Indian banks face challenges as urban savers shift to Dalal Street instruments like mutual funds and stocks, causing a decline in low-cost current and savings account (CASA) deposits. Private sector banks are particularly affected, while public sector banks also face difficulties in attracting deposits from corporate and government accounts.
Small Finance Banks (SFBs) offer lucrative interest rates compared to commercial banks to boost their deposits. From Unity Small Finance Bank, North East Small Finance Bank to Suryoday Small Finance Bank, Equitas Small Finance Bank, check out 8 banks offering 9% or higher interest rates to senior citizens on fixed deposits (FDs).
State-owned Canara Bank has revised the interest rates on term deposits less than Rs 2 crore, Rs 2 crore and above but less than Rs 10 crore. The new interest rates are applicable from 5 April 2023, as per the information available on the bank s website. aaa