak Mahindra have announced to increase the interest rate. The increased rates will be applicable for fixed deposits up to ₹2 crore. Some economic analysts predict that RBI may announce or implement another hike in February 2023. Due to this, the possibility of further increase in interest rates has increased in the coming days.