Public and private sector banks in the country are continuously increasing the interest rates on their fixed deposits. Many government banks are also claiming to give more than seven percent interest on fixed deposits. In such a situation, there is a large section of those people who, along with returns, also focus on investment security. […]
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Public and private sector banks in the country are continuously increasing the interest rates on their fixed deposits. Many government banks are also claiming to give more than seven percent interest on fixed deposits. In such a situation, there is a large section of people who pay attention to investment security along with returns. Due to the continuous increase in the repo rate by the Reserve Bank, many banks are increasing the interest rates of their FDs. Many top public sector banks are also included in this. In January, the retail inflation rate in the country has once again reached above 6% to 6.52%.
In such a situation, due to increase in inflation, people are worried whether their money in the bank will increase or not in the same way as compared to which inflation is increasing. In such a situation, there are many such government banks, so they are offering interest rates on their FDs that beat inflation. Let us tell you in which bank how much return is being received.
Senior citizens are getting strong interest rate
Many banks are offering up to 8.5% interest rate on bank FDs to their senior citizen customers. If you want to do risk free investment at the age of 60 years, then this is a great opportunity for you.
This government bank is giving the maximum interest rate
- State Bank of India – 7.10% for general customers, 7.60% for senior citizens (on 400 days FD)
- Punjab National Bank – 7.25% for general customers, 7.75% for senior citizens (on 666 days FD)
- Union Bank of India – 7.30% for general customers, 7.80% for senior citizens (on 800 days FD)
- Bank of Baroda – 7.05% for general customers, 7.55% for senior citizens (on 399 days FD)
- Bank of India – 7.05% for general customers, 7.55% for senior citizens (on 444 days FD)
- Canara Bank – 7.15% for general customers, 7.65% for senior citizens (on 400 days FD)
- Central Bank – 7.35% for general customers, 7.85% for senior citizens (on 444 days FD)
- Indian Bank – 7.00% for general customers, 7.50% for senior citizens (on 400 days FD)
- Punjab and Sind Bank – 8.00% for general customers, 8.50% for senior citizens (on 221 days FD)
- UCO Bank – 7.15% for general customers, 7.25% for senior citizens (on 666 days FD)
Interest rate on FD is increasing continuously
In the last 9 to 10 months, government and private sector banks have significantly increased the interest rates on their fixed deposits, savings accounts and RD accounts. The biggest reason for this is that the Reserve Bank is continuously increasing its repo rate to control inflation in the country. RBI has increased the repo rate a total of 6 times since May 2022. It has increased from 4.00% to 6.50%. The last increase in the repo rate took place on February 8, 2023.
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