These banks hiked FD interest rates in August 2023: After not increasing the report in the RBI MPC meeting last week, now 4 banks have increased the interest rates giving good news to FD investors, after which the highest interest rate reached 9.1%. Is.
New Delhi: Since last year, banks are continuously increasing the interest rates on fixed deposit schemes, due to which there is a rapid trend among people regarding FD investment. After not increasing the report in the RBI MPC meeting last week, now 4 banks have increased the interest rates while giving good news to FD investors. The highest interest rate is being given on bank FD up to 9.1%.
Almost every bank offers additional interest rate to senior citizens 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 least risky investment option due to the guaranteed returns it offers. If needed, the amount deposited in FD can be withdrawn with a small penalty or without any penalty or can also close the FD completely. However, banks may have different policies in these matters.
Axis Bank hikes FD interest rates for senior citizens
Axis Bank is offering 3.5% to 8.05% interest rate on FDs maturing in 7 days to 10 years to senior citizens. 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 less than 16 months to 17 months. Whereas, the bank is offering 3.5% to 7.3% interest for general customers.
Federal Bank increased FD interest rate
According to Federal Bank, senior citizens will get an interest rate of 8.07% on FDs with a tenure of 13 months. According to the bank the better interest rates will be offered only for a short period of time. The bank has revised FD interest rates with effect from 15 August 2023. Less than 2 crores can be invested on FD.
Canara Bank FD interest rates revised
Canara Bank has revised the interest rates for senior citizens. According to the bank, interest rate ranging from 4% to 7.75% is being given to senior citizens. The revised interest rates have been made effective from 12 August 2023. For non-callable FDs with an investment of more than Rs 15 lakh, the bank is offering an interest rate of 5.35% to 7.90% for a tenure of 444 days.
Suryoday Small Finance Bank FD Interest Rate 9.1%
Suryoday Small Finance Bank is offering an interest rate of 4.50 per cent to 9.10 per cent for senior citizens on investments of less than Rs 2 crore with maturities ranging from 7 days to 10 years. Suryoday SFB has announced the highest interest rate of 9.10 percent on FDs with a tenure of 2 years to more than 3 years.
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