FD Rates: The trend of cutting interest rates continues globally. Recently, the US Federal Reserve has reduced the key interest rates by 50 basis points (bps). However, the possibility of the Reserve Bank of India (RBI) changing the repo rate amid the persistent concern of food inflation is quite low.
FD Rates: The trend of cutting interest rates continues globally. Recently, the US Federal Reserve has reduced the key interest rates by 50 basis points (bps). However, the Reserve Bank of India (RBI) is unlikely to change the repo rate amid the constant concern of food inflation. However, many banks are offering more than 8 percent interest on FDs amid the repo rate not being reduced. Many banks are paying higher interest on such fixed deposits (FD). We are telling you which banks have revised the interest rates on FD in September.
Current FD interest rates
Bandan Bank FD interest rates range from 3% to 8.05%. These rates depend on the period of FD and personal credit.
RBL Bank is offering an interest rate of 8.10% per annum.
SBM Bank India is offering the highest interest of 8.25%.
YES Bank is also offering interest at the rate of 8% per annum.
Apart from this, senior citizens aged 60 years or above will get the benefit of additional 0.5% interest rate on FD. This will increase their income more.
How to open a bank FD?
Bank FD can be opened both online and offline. To open an offline FD account, customers can go to the bank branch and fulfill the KYC (Know Your Customer) rules. FD account can be opened with just Rs 100, although this amount is different for each bank. The period of FD can be from 7 days to 10 years. Depositors have the option to withdraw funds before maturity, but there may be a penalty for this.
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