Highest interest rate on FDs: There is a good news for senior citizens as they can now get interest rate of over 8 percent and above 9 percent from several banks. Reserve Bank of India (RBI) is increasing repo rate in order to tackle inflation in the country. RBI aims at increasing funds by raising key repo rate. In view of increasing repo rate, many banks are giving handsome interest rate on Fixed deposits to senior citizens.
Rising repo rate motivates banks to offer handsome interest rate on fixed deposits to keep with the repo rate. Therefore, it is good time for senior citizens that they can earn high interest rate of above 8-9 per cent from many banks on the fixed deposits. Though the rate of interest for non-senior citizens are not as high as it is for senior citizens. However, few banks offer good interest rate on fixed deposits to non-senior citizens.
This article provides you complete information about the FDs rates and also comparision of FD rates among three banks — Bandhan bank, IDFC First bank and Yes bank.
Yes Bank offers 8.80 per cent interest rate to senior citizens on Fixed deposits and 7.50 per cent interest rate to general people on fixed deposits for the duration of 15 months to 35 months and 35 months to 36 months. According to the information on the website of the bank, the FD rates are effective from February 21, 2023.
IDFC First bank
IDFC first bank offers 8.25 per cent interest rate on fixed deposits to senior citizens and 7.75 per cent to the general public on FD for the period of 18 months 1 day to 3 years (549 days to 3 years). According to the latest information, The FD rates are effective from March 01, 2023.
Bandhan bank is providing the highest rate of interest of 8 per cent to general public on Fixed deposits and 8.50 per cent interest to senior citizens for the tenure of 600 days (1 year, 7 months, 202 days). the FD rates are effective from February 6, 2023.
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