Bank Fixed Deposit rate hike: IDFC First Bank, RBL Bank, Union Bank of India and Canara Bank offer more than 7% interest rate on FDs

Banks have been raising interest rates on fixed deposits (FDs) and savings accounts since May 2022, following consecutive repo rate hikes by the Reserve Bank of India (RBI). Among the lenders that have recently raised interest rates on term deposits are the State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, and RBL Bank. In terms of interest rates, small finance banks (SFBs) provide customers with attractive rates.

On some deposits, IDFC First Bank, RBL Bank, Union Bank of India, and Canara Bank offer interest rates of more than 7 per cent to general customers.

RBL Bank

For FDs with a 15-month maturity date, RBL Bank pays 7 per cent interest to all customers. Senior citizens will receive a rate of 7.50 per cent on this tenor.

Union Bank of India

Union Bank of India is one of the government banks that has increased interest rates on FDs under Rs 2 crore with effect from October 17. Following the most recent increase, the bank now offers interest rates ranging from 3 per cent to 7 per cent on FDs with maturities ranging from 7 days to 10 years. on the 599-day maturity period.

IDFC First Bank

IDFC First Bank provides FDs with terms ranging from 7 days to 10 years. Senior citizens receive an additional 50 basis points (bps) on these deposits. For 750-day fixed deposits, the bank offers 7.25 per cent to general customers and 7.75 per cent to senior citizens.

Canara Bank

Canara Bank has introduced a special 666-day fixed deposit plan. According to this plan, the lender will pay 7 per cent interest on deposits made by general customers and 7.5 per cent interest on deposits made by senior citizens. 

Also Read: HDFC Bank FDs vs Punjab National Bank FDs: Check which bank is offering better rates