Since RBI has increased the repo rate, the customers investing the fixed deposit schemes at their banks have benefited well. It is because multiple banks have increased the interest rates on their FDs since the repo rate has been increasing.
In the same lane, there are more banks that have increased the interest rates on fixed deposits made with them and here is a list of them.
1. Bandhan Bank
Bandhan Bank is offering an interest rate on FD up to 7.5% for a tenure of 600 days whereas the senior citizens can get up to 0.50% or 50 bps more making their returns hike up to 8% for the same tenure.
2. Suryoday Small Finance Bank (SSFB)
Suryoday Small Finance Bank (SSFB) has increased its interest rate up to 8.01% for the general public whereas it is 8.26% for senior citizens on Fixed Deposits that have a maturity period of 999 days.
3. Unity Small Finance Bank
Unity Small Finance Bank has increased its interest rate up to 8.3% for fixed deposits made by senior citizens maturing in a year and a day. However, senior citizens making fixed deposits for 2 to 3 years and 3 to 5 years can get an interest rate up to 8.15%.
4. AU Small Finance Bank
AU Small Finance Bank is offering 8% interest rate on the fixed deposit made by senior citizens maturing within 2 to 3 years or 3 years to 45 months.
So, these were the names of the banks who have increased their interest rates on the fixed deposits made with them. If you want higher returns, then invest in the same with the mentioned banks and save for your future.
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