The Reserve Bank of India (RBI) had decided to increase the repo rate by 0.25 basis points in the bi-monthly monetary policy review meeting from 6 to 8 February. Since then, all the banks have started increasing the interest rate one by one, especially for senior citizens, many banks are offering better interest rates on FDs, which customers can take advantage of.
Small finance banks are giving more interest than big banks
Most big banks have increased their interest rates on FDs for senior citizens, but to attract more investors, small finance banks are offering even higher rates. Senior citizens with FDs in big banks like SBI get the highest interest rate of only 7.25%, while small finance banks are offering much higher interest rates. Let us have a look at these 10 small finance banks offering higher interest rates.
| Bank | Duration | interest rate |
| Suryoday Small Finance Bank | 999 days | 8.76% |
| Ujjivan Small Finance Bank | 560 | 8.75% |
| Equitas Small Finance Bank | 888 | 8.50% |
| bandhan bank | 600 | 8.50% |
| DCB Bank | 700 | 8.35% |
| RBL Bank | 453 | 8.30% |
| City Bank | 91 to 180 | 8.27% |
| yes bank | 35 months | 8.25% |
| IndusInd Bank | Between 2 – 3 years 3 months | 8.25% |
| AU Small Finance Bank | 24 Months to 45 Months | 8.25% |
