As many as seven banks have revised their interest rates on fixed deposits (FDs) this week. It comes amid expectations that the Reserve Bank of India (RBI) may start loosening its monetary policy sometime next year, as its rate hike cycle has almost reached its peak.

On Friday, RBI’s monetary policy committee (MPC) kept the repo rate unchanged at 6.5 per cent for the fourth consecutive while maintaining its hawkish stance on inflation, which has now eased to below the 7 per cent mark. However, the central bank is still waiting for the financial system to absorb the full effect of its 2.50 per cent repo rate hikes in the previous year. Here are seven banks that have Revised Interest Rates On FD’s this week.

Punjab & Sind Bank

It revised rates on October 1. It offers a minimum of 2.80 per cent and a maximum of 7.40 per cent interest on fixed deposits for the general public. Those aged 60 and above get a 0.50 per cent higher interest rate. For super senior citizens, those 80 and above, there is an additional interest of 0.15 per cent on 333-day, 444-day, and 555-day FDs. Senior citizens get up to 8.0 per cent for FDs of 555 days.

Bank of India

BOI revised rates on October 1. The rates range from 3.0 to 7.25 per cent for different tenures. Currently, the highest rate for the general public is 7.25 per cent for 400 days (Monsoon Deposit). Senior citizens get 0.50 per cent additional interest on all FDs. For FDs of three years and above, seniors get an extra 0.25 per cent interest besides 0.50 per cent (total 0.75 per cent extra). On the other hand, super seniors get 0.40 per cent extra, taking the overall additional interest to 0.90 per cent.

Canara Bank

Canara Bank has revised its rates on October 5. The maximum interest rate for seniors is 7.75 per cent for 444 days, and the minimum is 4.0 per cent for seven days to 45 days for callable FDs. For non-callable FDs (where premature withdrawal is not allowed), the highest interest rate is 7.90 per cent for 444 days, and the minimum is 5.35 per cent for 46 days to 90 days. For super senior citizens, the highest rate is 7.85 per cent and 8.0 per cent for 444 days for callable and non-callable FDs, respectively.

Karnataka Bank

It revised rates on October 3. Senior citizens get an extra 0.40 per cent on FDs of one to five years but no additional interest rate for FDs less than one year. FDs of five to 10 years get a 0.50 per cent higher interest rate. The interest rate ranges from 3.50 per cent for seven days to 45 days tenure to 7.65 per cent for 444 days tenure.

Yes Bank

It revised the rates on October 4. The bank offers a maximum 8.0 per cent interest rate to senior citizens for FDs of 18 months to less than 24 months, 36 months to less than 60 months, and 60 months. The minimum FD tenure is seven to 14 days with an interest rate of 3.75 per cent.

HDFC Bank

The bank revised rates on October 1. The highest rate for seniors is 7.75 per cent for FDs of five years and one day to 10 years. It offers 7.70 per cent for four years seven months to 55 months, 7.65 per cent for two years 11 months to 35 months, and 7.60 per cent for 15 months to less than 18 months for senior citizens.

IDFC First Bank

IDFC First Bank revised its rate on October 1. It offers a minimum of 3.0 per cent to a maximum of 7.50 per cent interest for various tenures within seven days to 10 years for the general public. The highest 7.5 per cent rate is offered on FDs for one year one day to two years. The bank provides an additional interest of 0.50 per cent to senior citizens, so they get a maximum of 8.0 per cent from the bank.