A slew of Small Finance Banks (SFBs) already offer 9.2% to 9.5% interest on FDs to senior citizens. Unity Small Finance Bank offers an interest rate of 9.5% to senior citizens on FDs maturing in 1001 days. Will interest rates on FDs touch 10% in the near future? Will the interest rates on fixed deposits (FDs) go up further? The decision to hike FD interest rates will depend on various factors. Find out how interest rates of FDs may move in the future and how you should invest.
FD rates hike: The bank credit rose 9.1% to Rs 124.5 lakh crore in April-August 2023, while bank deposits surged by 6.6% to Rs 149.2 lakh crore in the period. As a result, will banks hike the interest rates of fixed deposits (FDs) in the short-term or long run? Let s find out what experts say
With the latest hike in FD rates, the Axis Bank is now offering interest rates on deposits maturing in 7 days to 10 years that range from 3.50% to 7.00% for the general public and 6.00% to 7.75% for senior citizens. aaa
Customers can also get add 0.25% additional interest with normal interest if you renew your FDs. They are applicable to all FDs of different tenors. Senior citizens and women will also get this benefit including their additional interest rates.