Big names like HDFC Bank, ICICI Bank, and PNB just bumped up their fixed deposit (FD) rates ahead of schedule.
HDFC Bank is offering 0.5% more for FDs between 61 days to six months and five to 10 years, while PNB is also revising and hiking FD rates.
If you're thinking about parking your money in an FD, these higher returns might catch your eye.
Banks sweeten FDs amid RBI moves
Banks are feeling the squeeze as there's less cash floating around, thanks to recent moves by the RBI, and credit demand is outpacing deposits.
With everyone competing harder for your savings, banks like Bank of India and HDFC Bank are sweetening their FD deals to attract more funds and keep up with all the loan requests coming in.