Private and government banks of the country are offering excellent interest on fixed deposits to senior citizens. From State Bank of India to ICICI Bank, more than seven percent interest is being given. After increasing the repo of the Reserve Bank, banks have changed the interest rates.
After the Reserve Bank of India (RBI) increased the repo rate by 0.35 percent, private and government banks have increased the interest rates of their Fixed Deposits. Many banks have drastically increased the interest rates on fixed deposits for senior citizens. Senior citizens get more interest on fixed deposits than common people. From State Bank of India (SBI) to HDFC Bank (HDFC) have increased interest rates on fixed deposits for senior citizens.
How much interest is HDFC paying
HDFC Bank has increased the interest rate on fixed deposits of less than Rs 2 crore. The bank is now giving interest ranging from 3.50 per cent to 7.50 per cent on fixed deposits to senior citizens for a period ranging from seven days to 10 years.
HDFC Bank is offering the highest interest of 7.75 per cent to senior citizens. According to the bank’s website, the new rates have come into effect from December 14. Common investors will get up to 7 percent interest on FDs ranging from five years one day to 10 years. On the other hand, if you are a senior citizen, then you will get a return of 7.75%.
State Bank has increased the interest rate
State Bank of India, the country’s largest public sector bank, has increased the interest rate on fixed deposits of less than two crore rupees by 65 basis points. The new rates are applicable from 23 December. Now on FDs ranging from seven days to 10 years, senior citizens will get interest ranging from 3.50 per cent to 7.25 per cent. State Bank has increased the interest rate on FDs from 211 days to less than one year from 5.50 percent to 5.75 percent. At the same time, senior citizens will get interest at the rate of 6.25 percent on the FD of this period.