Bank FD Rates Hike: Suryodaya Small Finance Bank has increased the interest rates by up to 41 basis points for certain tenure FDs.
FD Interest Rate: After February, the Reserve Bank of India had cut the repo rate twice in a row in April as well. On both these occasions, the Reserve Bank had cut the repo rate by 0.25 percent, after which the repo rate came down from 6.50 percent to 6.00 percent within 2 months. After the RBI reduced the repo rate, many banks also reduced the interest rates of FDs. However, one bank announced an increase in the interest rates of FDs despite a 0.50 percent cut in the repo rate. Yes, Suryodaya Small Finance Bank has increased the interest rates of FDs by 41 basis points.
Up to 9.10 percent interest will be available on FDs
Suryodaya Small Finance Bank has increased the interest rates by up to 41 basis points for certain tenure FDs. According to the bank’s press release, after this change, general customers will now get interest ranging from 4 percent to 8.60 percent on FD. Whereas, senior citizens will get interest ranging from 4.5 percent to 9.10% on FD. Suryodaya Small Finance Bank will now give 8.60 percent interest to general citizens and 9.10 percent interest to senior citizens on 5-year FD.
Big banks like SBI, HDFC reduced interest rates
Along with major banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, small banks like Shivalik Small Finance Bank and Utkarsh Small Finance Bank have also reduced FD interest rates after RBI reduced the repo rate, but Suryodaya Small Finance Bank is the only bank that has increased its FD rates.
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