Senior Citizen Fixed Deposit: Several Banks have recently increased their Fixed Deposit interest rates for senior citizens and general customers this month.
Several Banks have recently increased their Fixed Deposit interest rates for senior citizens and general customers this month. Read on for details.
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Axis Bank Fixed Deposit Rate Hike
Effective from August 14, Axis Bank is offering 3.5% to 8.05% FD interest to senior citizens on deposits maturing in 7 days to 10 years. For general customers, the bank is offering 3.5% to 7.3% FD interest. These interest rates will be applicable on callable term deposits below Rs 2 crore.
Axis Bank is offering 8.05% interest on less than Rs 2 crore deposits maturing in 16 months to less than 17 months.
Canara Bank Fixed Deposit Rate Hike
From August 12, Canara Bank is offering 4% to 7.75% FD interest to senior citizens. The bank is offering 4% to 7.25% FD interest for general citizens.
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Federal Bank Fixed Deposit Rate Hike
On the occasion of Independence Day 2023, Federal Bank announced a hike in interest rates for deposits with effect from 15th August 2023. The bank is now offering 77 basis points higher than the standard rate for senior citizens for selected periods.
In a statement, Federal Bank said the term deposit rate for a tenure of 13 months would fetch interest rates of 7.30% for the general category and 8.07% for senior citizens. The enhanced rates would be available for a limited period only.
“The enhanced rates provide an excellent opportunity for customers to maximize their returns while enjoying security and reliability. We are glad to launch the boosted interest rates as the nation celebrates its 77th Independence Day,” said Joy PV, Senior Vice President & Country Head – Deposits, Wealth and Bancassurance, Federal Bank.
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Suryoday Small Finance Bank (SSFB) Fixed Deposit Rate Hike
With effect from August 7, SSFB has increased its fixed deposit rates for 5-year tenors by 85 basis points (0.85%). SSFB is now allowing fixed deposits maturing in 7 days to 10 years at an interest rate of 4.00% to 8.60% to the general public. For senior citizens, the small finance bank is offering a 4.50% to 9.10% FD interest rate.
