Fixed Deposit Scheme: RBI has not changed the repo rate. But a private bank has hiked the interest rate on the Senior Citizen Fixed Deposit Scheme. A maximum interest rate of 9.10 percent is being offered for senior citizens. Besides, the general public is being given 4 percent to 8.60 percent interest.
The bank that is offering this interest is Suryoday Small Finance Bank. Although a private small bank, this bank is regulated by the Reserve Bank like any other bank. And the rules are same as other banks.
According to the bank’s website, this interest rate is available for deposits below Rs 2 crore. Various banks and NBFCs are offering fixed deposit schemes with tenors ranging from 7 days to 10 years. Similarly, Suryodaya Small Finance Bank is offering 9.10% interest for senior citizens on FDs for 2-3 years. In this case, general customers will get interest at the rate of 8.6 percent.
Suryoday Small Finance Bank offers 4.50 percent interest on fixed deposits for 7 days to 14 days. Interest rate is 4.75 percent for 15-45 days. Interest rate on 46-90 days FD is 5 percent. Interest rate is 5.50 percent for 91 days to 6 months. The interest rate for six months to nine months is 6 percent. The rate of interest is 6.50 percent for term deposits less than 9 months to 1 year.
The interest rate on fixed deposits from one year to 15 months is 8.75 percent. The interest rate is 9 percent for a period of 15 months to 2 years. The rate of interest is 9.10 percent for a period of more than two years but less than 3 years.
