Amid rising inflation, the Reserve Bank of India hiked its repo rate, following which banks hiked interest rates on fixed deposits and savings accounts. Many banks including SBI, HDFC, ICICI have gifted customers with increased interest rates on their fixed deposits, savings accounts.
Government banks and large private banks are offering more than 7 percent interest.
Whenever we talk about fixed deposits etc., people’s first choice in such situations is always government banks and big private banks, where there is less risk of their money sinking later, though whatever the bank, under insurance guarantee scheme, only up to ₹ 500000 is safe in India. remains
IDFC First Bank
IDFC First Bank offers FDs from 7 days to 10 years. Senior citizens get an additional 50 basis points (bps) on this deposit. For fixed deposits within 750 days, the bank offers 7.25% for general customers and 7.75% for senior citizens.
RBL Bank New FD Rate
RBL Bank offers 7% interest to general customers on FDs maturing in 15 months. Senior citizens will get 7.50% during this time.
ICICI Bank has also changed the FD interest rate, the interest will be available from the new rate. Private banks have now started offering up to 8%
Latest FD Rate of Union Bank of India
Union Bank of India is a public sector bank started on 17 October. Interest rate hiked on FDs below ₹2 crore. After the latest hike, the bank offers 3% to 7% interest on FDs with tenures of 7 days to 10 years.
Canara Bank Latest FD Rate
Canara Bank has launched a special fixed deposit scheme for a tenure of 666 days. As per the scheme, the lender is offering 7% interest rate to its general customers, while senior citizens will get 7.5% on these deposits.
Canara Bank has increased its interest rates for all tenors and currently offers interest rates on deposits maturing between 7 days and 10 years from 3.25% to 7.00% for general public and 3.25% to 7.50% for senior citizens. According to the bank, the new rates will be effective from October 7, 2022.