In May, many banks have increased the interest rates of fixed deposits. Four such banks who have increased interest rates to more than 9% this month.
Bank FD Rates Hike: Reserve Bank of India has not made any change in the repo rate. But many banks have increased the interest rates of fixed deposits in May. FD is considered a safe and beneficial option for savings. Many customers prefer to invest in FD instead of savings account. This month many banks have changed the interest rate of Fixed Deposit. Punjab National Bank, Kotak Mahindra Bank and Union Bank are also included in this list. There are 4 such banks, which are offering great interest on FD.
Unity Small Finance Bank
This bank has recently increased the interest rates on fixed deposits. The new rates have also come into effect from May 2. On FD of 1001 days, the bank is giving a maximum of 9 percent interest to ordinary citizens. At the same time, 9.5 percent interest is being offered to senior citizens.
Kotak Mahindra Bank
It is one of the famous banks of the country. Kotak Mahindra Bank has also increased the interest rates on fixed deposits. The new rates have also come into effect from May 11. The bank is giving interest ranging from 2.75% to 7.20% on different FD schemes to the general citizens. And the interest rate for senior citizens ranges from 3.25% to 7.70%.
Suryoday Small Finance Bank
This bank is also giving attractive interest on FD. The new rates have come into effect from May 5. Interest rates have been increased for FDs of less than 2 crores. The bank is offering 4% to 9.1% interest to general customers on FDs of 7 days to 10 years. At the same time, 0.5 percent more interest is being given to senior citizens.
DCB Bank (DCB Bank)
This bank has also increased the interest rates for FDs of less than 2 crores. The new rates have come into effect from May 8. The bank is giving a maximum interest of 8 per cent to general customers and a maximum of 8.5 per cent to senior citizens.
