Private and government banks of the country are offering excellent interest on fixed deposits to senior citizens. From State Bank of India to ICICI Bank, more than seven percent interest is being given. After increasing the repo of the Reserve Bank, banks have changed the interest rates.
After the Reserve Bank of India (RBI) increased the repo rate by 0.35 percent, private and government banks have increased the interest rates of their Fixed Deposits. Many banks have drastically increased the interest rates on fixed deposits for senior citizens. Senior citizens get more interest on fixed deposits than common people. From State Bank of India (SBI) to HDFC Bank (HDFC) have increased interest rates on fixed deposits for senior citizens.
How much interest is HDFC paying
HDFC Bank has increased the interest rate on fixed deposits of less than Rs 2 crore. The bank is now giving interest ranging from 3.50 per cent to 7.50 per cent on fixed deposits to senior citizens for a period ranging from seven days to 10 years.
HDFC Bank is offering the highest interest of 7.75 per cent to senior citizens. According to the bank’s website, the new rates have come into effect from December 14. Common investors will get up to 7 percent interest on FDs ranging from five years one day to 10 years. On the other hand, if you are a senior citizen, then you will get a return of 7.75 percent.
Canara Bank has also made changes
Canara Bank has also increased the interest rates on FDs of less than Rs 2 crore. According to the official website of the bank, the new rates have come into effect from December 19. The bank is giving interest ranging from 3.25 per cent to 7.50 per cent to senior citizens on FDs maturing in seven days to 10 years.
60 basis point increase
ICICI Bank has increased the interest rates on FDs of Rs 2 crore by 60 basis points. The new interest rates on FD are effective from 16 December 2022. The bank is now offering interest ranging from 3.5 per cent to 7.50 per cent on FDs ranging from seven days to 10 years. If someone invests in FDs maturing in five years from one day to 10 years, then he will get interest at the rate of 6.90 percent. At the same time, senior citizens will get interest at the rate of 7.50 percent.
State Bank has increased the interest rate
State Bank of India, the country’s largest public sector bank, has increased the interest rate on fixed deposits of less than two crore rupees by 65 basis points. The new rates are applicable from 23 December. Now on FDs ranging from seven days to 10 years, senior citizens will get interest ranging from 3.50 per cent to 7.25 per cent. State Bank has increased the interest rate on FDs from 211 days to less than one year from 5.50 percent to 5.75 percent. At the same time, senior citizens will get interest at the rate of 6.25 percent on the FD of this period.
