Browsing: Citizen

[ad_1] Senior Citizen Fixed Deposit interest rate hike (July 20e3): Senior Citizens can get 7.6% interest on deposits of 375 days in IDBI Bank. This is a new FD scheme, named ‘Amrit Mahotsav FD’, launched by the IDBI Bank this month, effective from July 14. The special scheme will be available till August 15, 2023. For general citizens, the IDBI Bank is offering 7.1% interest on 375-day deposits in Amrit Mahotsav FD. “IDBI Bank has introduced a special bucket of ‘Amrit Mahotsav FD for 375 days’ offering a peak rate of 7.60% p.a. valid till August 15, 2023. Besides this,…

[ad_1] Safety of capital, guaranteed interest income and higher interest rates from other depositors make bank fixed deposits (FDs) a preferred investment instrument for senior citizens, especially for retired individuals lacking other sources of income. Another fixed income instrument that has gained significant traction among senior citizens in recent years, especially during the low interest regime of Covid years, is Senior Citizens Saving Scheme (SCSS). The net corpus of this scheme has grown from Rs 73,728 crore in February 2020 to about Rs 1.17 lakh crore in February 2022. As the interest rate of SCSS continues to beat senior citizen…

[ad_1] Senior citizens are pouring money into the Senior Citizen Savings Scheme (SCSS), thanks to recent changes, official data shows. The changes in interest rate and deposit limit for Senior Citizen Savings Scheme (SCSS) this year have benefited accountholders a lot. The interest rate for SCSS deposits has gone up to 8.2% in 2023, which is better than the 5-year Fixed Deposit interest rates offered by banks and the post office. Meanwhile, in Budget 2023, the Government also announced a decision to allow an individual senior citizen to deposit up to Rs 30 lakh in his/her SCSS accounts. A report…

[ad_1] SBI Research on Deposit Rates: Senior Citizens and other depositors have enjoyed a spate of Fixed Deposit interest rate hikes since last year. FD interest in some banks has gone up over 9%. However, this spate of FD rate hikes could soon be a thing of the past, according to a report by SBI Research. As per the report, further deposit rate hikes may not be expected because of increasing deposit growth in banks this year. “Overall deposit growth in FY24 should grow over 11% yoy. This will effectively imply that spate of deposit rate hikes could be a…

[ad_1] While several banks have been increasing their Fixed Deposit rates for senior citizens and others since last year, it seems the FD rate hike cycle may be over, at least for now. The FD interest rate hikes have coincided with a series of repo rate hikes announced by the Reserve Bank of India. Since May 2022, the RBI has raised the repo rate by 250 basis points in a bid to fight inflation. However, in the first Monetary Policy Committee (MPC) meeting of the current financial year in April, the central bank kept the repo rate unchanged at 6.5%.…

[ad_1] Fixed Deposit interest rate hike: Ujjivan Small Finance Bank today announced a revised Fixed Deposit interest rate for senior citizens and others for deposits of 12 months. For deposits of 12 months, the Ujjivan SFB has announced a 1.75% interest rate hike from 6.5% to 8.25%. The new rate will be effective from June 1, 2023. According to the bank’s statement, the highest interest rate for regular customers, NRO would be 8.25% for 12 months and 80 weeks (560 days). The highest interest rate for Senior citizens would be 8.75% for 12 months and 80 weeks (560 days). Ujjivan…

[ad_1] Will Fixed Deposit rates rise further? Will FD rates cross the 10% mark? These are some of the questions in the minds of many bank customers. The last six months have been good for depositors, especially senior citizens, interested in bank fixed deposits. Several banks have announced higher FD rates in this period. Two small finance banks are even offering up to 9.5% and 9.6% interest to senior citizens respectively. The FD rate hike has coincided with RBI increasing the repo rate till it hit a pause in April. The RBI’s decision to pause the repo rate hike and…

[ad_1] Bank of India (BoI) today said it has increased the interest rates for 1-year tenor Fixed Deposits to 7.00% with effect from 26th May 2023 for retail customers (for less than Rs 2 crores deposits). Following the revision, the Bank of India is now offering a rate of interest in the range of 3 % to 7.00 % for general citizens deposits maturing in the range of 7 days to 10 years. The bank is providing an interest rate of 7.50% to senior citizens and 7.65 % to super senior citizens for a deposit period of 1 year. The…

[ad_1] Senior Citizen Fixed Deposit Interest Rate Hike News: Fincare Small Finance Bank (FSFB) has revised its FD interest rates for senior citizens and others. In a statement today, the bank said that Fincare FD customers can earn up to 8.51% on their savings, and senior citizens can earn up to 9.11% with a minimum deposit of Rs. 5000. The revised rates will be applicable from May 25, 2023. “The Bank believes in providing customer-centric banking solutions, and current FD rates reflect this commitment. Whether you have short-term or long-term financial goals, the diverse tenure options ranging from 7 days…

[ad_1] Recurring Deposit rate hike in 2023: Not just fixed deposits, the interest rates for recurring deposits in banks have also jumped to near 10% in the new repo rate regime steered by the Reserve Bank of India (RBI) since last year. While the repo rate has increased to 6.5% from 4.4% in May 2022, bank deposit rates including RDs have also gone up in one year. The interest rates for fixed deposits and recurring deposits are the same in most cases. In May 2023, Suryoday Small Finance Bank (SSFB) announced 9.6% interest on 5-year FD/RD for senior citizens, which…