The Utkarsh Small Finance Bank is offering an interest rate of 8.25 percent to general investors
A few banks have been giving their customers relief in the form of increased interest rates on fixed deposits.
The Reserve Bank of India has increased the repo rate six times consecutively in the last few months. But there are a few banks that have been giving their customers relief in the form of increased interest rates on fixed deposits. Unity Small Finance Bank is one of them and they have been offering interest rates as high as 9.5 percent on FDs.
The Unity Small Finance Bank is offering an interest rate of 9.5 percent to senior citizens on fixed deposits that mature after 1001 days. Moreover, retail investors are getting an interest rate of 9 percent on the same scheme. For FDs maturing in 501 days, the bank is offering interest rates of 9.25 percent to senior citizens and 8.75 percent to retail investors.
The Utkarsh Small Finance Bank is offering an interest rate of 8.25 percent to general investors and 9 percent to senior investments, both on the FDs that mature in 700 days. The bank will be offering .75 percent and 8.25 percent interest rates to general investors and senior citizens on fixed deposits that mature between 701 days and 5 years.
The Equitas Small Finance Bank is giving an interest rate of 9 percent to senior citizens and 8.5 percent to people who do not come in that bracket on fixed deposits that will mature in 888 days. The bank had changed the interest of FDs up to Rs 2 crore. According to the bank’s official website, the new FD interest rates have already been in effect since April 11, 2023.
While RBI has increased the repo rate since last year, good news has surfaced online. The first MPC meeting of the national bank concluded a few days ago and decided to not increase the repo rate once again. It had earlier increased the repo rate by 4 percent. However, now the bank has decided to keep the rate stable at 6.5 percent. RBI increased the repo rate by 2.50 percent from May 2022 to February 2023.
People investing in fixed deposits are requested to thoroughly go through the terms and conditions to avoid any unforeseen circumstances.
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