After increasing the repo rate of RBI, many banks of the country have increased the interest rates on their fixed deposits. But in terms of increasing the interest rate, small banks are ahead of big banks. Many small finance banks are offering more than 8 percent interest rate on fixed deposits.
After increasing the repo rate of the Reserve Bank, many banks have increased the interest rate on Fixed Deposits (FD). On one hand, big banks like State Bank of India, ICICI Bank and HDFC Bank are offering interest between 6 to 7 percent on fixed deposits of different tenures. On the other hand, many small finance banks like Suryoday Small Finance Bank, Ujjivan Small Finance Bank and ESAF Small Finance Bank are offering 8% interest rate on fixed deposits for different tenures.
Maximum Interest Rate on Fixed Deposit
As per data from BankBazaar, Suryoday Small Finance Bank is offering an interest rate of 8.01 per cent on Fixed Deposit for a period of 999 days. At the same time, the interest rate on fixed deposits for the same period for senior citizens is 8.26 percent. Ujjivan Small Finance Bank is offering interest at the rate of 8% on Fixed Deposits with a tenure of 560 days. The interest rate for senior citizens is 8.75 percent. ESAF Small Finance Bank is also offering 8% interest on 999 days fixed deposits. The interest rate for senior citizens is 8.50 per cent.
PNB’s special scheme
However, banks have recently increased the rates of fixed deposits. Public sector bank Punjab National Bank has started a special fixed deposit scheme for senior citizens, which is getting interest at the rate of 7.85 percent. A Special Fixed Deposit of 600 days is for very senior citizens of 60 years and above along with 80 years of age.
Unity Small Finance Bank
Unity Small Finance Bank is also offering handsome interest on fixed deposits. This bank has announced to pay interest at the rate of 9 percent per annum on fixed deposits of 181 and 501 days for senior citizens. At the same time, for retail investors, the interest rate on fixed deposits for the same period is 8.50 per cent. Apart from this, Unity Bank has also increased interest rates on both callable and non-callable bulk deposits (above Rs 2 crore).
Non-callable deposits are those in which there is no premature withdrawal option. The maximum interest rate for non-callable bulk deposits is 8.10 per cent per annum, while callable bulk deposits will get interest at the rate of 8 per cent per annum.
Repo rate increased four times so far
In June, the repo rate was increased by 0.50 percent, due to which the repo rate increased to 4.90 percent. In August, RBI again increased by 0.50 percent and the repo rate reached 5.40. In September, once again there was an increase of 0.50 percent and the repo rate became 5.90 percent. Overall, the repo rate has increased four times so far this year.
