Senior Citizens FD rate hike: Four banks in the country have increased their FD interest rates for senior citizens and general customers.
After the decision of the Monetary Policy Committee of the Reserve Bank of India (RBI) to maintain the repo rate at 6.5 percent, there is a lot of discussion about bank FD rates. Most experts believe that interest rates on FDs may come down further. This is the reason why he is considering this time as the best time to book FD.
These banks have recently increased interest on FD (Fixed Deposit).
Axis Bank FD Schemes
Private bank Axis Bank has recently increased its FD deposit rates for senior citizens. These new rates are applicable till August 14. It is now offering 3.5 per cent to 8.05 per cent interest to senior citizens on deposits maturing in 7 days to 10 years. These interest rates are available on FDs of less than Rs 2 crore. The bank is paying a maximum interest of 8.05 per cent to senior citizens on deposits maturing in less than 16 months to 17 months.
FD Schemes of Canara Bank
Public Sector Bank is offering 4 percent to 7.75 percent interest rate on FD. These rates are applicable from August 12.
FD Schemes of Federal Bank
On the occasion of 77th Independence Day, Federal Bank has announced a hike in interest rates on deposits. These new rates are applicable from 15 August 2023. Federal Bank said in a statement that FD rates for a period of 13 months would be 8.07 per cent. This is the maximum rate.
FD Schemes of Suryoday Small Finance Bank
Earlier this month, Suryoday Small Finance Bank has increased interest rates on 5-year FDs by 85 basis points i.e. 0.85 percent. The Small Finance Bank is now offering FDs maturing in 7 days to 10 years to its senior citizen customers at an interest rate of 4.50% to 9.10%.
Senior Citizen Saving Scheme
The government is paying 8.2 per cent interest on the Senior Citizen Savings Scheme. People above 60 years can invest in this scheme. Or people who have retired after 55 years can also invest in it.
