FD for Senior Citizen After increasing the repo rate by RBI, the interest rates of FD are being increased by all the banks of the country. Meanwhile, DCB Bank is offering interest rates of up to 8.25% to senior citizens.
New Delhi. Mumbai based private sector DCB Bank (DCB Bank) has brought a great opportunity for senior citizens. In fact, DCB Bank is offering interest rates of up to 8.25% to senior citizens aged 60 years and above. Apart from attractive interest rates, the bank has also announced several benefits for senior citizens. These rates are applicable for FDs of less than Rs 2 crore.
According to the notification, DCB Bank is offering 7.60 per cent annual interest on 700 days FD to senior citizens. Senior citizens are being offered an interest rate of 8.25% per annum for FDs with tenures ranging from 700 days to less than 36 months
RBI has increased the repo rate for the fourth time in a row
It is noteworthy that in order to stop the rising inflation in the country, RBI has increased the repo rate for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.
Many banks have increased the rates of fixed deposits.
Let us tell you that recently RBL Bank, Axis Bank, CSB Bank Limited, Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of rate hike has started after the increase in repo rates by RBI.