FD Rates Hike: Good news for senior citizens During the month of August, four banks have increased the interest rate of fixed deposits. Let us know which bank is paying how much interest.
Bank FD Rates: Despite no change in the repo rate from the Reserve Bank of India, four banks have increased the interest of fixed deposits or term deposits this month. Common people and senior citizens will get this increase. At the same time, experts believe that due to the increasing deposit capital, banks can cut interest rates this year. In such a situation, experts are now advising to invest in schemes for the benefit of higher interest.
If you also want to invest in bank’s fixed deposits, then here is a total of four banks which have increased their FD rates. Let us know which bank is paying how much interest on FD.
Axis bank FD interest rate
The private sector bank has increased the fixed deposit interest for its senior citizen customers. This is effective from 14 August. This increase has been done for the deposit period ranging from 7 days to 10 years. After this increase, banks are giving interest ranging from 3.5 per cent to 8.05 per cent to the customers.
Canara Bank FD Scheme
Public sector Canara Bank is offering 4 per cent to 7.75 per cent interest on FD schemes to senior citizens. Its rates are effective from 12 August.
Federal Bank Fixed Deposit Interest
On the occasion of Independence Day, Federal Bank had announced an increase in interest rates on deposits and its rates are effective from August 15, 2023. Federal Bank said in a statement that for a period of 13 months, the fixed deposit interest rate is being given to senior citizens at 8.07 per cent.
Suryoday Small Finance Bank FD Scheme
Suryoday Small Finance Bank has increased its fixed deposit rates by 85 basis points (0.85 percent) for a period of 5 years in the beginning of August. The Small Finance Bank is now allowing fixed deposits maturing in 7 days to 10 years at an interest rate of 4.50 per cent to 9.10 per cent to its senior citizen customers.
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