The government has decided to privatize many banks and companies, on which work is going on fast. Presently government employees are opposing it.

All banks except SBI can be private

At the same time, two leading economists of the country say that the government should hand over all government banks except State Bank of India to private hands. Apart from this, NITI Aayog has told that 6 government banks of the country will not be privatised.

NITI Aayog had released the list

In the list issued by NITI Aayog, it has been told that the government will not privatize Punjab National Bank, Union Bank, Canara Bank, SBI, Bank of Baroda and Indian Bank. The government has told that these 6 banks will not be privatised. According to the information received from the government official, all those who were part of the government bank consolidation have been kept out of privatization.

The merger of banks took place in August 2019.

Let us tell you that in August 2019, 4 out of 10 banks were merged by the government, after which the number of public sector banks in the country has come down from 27 to 12. At present, there is no planning regarding the privatization of these banks. Giving opinion, the Finance Ministry has said that all these banks should be kept out of privatization.

The Finance Minister had announced that the Finance Minister had announced in last year’s budget that IDBI Bank would be privatised. The government has made a plan to sell its stake in this bank. The process has moved forward regarding this. Despite the continuous protest, the government has already cleared its stand regarding privatization. Along with this, the Finance Minister had also said that it will be sold to an insurance company.

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The new interest rates of Union Bank of India are applicable from 25 November. Public sector bank UBI is giving interest of up to 7.3% to its general customers on FDs maturing in a period of 800 days and 3 years respectively. At the same time, the bank is paying interest by increasing 0.5% on FDs of the same duration to its senior citizen customers. That is, senior citizen customers in UBI are getting 7.8% interest on FDs maturing in 800 days and 3 years respectively.

DBS Bank (DBS Bank) is paying 0.75% more interest than common depositors on FDs maturing in 600 days for its senior citizen customers. Senior citizens are currently getting 7.75% interest from DBS Bank on FDs with maturity of 600 days. DBS Bank is offering 7% returns to its senior citizen customers on FDs maturing in 3 to 4 years, 4 to 5 years, 5 years and above. The new FD rates of the bank are applicable from 18 November 2022.

Meanwhile, Ujjivan Small Finance Bank is offering up to 8.75% interest on FDs to its senior citizen customers. On the other hand, senior citizens are getting a return of up to 9% on the FD of Unity Small Finance Bank. In recent times, many banks have changed FD interest rates for senior citizens. Some of which have been described here.

RBL Bank

RBL Bank is giving 7.75% interest on FD to its senior citizen customers. To get returns at this rate, customers above 60 years of age will have to invest in FD plans maturing in 725 days.

Bank of India

This bank is offering 7.75% return on FD to senior citizens. For this, customers who have crossed the age of 60 years will have to invest in FDs with a duration of 777 days. This rate is applicable from 1 November 2022.

Federal Bank

In Federal Bank, senior citizens are getting 7% interest on FDs with a tenure of 750 days. For this, they have to deposit their savings in this FD of the bank for 750 days. This rate is applicable from 10 October 2022.

SBM Bank

Senior citizens are getting 7.1% interest on FDs of 3 years to 10 years maturity of SBM Bank. This deposit is callable. That is, the investor will be allowed to surrender and withdraw his deposit before maturity. On the other hand, non-callable deposits of the same duration i.e. withdrawal of money before maturity will not be allowed in this FD, but SBM Bank is offering 7.5% return. This rate is applicable from 15 November 2022 on the FD of the bank.

Yes Bank

Yes Bank is giving 7.5% interest to its senior citizen customers on FDs with a tenure of 36 days to 10 years. The bank is giving 7.25% return on FDs with a tenure of 1.5 years to 3 years. These rates are applicable on 3 November 2022.

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There are five banks that are offering 8.5% or more interest on FDs to senior citizens. Many other banks are offering interest of 8% or more per annum. However, it is to be noted that higher interest does not mean that these senior citizens are better than small savings. Here you have to check FD tenure and other benefits. Let us know about the rates of these banks.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank is offering 8.75% interest on 80 weeks (560 days) deposits to senior citizens. The bank is offering 8.5% interest on deposits of 990 days. These rates are applicable from 5 November.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is offering 8.5% interest on 700 days deposit to senior citizens. The bank is paying 8.25% interest on FDs of 5 years from 701 days. These rates are applicable from 17 October 2022.

Jana Small Finance Bank

Jana Small Finance Bank is offering 8.5% interest on deposits of 2 to 3 years to senior citizens. The bank is paying 8.45% on deposits of 1 to 2 years and 8.3% on deposits of 3 years to less than five years. These rates are applicable from 14 October 2022.

Fincare Small Finance Bank

Fincare Small Finance Bank is offering 8.5% interest on 1000 days deposit to senior citizens. The bank is offering 8.25% interest on deposits of 750 days and 8% on deposits of 500 days. These new rates are applicable from 9 November.

ESAF Small Finance Bank

ESAF Small Finance Bank is offering 8.5% interest on 999 days deposit to Senior Citizens. The bank is offering 7.75% interest on deposits from 1000 days to less than three years and from 2 years to 998 days. These rates are applicable from 1 November 2022.

Unity Small Finance Bank

Unity Small Finance Bank is offering 8.3% interest on 1 year 1 day deposit to senior citizens. The bank is offering 8.15% interest on deposits of 2 to 5 years. Bank rates are applicable from 1st November.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering 8.26% interest on 999 days deposit to senior citizens. The bank is paying 8.01% interest on deposits of 1 year to 998 days. These rates are applicable from 2 November.

DCB Bank (DCB Bank)

DCB is offering 8.25% interest on FDs of 700 days to 36 months and FDs of 26 months to senior citizens. The bank is offering 7.75% interest on deposits ranging from 36 months to 60 months to 5 years. These rates will be applicable from October 31.

Equitas Small Finance Bank

Equitas Small Finance Bank is offering 8% interest on deposits for 888 days to senior citizens. The bank is offering 7.9% interest on deposits of 2 years 1 day to 887 days and 889 days to 3 years. These rates are applicable from 15 October.

Bandhan Bank

Bandhan Bank is offering 8% interest on 600 days deposit to senior citizens. The bank is offering 7.5% interest on deposits of 2 to 5 years. These are applicable from 7 November.

AU Small Finance Bank

AU Small Finance Bank is offering 8.24 per cent interest on term deposits of 24 months to 45 months to senior citizens. These rates are applicable from 10 October.

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