FD Rate of Interest: These 10 banks increased interest on FD during the festival, see updates immediately

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FD Rate of Interest: In the last monetary review meeting, the Reserve Bank of India had adopted a liberal stance regarding interest rates and did not make any change in the repo rate. Its effect is visible on the FD interest of banks.

FD Rate of Interest: In the month of October, ten banks including ICICI, Unity Small Finance Bank Limited, Bank of Baroda, Yes Bank, IDFC First Bank have revised their interest rates in the month of October. Its benefits will be directly available to the customers during the festive season.

According to Reserve Bank of India data, bank credit has increased by 9.1% to Rs 124.5 lakh crore in April-August 2023. With this, bank deposits have increased by 6.6% to Rs 149.2 lakh crore. In such a situation, banks are increasing their interest rates.

Unity Small Finance Bank Limited has reduced the interest on FD for senior citizens of 701 days to 9.45%. Whereas, Bank of Baroda is giving them up to 7.9% interest on deposits for up to 3 years. Yes Bank and IDFC First Bank are offering 8% interest on deposits to senior citizens, while IndusInd Bank is offering 8.25% interest.

Apart from this, interest rates on FD have also been changed by Maharashtra Bank, Canara Bank, Karnataka Bank and State Bank of India. ICICI Bank is offering maximum returns of 7.10% to general public and 7.65% to senior citizens in EPD for a tenure of 15 months to two years.

Axis Bank, Canara Bank, IDFC Bank, Indusund Bank, Bank of India and Karnataka Bank have also changed the interest rates on FD less than Rs 2 crore for their customers. However, looking at the current situation, it is understood that there will be no change in interest rates by the apex bank in future also.

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