DCB Bank has offered 7.50% p.a. interest rate to retail customers on Special Fixed Deposits. Currently, banks including Catholic Syrian, Bank of India, RBL Bank and City Union Bank are offering 7.50%, 7.25%, 7.25% and 7.1% per annum interest on Special Fixed Deposits.
New Delhi. DCB Bank has offered 7.50% per annum interest to retail customers on Special Fixed Deposits. The tenure of this deposit scheme will be from 700 days to 36 months. At the same time, senior citizens will get interest up to 8.25%. Since May this year, the Reserve Bank of India (RBI) has increased repo rates four times. For this reason, banks have announced an increase in the interest rate on various savings schemes including FDs.
Actually special bank FDs are fixed deposits that come with a fixed tenure. HDFC and SBI offer special FD schemes for specific tenures usually for a limited period.
These banks are also giving more than 7% interest on FD
Currently, banks including Catholic Syrian, Bank of India, RBL Bank and City Union Bank are offering 7.50%, 7.25%, 7.25% and 7.1% per annum interest on Special Fixed Deposits. While senior citizens can get interest up to 7.50%, 7.75%. However, the tenure of the highest FD interest rate varies from bank to bank.
Senior citizens can get 7.50% interest on the special FD scheme. These include Canara Bank (666 days tenure), Bandhan Bank (600 days tenure), Federal Bank (700 days tenure), IDFC First Bank (700 days tenure), Punjab National Bank (600 days tenure), Punjab & Special FDs of Sindh Bank (601 days tenure) and Union Bank (599 days tenure) are included.
Interest rate can go up to 8% on FD
As per Mint news, Pankaj Bansal, Chief Business Officer, Bankbazaar.com, says, “Inflation is still at a high level and interest rates continue to be hiked by central banks globally hence FD rates will continue to rise in the coming months Will remain
Many banks offer special tenor FDs with higher returns to attract customers. If this situation continues, we expect the rates to go up to 8% in the next few months.”
