Fixed Deposit Schemes: Today in this article we are going to tell you about 4 such banks which increased the interest rates in one fell swoop. After which now returns up to 9.1 percent will be available. So let’s know about these 4 banks…
New Delhi: Since last year, banks have been continuously increasing the interest rates on Fixed Deposit Schemes, due to which the inclination towards FD investment has increased rapidly among the people.
After not increasing the rates in the RBI MPC meeting last week, now 4 banks have increased the interest rates giving good news to FD investors. The highest interest rate on bank FD is up to 9.1%.
Almost every bank offers senior citizens an additional interest rate over and above the standard interest rate applicable on FDs up to Rs 2 crore, which ranges between 0.25% to 1%.
FD is the lowest risk investment option because of the guaranteed returns it offers. If needed, the amount deposited in FD can be withdrawn with little or no penalty or the FD can be closed completely. However, banks’ policies may differ in these matters.
Axis Bank increased FD interest rates for senior citizens-
Axis Bank is offering 3.5% to 8.05% interest rate to senior citizens on FDs maturing in 7 days to 10 years. The new interest rates on FD have been made effective from 14 August 2023.
For senior citizens, the highest interest rate of 8.05% is being given on FDs with tenure of less than 16 months to 17 months. Whereas, for general customers the bank is offering 3.5% to 7.3% interest.
Federal Bank increased FD interest rate-
According to Federal Bank, senior citizens will get an interest rate of 8.07% on FD with a tenure of 13 months.
According to the bank, better interest rates will be offered only for a short period. The bank has made the revised FD interest rates effective from August 15, 2023. Less than Rs 2 crore can be invested in FD.
Canara Bank FD interest rates revised-
Canara Bank has revised the interest rates for senior citizens. According to the bank, interest rates ranging from 4% to 7.75% are being given to senior citizens.
The revised interest rates have been made effective from August 12, 2023. For non-callable FD with investment of more than Rs 15 lakh, the bank is offering interest rates between 5.35% to 7.90% on a tenure of 444 days.
Suryoday Small Finance Bank FD Interest Rate 9.1%-
Suryoday Small Finance Bank is offering interest rates between 4.50 percent to 9.10 percent for senior citizens on investment amount less than Rs 2 crore with maturity ranging from 7 days to 10 years.
Suryoday SFB has announced to offer the highest interest rate of 9.10 percent on FDs with a tenure of more than 2 years to 3 years.
