There is good news for FD holders. You can get better interest by depositing money at Equitas Small Finance Bank or IDFC First Bank. After the Reserve Bank of India (RBI), raised the repo rate, many banks increased their interest rates. IDFC First Bank (IDFC First Bank), pays interest up to 7%, and Equitas Small Finance Bank up to 7.75 percent.
FD Rate of IDFC First Bank
After the increase in repo rates, IDFC First Bank raised the interest rate. This bank will pay 5% interest on FDs that mature in 91 to 180 days and 6.75% for FDs that mature in 181 to 366 days. IDFC First Bank offers a bonus for FD holders on the maturation of FD.
Equitas Small Finance Bank Rates
The interest rate at Equitas Small Finance Bank was also increased. The bank offers 6% interest for FDs from 7 days to 10 Years and 7.25% on FDs up to 888 Days. Senior citizens receive additional benefits from the bank on FD. Senior citizens receive 0.50 percent additional interest from the bank.
Many banks have raised the interest rates on FDs
The RBI raised the repo rate, and both government and private banks increased the interest rates on FDs. Many people have benefited from this. These banks offer FDs that can be used to gain additional benefits.
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