Banks increase fixed deposit rates, offering higher interest to depositors including senior citizens.
Bank fixed deposit rates: Even though the Reserve Bank of India hasn't made any changes to the repo rate, there's noteworthy news in the banking world. Four banks have taken the initiative to raise the interest rates on fixed deposits and term deposits this month. This favorable adjustment applies to both regular customers and senior citizens. Interestingly, financial experts are speculating that due to the growing pool of deposits, there might be a potential for banks to lower their interest rates later this year. In light of this, financial advisors are currently suggesting exploring investment schemes that offer higher interest rates for optimal gains.
If you're considering placing your money in fixed deposits with banks, it's worth knowing that four specific banks have elevated their FD interest rates. Below, you'll find details about which banks are offering what interest rates on their fixed deposits:
Axis Bank FD interest rates:
Axis Bank, a private sector bank, has rolled out an increase in the interest rates for its senior citizen customers. This alteration takes effect from August 14th. Notably, this change spans across deposit periods ranging from 7 days to 10 years. Following this revision, the bank is providing interest rates spanning from 3.5% to 8.05% to its customers.
Canara Bank FD scheme:
Canara Bank, a public sector bank, is currently offering an attractive interest range of 4% to 7.75% on its FD schemes for senior citizens. These revised rates have been in effect since August 12th.
Federal Bank FD interest:
In commemoration of Independence Day, Federal Bank has made an announcement regarding the elevation of interest rates on deposits. This change has been effective since August 15th, 2023. According to a statement by Federal Bank, senior citizens are being offered a fixed deposit interest rate of 8.07% for a period of 13 months.
Suryoday Small Finance Bank FD scheme:
Suryoday Small Finance Bank initiated a significant increase in its fixed deposit rates by 0.85% (85 basis points) at the onset of August. For a duration of 5 years, senior citizen customers can now enjoy fixed deposit interest rates ranging from 4.50% to 9.10%, for deposits maturing anywhere from 7 days to 10 years.
Read more: Want to check your PF balance from home? Here are 4 simple online methods for your convenience
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