Revised FD Rates: There was no change in the repo rate by the Reserve Bank of India (RBI) a few months back. After this, many banks did not make any change in the interest rate of FD. However, the interest rate of FD has been revised in May 2023 by some banks. Let us see the revised new interest rate of banks-
DCB Bank has reduced the interest rate on FDs of less than Rs 2 crore. According to the website of DCB Bank, the new rates have become effective from May 8, 2023. After the change, the bank is offering an interest rate of 8.5 percent for senior citizens and 8 percent for general customers on FDs.
Suryoday Small Finance Bank has revised the interest rate on FDs of one to five years from 49 to 160 basis points. The revised price has become effective from May 5, 2023. After the change, the bank is giving interest at the rate of 4 percent to 9.1 percent to general citizens and 4.5 percent to 9.6 percent to senior citizens. The bank is offering deposits below Rs 2 crore with maturities ranging from 7 days to 10 years.
Unity Small Finance Bank has changed the interest rate of FD from May 2, 2023. According to the bank’s website, senior citizens are being given a maximum interest of 9.5 percent every year on FDs kept for at least 1001 days. Whereas, general customers get interest at the rate of 9 percent every year for the same period.
There will be a penalty of 1 percent on Fixed Deposit (FD) and Recurring Deposit (RD) withdrawn before maturity. This penalty will be levied on the interest rate being offered by the bank at that time.
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