After the increase in the repo by the RBI on February 8, many banks have increased the interest rates on fixed deposits. Senior citizens will get more benefits than general customers.
Bank FD Rates : Getting a fixed deposit in a bank is considered to be the easiest and best way to save. Many government and private banks give good interest on FD. Recently many banks have increased the interest rate on various FD schemes. Which will benefit the customers. This list includes 4 banks. In which the names are Kotak Mahindra Bank, DSB Bank, UCO Bank and ICICI Bank. After the Reserve Bank of India announced an increase in the repo rate, interest rates on FDs and savings accounts are being increased by many banks. So that customers can get some relief between expensive loans and EMIs. Let’s have a look at the new rates of these banks:-
It is one of the major public sector banks of the country. The bank has increased the interest rate on FDs of less than Rs 2 crore. FD rates for retail investors have been increased by 50 basis points for select tenors. 6.30 per cent interest is being received on 2-3 year scheme, 7 per cent for 444 days, 7.15 per cent for 666 days.
DSB Bank has also increased the interest rates on FDs of less than Rs 2 crore. The interest rate for different tenures has been increased by 100 bps. The new rates have also come into force. The bank is giving interest ranging from 2.50 per cent to 6.50 per cent to the common citizens. On the other hand, senior citizens will get 5.25 per cent to 7 per cent interest.
Kotak Mahindra Bank
This bank has also increased the interest rate on fixed deposits. Let us inform that the bank has increased the interest rate thrice this month. This time the rates have been increased by 0.10 percent. 7.20 percent interest is being given to common citizens and 7.70 percent to senior citizens on 390 days FD. The new rates have come into effect from February 27.
This bank is one of the leading private sector banks in the country. Interest has been increased on both FD schemes below and above Rs 2 crore. Interest ranging from 3 percent to 7.10 percent is being received on retail term deposits. On the other hand, senior citizens are getting the benefit of interest ranging from 3.50 per cent to 7.60 per cent.