The Reserve Bank of India has once again kept the repo rate unchanged. With this decision of IBI, senior citizens and other bank customers have got more time to get higher interest rates on fixed deposits.
The Reserve Bank of India has once again kept the repo rate unchanged. With this decision of the IBI, senior citizens and other bank customers have got more time to get higher interest rates on fixed deposits. At present, many banks are providing more than 9 percent interest on FDs to senior citizens as well as general customers. With the central bank holding off on repo rate hike, experts say this is a good time to lock in the best available rates in FDs. At the current deposit rate, people should lock FD at the higher interest rate slab rate.
Many banks are offering interest rates of more than 7 percent for special tailor and small finance banks are offering more than 9 percent interest. Some non-banking finance companies are also offering more than 8 percent interest rates on FDs.
Small Finance Bank Interest Rates
Bank FD Rates
Suryoday Small Finance Bank – 4.50% to 9.60%
ESAF Small Finance Bank – 4.50% to 9.00%
Unity Small Finance Bank – 4.50% to 9.50%
Jana Small Finance Bank – 4.25% to 9.00%
Equitas Small Finance Bank – 4.00% to 9.00%
Fincare Small Finance Bank – 3.60% to 9.11%
North East Small Finance Bank – 3.75% to 9.25%
According to experts, the fixed deposit rates of banks are still attractive. He told after the recent RBI MPC meeting that repo rate cut is expected after 6-9 months by RBI. They say that depositors should book fixed deposits that offer higher returns, especially if those returns are offered for a longer period.
People seeking higher returns on Fixed Deposits can also consider Small Finance Banks. These banks are offering more than 9 percent interest on certain periods. Banks are offering 9 per cent or interest on fixed deposits to senior citizens.
