New Delhi. Government and non-government banks are continuously increasing FD interest rates after the RBI hike in the repo rate. Due to this, the average return on bank FD has increased from 5.5 per cent to 7 per cent in the last one year.
Recently it has been observed that small finance banks are offering higher interest on investment in FDs than larger banks. Unity Small Finance Bank is offering up to 9.5 per cent interest to attract customers.
Interest rate on FD for general customers
According to the information given on the website of Unity Small Finance Bank, 8.75% interest is being received by the bank on FDs of 181-201 days. Investors are also being offered 8.75 percent interest on 501-day special FD and 9.00 percent interest on 1001-day special FD.
Interest rate on FD for senior citizens
Unity Small Finance Bank is giving an additional interest of 0.50 percent to senior citizens. If a senior citizen opts for FD of 181 to 201 days and 501 days, then he is being given 9.25 per cent interest. Along with this, 9.50 percent interest is being given to investors on 1001 days FD.
Repo rate has increased by 2.50 percent
Last year, RBI started increasing the repo rate. Since then, the repo rate has been increased by 0.40 per cent in May 2022, 0.50 per cent in June 2022, 0.50 per cent in August 2022, 0.50 per cent in September 2022, 0.35 per cent in December 2022 and 0.25 per cent in February. 2023. Due to this the repo rate has come down to 4.00 percent and 6.50 percent.