If you’re looking to earn a good return by investing your hard-earned money in the right spot. You can make an investment with the Bank FD Scheme. In the private sector, Bandhan Bank has increased its fixed deposit, i.e. the interest rates for FD (FD Rate increase) to 0.50 percent. Find out exactly how much it has increased.
Senior citizens will be eligible for an 8.5 percent interest
Bandhan Bank said on Monday that seniors will enjoy 8.5 percent interest. In addition, general customers will earn eight percent interest on placing fixed deposits at the bank. Following the increase in interest rate, seniors will now receive interest at 8.5 percent and others will earn a rate of 8 percent per year on Fixed Deposits (FD) that are of 600 days in duration. The interest rate for fixed deposits with a term of one year has been raised by 7 percent. This means that senior citizens can enjoy 0.5 percent extra interest in Bandhan Bank. Bandhan Bank has rolled out the new rates as of today.
RBI has increased the repo rate
The Monetary Policy Committee is organized by the Reserve Bank of India (RBI) to decide on the repo rate. On the 20th of February in 2022 RBI increased its repo rates. This meant that banks raised interest rates on fixed deposits. In the following months, the interest rates on personal and home loans were also raised in banks.
These banks also have increased their interest rates
Before, IDFC FIRST Bank had increased the interest rates on fixed deposits. In the bank, senior citizens get interest rates of 8% on fixed deposits, with a duration from 18 months to three years. The Jana Small Finance Bank had also announced that it would increase the interest rates of its FDs. Jana Bank is now paying up to 8.10 percent interest on FDs that have a term longer than two years. In addition, seniors can get 8.80 percent interest on this FD.
Read More: 5 states have adopted the old pension system, information given by government
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