look news india
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 as it provides guaranteed returns. If needed, the amount deposited in FD can be withdrawn with little or no penalty or the FD can be closed completely. However, banks may have different policies 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 become effective from 14 August 2023.
For senior citizens, the highest interest rate of 8.05% is being given on FDs with tenure less than 16 months to 17 months. At the same time, for general customers the bank is offering interest ranging from 3.5 percent to 7.3 percent.
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 short periods. 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 percent to 7.75 percent are being given to senior citizens.
The revised interest rates have become effective from August 12, 2023. For non-callable FDs with investments above 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 per cent and 9.10 per cent for senior citizens on investment amounts of less than Rs 2 crore with maturity periods ranging from 7 days to 10 years.
Suryoday SFB has announced the highest interest rate of 9.10 percent on FDs with tenure of 2 years to more than 3 years.