Latest FD rates: Over the past year, the Reserve Bank has implemented a rapid increase in the repo rate, leading to significant effects on bank customers. On the positive side, customers are benefiting from higher interest rates on their savings accounts and fixed deposits (FDs).
However, in the last two Monetary Policy Committee meetings, the Reserve Bank has maintained a stable repo rate, thanks to the decline in retail inflation. This decision reflects the aim to keep the repo rate unchanged.
During the initial year, the Reserve Bank increased the repo rate by 2.50 percent, resulting in both advantages and disadvantages for individuals. On one hand, loans became more expensive, burdening borrowers with higher EMIs. On the other hand, the interest earned on FDs and savings accounts increased.
As a result of the consistent repo rate hikes, banks have started offering interest rates above 9 percent on FDs. It's important to note that this higher rate applies specifically to senior citizens, while other customers may receive different rates.
Let's take a look at some notable banks and their interest rates:
1. Unity Small Finance Bank: Unity Small Finance Bank offers a 9.25 percent interest rate on FDs with a maturity period of 181 to 201 days. Additionally, FDs with a maturity of 1001 days yield an interest rate of 9.50 percent.
2. Fincare Small Finance Bank: Senior citizen customers of Fincare Small Finance Bank can earn an interest rate of 9.11 percent on FDs with a maturity period of 1000 days.
3. Jana Small Finance Bank: Jana Small Finance Bank also provides senior citizens with an interest rate above 9 percent. This rate is applicable to FDs with maturity periods of 366 to 499 days, 501 to 730 days, and 500 days.
4. Suryoday Small Finance Bank: Senior citizens can enjoy a 9.6 percent interest rate on fixed deposits with a maturity period of 5 years at Suryoday Small Finance Bank. Furthermore, a 9 percent interest rate is available for FDs with a maturity of 999 days.
5. ESAF Small Finance Bank: ESAF Small Finance Bank offers a 9 percent interest rate to senior citizens on FDs with maturity periods of 2 to 3 years.
These attractive interest rates cater specifically to senior citizens, providing them with viable investment opportunities.
Read more: New TCS rates postponed to October 2023, check details
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