Bank FD Interest Rate: If you’re thinking about putting your money into an FD or savings account, there’s some great news. AU Small Finance Bank has raised its interest rates, which means you can earn more on your savings. These new rates came into effect on April 23. Both new and existing customers will enjoy the benefits of these higher interest rates.
Key Takeaways
Quick Read- You will earn this much interest on FD
- In which period will you gain more benefits?
- Who stands to gain?
You will earn this much interest on FD
As per the bank’s announcement, senior citizens will now enjoy a maximum annual interest rate of 7.75% on fixed deposits, while general customers will receive 7.25%. The interest rate for savings accounts has also been raised to 6.75%. This indicates that even with savings accounts, customers can look forward to better earnings.
In which period will you gain more benefits?
According to the bank’s updated rates, fixed deposits with tenures of 30 to 36 months provide the highest interest rates. General customers can earn up to 7.25%, while senior citizens can earn as much as 7.75%. Additionally, fixed deposits with tenures of 12 to 15 months also offer interest rates exceeding 7%.
The interest rate for shorter-term fixed deposits is a bit lower. For instance, fixed deposits with durations of 7 days to 1 month will yield around 3.50%, and those with 3 to 6 months will earn approximately 5.25%. Likewise, the interest rate for longer-term fixed deposits, up to 5 years, is about 6.75%.
Who stands to gain?
The bank has made it clear that these new rates will be applicable to both new and existing customers. Customers can take advantage of these offers through bank branches or online platforms. If you’re in search of a secure investment, this could be a fantastic opportunity. With the rise in interest rates, fixed deposits and recurring deposits have become even more advantageous for senior citizens.
