DCB Bank has offered 7.50% p.a. interest rate to retail customers on Special Fixed Deposits. The tenure of this deposit scheme will be from 700 days to 36 months. At the same time, senior citizens will get interest up to 8.25%. The Reserve Bank of India (RBI) has increased the repo rates four times since May this year. For this reason, banks have announced an increase in the interest rate on various savings schemes including FDs.

Actually special bank FDs are those fixed deposits that come with a fixed tenure. HDFC and SBI usually offer special FD schemes for a specific tenor for a limited period of time.

These banks are also giving more than 7% interest on FD.

Currently, other banks including Catholic Syrian, Bank of India, RBL Bank and City Union Bank offer 7.50%, 7.25%, 7.25% and 7.1% interest per annum on special fixed deposits. are offered. While senior citizens can get interest up to 7.50%, 7.75%. However, the tenure of the highest FD interest rate varies from bank to bank.

Senior citizens can get 7.50% interest on Special FD Scheme. These include Canara Bank (666 days tenor), Bandhan Bank (600 day tenor), Federal Bank (700 day tenor), IDFC First Bank (700 day tenor), Punjab National Bank (600 day tenor), Punjab End Includes Special FDs of Sind Bank (601 days tenor) and Union Bank (599 days tenor).

The rate of interest on FDs may go up to 8%

According to the news of Mint, Pankaj Bansal, Chief Business Officer, Bankbazaar.com says, “Inflation is still at a high level and interest rates continue to be hiked by central banks globally. Hence FD rates will continue to increase in the coming months.

Many banks offer special tenor FDs with higher returns to attract customers. If this situation continues, we expect the rates to go up to 8% in the next few months.”

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