Bank Interest Rates: During the last one year, the Reserve Bank has increased the repo rate rapidly. Bank customers are getting the benefit of this in the form of higher interest from savings account to FD…
The Monetary Policy Committee of the Reserve Bank has not made any change in the repo rate since the last 2 meetings. 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 just a year, the repo rate of the Reserve Bank was increased by 2.50 percent.
Due to the increase in the repo rate, people suffered loss on one side and benefited on the other side. On the one hand the loans became costlier and the EMI burden increased, while on the other hand the interest on FDs from savings account increased.
It is the result of the continuous increase in the repo rate that once again banks have started paying more than 9 percent interest on FDs. However, this high rate of interest is not applicable to all the customers. The benefit of more than 9 percent interest is only for senior citizens.
- Unity Small Finance Bank: Unity Small Finance Bank is paying interest at the rate of 9.25 per cent on maturity of 181 to 201 days. At the same time, the rate of interest on FD with maturity of 1001 days is 9.50 percent.
- Fincare Small Finance Bank: Senior citizen customers of Fincare Small Finance Bank can get interest at the rate of 9.11 per cent on FDs with maturity of 1000 days.
- Jana Small Finance Bank: Jana Small Finance Bank is also giving more than 9 percent interest to senior citizens. This interest rate is available on FDs with maturity of 366 to 499 days, 501 to 730 days and 500 days.
- Suryoday Small Finance Bank: Suryoday Small Finance Bank is giving 9.6 percent interest to senior citizens on fixed deposits with maturity of 5 years. At the same time, 9 percent interest is being received on maturity of 999 days.
- ESAF Small Finance Bank: ESAF Small Finance Bank is offering 9% interest to senior citizens on FDs with maturity of 2 to 3 years.
