Before deciding to maintain the repo rate at 6.50 percent, the RBI’s Monetary Policy Committee (MPC) had raised it six times in a row since May 2022.
Lenders charge higher interest rates on mortgages to borrowers as a result of the central bank raising the repo rate. To provide their customers with the same benefit, they simultaneously hike the interest rate on term deposits.
The majority of banks provide high-interest rates on a variety of term deposits for both regular customers and senior citizens for this reason. Examining the list of banks that provide high-interest rates will help.
Banks selling FDs with interest rates of up to 9.50%
Senior citizens can earn 7.75 percent on FDs maturing between 5 years and 1 day and 10 years. Others have a 7% interest rate for the same duration of time.
Fincare Small Finance Bank
Senior people can obtain a 9.01 percent interest rate on FDs due in 1000 days. The interest rate for the other people will be 8.41% for the same duration.
Unity Small Finance Bank
Senior people can obtain a 9.50% interest rate on FDs that mature in 1001 days. The interest rate for the remaining people has been fixed at 9% for the same duration.
Utkarsh Small Finance Bank
For FDs due in 700 days, seniors are eligible for a 9% interest rate. For those others, the interest rate has been set at 8% for the same duration.
Equitas Small Finance Bank
For FDs maturing in 888 days, seniors are eligible for an interest rate of 9%. For those who fall into another category, the interest rate is set at 8.5% for the same duration.
State Bank of India
The Amrit Kalash Special Fixed Deposit (FD) Scheme’s validity has been extended by the State Bank of India till June 30, 2023. They specified a 400-day tenure plan with a 7.10% interest rate. Senior citizens are entitled to a 7.60% interest rate.
The Sukanya Samriddhi Yojana (SSY) just saw a 40 basis point (bps) rise in interest rates for the quarter of April to June 2023. This indicates that the well-known investing program for girls is giving an interest rate of 8% for the April–June period.
The Senior Citizen Savings Scheme (SCSS) interest rates, will increase to 8.2% annually for the first quarter of FY 2023–24 and the holders of Public Provident Fund (PPF) accounts will continue to earn returns on their investments at the interest rate of 7.1%.
The government backs well-liked investment strategies like those that have previously been presented. They provide quarterly revised returns that outperform inflation by as much as 8.2%.