look news india
FD Rates: The trend of cutting interest rates continues globally. Recently, the US Federal Reserve has cut key interest rates by 50 basis points (bps). However, amid the persistent concern of food inflation, the Reserve Bank of India (RBI) is unlikely to change the repo rate. However, many banks are paying more than 8 percent interest on FDs amid no reduction in the repo rate. Many banks are paying higher interest on such fixed deposits (FD). We are telling you which banks have revised the interest rates on FDs in September.
Current FD Interest Rates
Bandhan Bank FD interest rates range from 3% to 8.05%. These rates depend on the tenure of the FD and the personal loan.
RBL Bank is offering an interest rate of 8.10% p.a.
SBM Bank India is offering the highest interest rate of 8.25%.
Yes Bank is also paying interest at the rate of 8% per annum.
Apart from this, senior citizens aged 60 years or above will get the benefit of additional 0.5% interest rate on FD. This will further increase their income.
How to open a bank FD?
Bank FDs can be opened both online and offline. To open an offline FD account, customers can visit a bank branch and fulfill the KYC (Know Your Customer) norms. An FD account can be opened with just Rs 100, although this amount varies for each bank. The tenure of FD can range from 7 days to 10 years. Depositors have the option to withdraw funds before maturity, but a penalty may be imposed for this.