Different hikes in interest rates for different periods.
Fincare Small Finance Bank has increased the interest rate on fixed deposits to 7 per cent. The increase in interest rate is different for different periods. Senior citizens will get an additional 0.50 percent benefit in the interest rate.
Ever since the Reserve Bank of India has increased the repo rate, all the banks are increasing the interest rate on your deposits. In this connection Fincare Small Finance Bank (Fincare Small Finance Bank) has decided to increase the interest rate on fixed deposits. The new interest rate is applicable from 24th May only and it is less than 2 crores. FD ,Fixed Deposits) Is for. According to the information available on the bank’s website, the interest rate has been retained at 3 per cent for 7-45 days. The interest rate has been increased from 3.25 percent to 3.50 percent for 46-90 days. The interest rate has been increased from 3.5 per cent to 4 per cent for 91-180 days. Earlier the interest rate was 5.15 percent for 181-364 days, which has increased to 5.40 percent.
On fixed deposits of 12-18 months, now instead of 6 percent, interest of 6.25 percent will be available. For 18 months 1 day to 36 months, the interest rate will be 6.50 percent as before. The interest rate for 36 months 1 day to 42 months has been increased from 6.75 per cent to 7 per cent.
Additional 0.50% benefit to senior citizens
The interest rate on fixed deposits for 42 months 1 day to 48 months is 6.75 per cent, 48 months 1 day to 59 months interest rate 6.75 per cent, 59 months 1 day to 66 months 7 per cent and 66 months 1 day to 84 months The interest rate has been kept at 6 percent. For senior citizens above 60 years of age, an additional 0.50 percent benefit will be available in the interest rate. This is applicable for fixed deposits of all tenors.
IDFC First Bank hikes interest rate
Recently, private sector bank IDFC First Bank has increased the interest rate on fixed deposits. The new interest rate has come into effect from 23 May. The bank has increased the interest rate by up to 1 percent for different periods. The bank is now offering an interest rate of minimum 3.5 percent and maximum 6.25 percent on fixed deposits.
Federal Bank increased interest
Federal Bank will have an interest rate of 2.65 percent to 5.75 percent on deposits with maturity from 7 days to more than 2223 days. Whereas, senior citizens will get interest at the rate of 3.15 percent to 6.40 percent on these. Earlier, the bank had an interest rate of 2.50 percent on deposits maturing in 7 to 29 days. But now it has been reduced to 2.65 percent. That is, it has increased by 15 basis points.