Winning Bizness Desk

Mumbai. The Reserve Bank has increased the repo rate very rapidly in the last one year and due to this arrangement, customers are getting higher interest from their savings account from fixed deposits. Reserve Bank has a monetary policy making committee which has not made any change in the repo rate in the last 2 meetings. Decline in retail inflation has helped to stabilize the repo rate. Due to this, the committee has decided to keep the repo rate stable. But even before that, the Reserve Bank has increased the repo rate rapidly for almost a year. RBI's repo rate has increased to 2.50 percent in just one and a half years.

It's all about Repo rate

Due to this increment in repo rate, some people have lost and some people have benefited. This makes borrowing unaffordable, and increases the burden of EMI payments. However, on the other hand, there has been an increase in the interest rate from saving account to fixed deposit. The repo rate has been continuously increased since last one to one and a half years and therefore, some banks once again started offering more than 9 percent interest on FDs. But this higher interest rate will not apply to all customers. Only senior citizens will benefit from this. Let's know more about this bank...

Which banks are offering how much

Unity Small Finance Bank: Unity Small Finance Bank offers 9.25 percent interest on maturity of 181 to 201 days. While 9.50 percent interest rate is being given on FD with a tenure of 1001 days. Fincare Small Finance Bank : This bank is offering an interest rate of 9.11 percent on FD with a maturity of 1000 days. Only senior citizens who are customers of the bank can get the benefit of this interest rate. Jana Small Finance Bank: Jana Small Finance Bank is also offering 9 percent interest to senior citizens. This interest rate is available on FD with maturity from 366 days to 499 days, from 501 days to 730 days and 500 days respectively. Suryoday Small Finance Bank: Suryoday Small Finance Bank is offering 9.6 percent interest on 5-year term deposits to senior citizens. So 9 percent interest is getting on maturity of 999 days. ESAF Small Finance Bank: ESAF Small Finance Bank is offering 9 percent interest on fixed deposits for 2 to 3 years to senior citizens.