Four Banks Increase Senior Citizen Fixed Deposit Interest Rates In Current Month

Multiple banks have recently raised their Fixed Deposit interest rates for both senior citizens and general customers during this month. Here are the details:

Axis Bank's Fixed Deposit Rate Adjustment Starting from 14 August, Axis Bank has introduced an updated range of Fixed Deposit (FD) interest rates. For senior citizens, the rates now range from 3.5 per cent to 8.05 per cent for FDs maturing in durations ranging from 7 days to 10 years. Meanwhile, general customers can avail of FD interest rates ranging from 3.5 per cent to 7.3 per cent. These revised rates are applicable to callable term deposits valued below Rs 2 crore. Notably, Axis Bank is offering a substantial 8.05% interest rate for deposits maturing between 16 months and just under 17 months, on deposits less than Rs 2 crore.

Canara Bank's Altered Fixed Deposit Rates Beginning on 12 August, Canara Bank has introduced adjusted Fixed Deposit interest rates. Senior citizens can now enjoy interest rates varying from 4 per cent to 7.75 per cent, while general citizens can avail of rates ranging from 4 per cent to 7.25 per cent.

Federal Bank's Enhanced Fixed Deposit Rates To commemorate Independence Day 2023, Federal Bank has announced an increase in its deposit interest rates, effective from 15 August 2023. The bank is offering senior citizens interest rates that are 77 basis points higher than the standard rate for specific tenures. For instance, the term deposit rate for a 13-month tenure now offers 7.30 per cent interest for the general category and 8.07 per cent, for senior citizens. Federal Bank emphasised that these augmented rates will be available for a limited period, providing customers an opportunity to enhance their returns while prioritising security and reliability. Joy PV, Senior Vice President & Country Head – Deposits, Wealth and Bancassurance at Federal Bank, expressed their pleasure in launching these enhanced interest rates as the nation celebrates its 77th Independence Day.

Suryoday Small Finance Bank's Improved Fixed Deposit Rates Starting from 7 August, Suryoday Small Finance Bank (SSFB) has increased its fixed deposit rates for 5-year tenures by a noteworthy 85 basis points (0.85 per cent). For the general public, SSFB now offers fixed deposit interest rates ranging from 4 per cent to 8.60 per cent on durations from 7 days to 10 years. Senior citizens can benefit from higher rates, ranging from 4.50 per cent to 9.10 per cent

These moves by various banks to adjust their fixed deposit interest rates reflect ongoing adjustments in response to market dynamics and customer demand.