Utkarsh Small Finance Bank is offering an interest rate of 8.25 per cent to general investors.
Some banks are giving relief to their customers in the form of increased interest rates on fixed deposits.
The Reserve Bank of India has increased the repo rate six times in a row in the last few months. But there are some banks which are giving relief to their customers in the form of increased interest rates on fixed deposits. Unity Small Finance Bank is one of them and they are offering interest rates up to 9.5 percent on FDs.
Unity Small Finance Bank is offering an interest rate of 9.5 per cent to senior citizens on fixed deposits maturing after 1001 days. Apart from this, retail investors are getting an interest rate of 9 per cent on the same scheme. For FDs maturing in 501 days, the bank is offering an interest rate of 9.25 per cent to senior citizens and 8.75 per cent to retail investors.
Utkarsh Small Finance Bank is offering an interest rate of 8.25 per cent for general investors and 9 per cent for senior investors on both FDs maturing in 700 days. The bank will offer .75 per cent and 8.25 per cent interest rate to general investors and senior citizens on fixed deposits maturing between 701 days and 5 years.
Equitas Small Finance Bank is offering an interest rate of 9 per cent for senior citizens and 8.5 per cent for people not falling in that category on fixed deposits maturing in 888 days. The bank had changed the interest of FDs up to Rs 2 crore. According to the official website of the bank, the new FD interest rates have come into effect from April 11, 2023 itself.
While the RBI has increased the repo rate since last year, good news has emerged online. The first MPC meeting of the National Bank concluded a few days ago and it was decided not to increase the repo rate once again. Earlier, the repo rate was increased by 4 percent. However, now the bank has decided to keep the rate constant at 6.5 per cent. RBI increased the repo rate by 2.50 per cent from May 2022 to February 2023.
People investing in Fixed Deposits are requested to read the terms and conditions thoroughly to avoid any unforeseen circumstances.
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