Fixed Deposit Interest Rate: Investors in FD will become rich, these four banks have increased interest rates..
This month, four banks have increased the interest rate on their fixed deposits. These include Utkarsh Small Finance Bank, City Union Bank, RBL Bank, and Capital Small Finance Bank. The uptake of loans in banks is more than deposits. Also, investors are investing their money in investments giving better returns, due to which there is pressure on banks to increase interest rates.
It is expected that the pressure of reduction in deposits on banks may extend till the third or fourth quarter of this year. In such a situation, investors can opt for long-term FD if they want. Also, while making FD (fixed deposit), keep in mind that the central government has made a provision of a guarantee of Rs 5 lakh on the deposits of all small and big banks.
Utkarsh Small Finance Bank: The bank has changed the interest rate of fixed deposits for amounts below Rs 2 crore. The new rates have come into effect from May 1 to April 2024. According to this, the bank's interest rate for general citizens is between 4 percent to 8.50 percent. For senior citizens, the bank's interest rate is between 4.60 percent to 9.10 percent. The highest interest rate is being offered on FDs with a tenure of 2 years to 3 years. This interest rate is between 8.50% to 9.10 percent.
City Union Bank: The new interest rates of the bank are applicable from May 6, 2024. City Union Bank (City Union Bank FD Rates) offers interest rates between 5 percent to 7.25 percent for general citizens, while for senior citizens this rate is between 5 percent to 7.75 percent. The bank is offering the highest interest rate on FDs of 400 days.
RBL Bank: The bank has fixed an interest rate of 8 percent for FDs of 18 to 24 months. Senior citizens are getting 0.50 percent extra amount while citizens above 80 years of age are set to get 0.75 percent extra interest.
Capital Bank Small Finance Bank: The bank (Capital Bank Small Finance Bank) is offering interest rates between 3.5 percent to 7.55 percent for general citizens. The interest rate for senior citizens is between 4 percent to 8.05 percent. The highest interest rate is on a period of 400 days. The new rates are applicable from May 6, 2024.
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