The Monetary Policy Committee of the Reserve Bank has not made any change in the repo rate since the last 2 meetings. Know here who can take advantage of the high interest rates of FD…
Bank Interest Rates: The Reserve Bank has increased the repo rate rapidly during the last one year. The bank is giving its benefits to its customers. The bank is offering more interest to the customers on savings account and FD scheme. In such a situation, if you are thinking of investing in FD schemes, then this is a great opportunity for you.
Repo rate increased so much within a year
The coming down in retail inflation has helped in taking the decision to keep the repo rate stable. However, during the first one year, the Reserve Bank increased the repo rate rapidly. Within a year, the repo rate of the Reserve Bank has increased by 2.50 percent.
While the general public suffered losses due to the increase in the repo rate, there has also been some relief. Taking a loan has become more expensive due to the increase in the repo rate. The burden of EMI has increased on the people. On the other hand, the bank has increased the interest rates from savings accounts to fixed deposit schemes.
This benefit was due to the continuous increase in the repo rate
Due to the continuous increase in the repo rate in the last 1 year, once again banks are offering more than 9 percent interest on FDs. However, at this time the benefit of increased interest rates is not available to regular customers. Right now only senior citizens are being given the benefit of more than 9 percent interest rate.
Unity Small Finance Bank
This bank is offering a rate of 9.25 per cent for 181 to 201 days. Whereas, the interest rate on FD of 1,001 days is 9.50 percent.
Fincare Small Finance Bank
This bank is giving interest to senior citizens at the rate of 9.11 per cent on FD of 1,000 days.
Jana Small Finance Bank
This bank is giving 9 percent interest to senior citizens on FDs with maturity of 366 to 499 days, 501 to 730 days and 500 days.
Suryoday Small Finance Bank
This bank is giving interest at the rate of 9.6 percent to senior citizens on getting 5 years KFD. Whereas, 9 percent interest is being received on 999 days FD.
ESAF Small Finance Bank
ESAF Small Finance Bank is paying interest at the rate of 9 percent on FDs of 2 to 3 years.
