Several banks in India have revised their fixed deposit (FD) rates, offering higher returns to customers, especially senior citizens. UCO Bank, Karur Vysya Bank, Yes Bank, and Equitas Small Finance Bank (SFB) are among the lenders that have increased their FD rates.
UCO Bank has revised its FD rates for amounts below ₹2 crore, effective from August 10, 2023. The bank now offers an interest rate of 3.00% to 5.50% per annum for the general public, depending on the tenure of the deposit. Senior citizens, however, can earn up to 5.90% per annum, with an additional 0.50% interest rate for deposits with a tenure of 5 years and above.
Karur Vysya Bank has also increased its FD rates, with effect from August 16, 2023. The bank offers an interest rate of 3.00% to 6.00% per annum for the general public, depending on the tenure of the deposit. Senior citizens can earn up to 6.50% per annum, with an additional 0.50% interest rate for deposits with a tenure of 5 years and above.
Yes Bank has revised its FD rates, offering an interest rate of 3.25% to 6.25% per annum for the general public, depending on the tenure of the deposit. Senior citizens can earn up to 7.00% per annum, with an additional 0.75% interest rate for deposits with a tenure of 5 years and above.
Equitas SFB has also increased its FD rates, offering an interest rate of 4.00% to 7.15% per annum for the general public, depending on the tenure of the deposit. Senior citizens can earn up to 7.90% per annum, with an additional 0.75% interest rate for deposits with a tenure of 5 years and above.
The revised FD rates are as follows:
– UCO Bank: 3.00% to 5.50% per annum (general public), up to 5.90% per annum (senior citizens)
– Karur Vysya Bank: 3.00% to 6.00% per annum (general public), up to 6.50% per annum (senior citizens)
– Yes Bank: 3.25% to 6.25% per annum (general public), up to 7.00% per annum (senior citizens)
– Equitas SFB: 4.00% to 7.15% per annum (general public), up to 7.90% per annum (senior citizens)
The increase in FD rates is expected to attract more customers to these banks, especially senior citizens who are looking for higher returns on their deposits. However, it’s worth noting that the FD rates are subject to change and may not be applicable to all types of deposits or customers.