Interest rates on senior citizen fixed deposits will rise in October 2023: This month, several banks revised their fixed deposit interest rates for both general and older customers. The following is a summary of October FD rates amended by various banks.
Unity Small Finance Bank Limited (Unity Bank) has raised its fixed deposit interest rate for the seventh time in seven years. Senior people can now receive 9.45% p.a. on fixed deposits held for 701 days, while ordinary investors can earn 8.95% p.a. for the same period. Unity Bank pays 9.5% interest on deposits of 1001 days to elderly citizens and 9% interest to others.
Bank of Baroda has increased interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 50 basis points over a three-year period. It is currently paying older citizens up to 7.9% interest on deposits of 2 to 3 years. Senior citizens can earn 7.8% interest on 399-day deposits made through the Tiranga Plus Deposit Scheme.
Bank of Maharashtra has boosted FD rates by up to 125 basis points on 46-90 day deposits. It is now giving 4.75 percent on these short-term deposits, up from 3.50 percent previously.
Canara Bank: On October 5, Canara Bank revised its FD rates. Senior citizens can now earn up to 7.75% interest. Yes Bank: Beginning October 4, Yes Bank will give senior folks up to 8% FD interest rates. Karnataka Bank: As of October 1, Karnataka Bank is offering elderly folks up to 7.75% FD interest rate.
Indusind Bank: As of October 1, Indusind Bank is offering elderly citizens up to 8.25% FD interest rate. IDFC First Bank: Beginning October 1, IDFC First Bank will give senior citizens up to 8% FD interest rate. Bank of India: Beginning October 1, the Bank of India will provide older citizens up to 7.75% FD interest rates.