Banks hike FD rates: 4 banks offer over 7% interest rate on fixed deposits

IDFC First Bank, RBL Bank, Union Bank of India and Canara Bank offer interest rates above 7% to general customers on certain deposits.

IDFC First Bank Latest FD Rates

IDFC First Bank Offers FDs ranging from 7 days to 10 years. Senior citizens get an additional 50 basis points (bps) on these deposits. For fixed deposits maturing in 750 days, the bank offers 7.25% for general customers and 7.75% for senior citizens

RBL Bank Latest FD Rates

RBL Bank gives 7% interest to common customers on FDs maturing in 15 months. Senior citizens will get the rate of 7.50% on this period.

Union Bank Of India Latest FD Rates

Union Bank of India is a government bank which has reduced the interest rates on FD. 2 crore from 17 October. Following the latest hike, the bank offers 3% to 7% interest on FDs with maturities ranging from 7 days to 10 years. On maturity of 599 days

Canara Bank Latest FD Rates

Canara Bank has launched a special fixed deposit scheme for a tenure of 666 days. As per the scheme, the lender is offering an interest rate of 7% to its general customers, while senior citizens will get 7.5% on these deposits.

Canara Bank has increased its interest rates for all tenors and is currently offering interest rates on deposits maturing in 7 days to 10 years from 3.25% to 7.00% for general public and 3.25% for senior citizens up to 7.50%. According to the bank, the new rates are effective from October 7, 2022.