Both Kotak Mahindra Bank and Jana Small Finance Bank have raised their interest rates on fixed deposits. Due to recent rate increases, senior citizens can now earn interest rates of up to 7.5% with Kotak Mahindra Bank and up to 8.8% with Jana Small Finance Bank. Seniors can choose from interest rates at Axis Bank that range from 3.50 percent to 7.75 percent.
Jana Small Finance Bank:
According to the Jana Small Finance Bank, interest rates on standard fixed deposits will rise on December 15, 2022. As a result of the increase, the bank currently offers one of the highest interest rates on fixed deposits.
According to Jana Small Finance Bank, deposit interest rates for two to three years can now reach 7.85 percent for customers. Senior citizens have access to 8.80% on an FD for a period of two to three years.
The bank is offering senior citizens interest rates of 8.8 percent on deposits made for two to three years. For a year, the bank is offering seniors 8.20% interest on deposits. Additionally, Jana Bank pays 8.2 percent interest on 5-year savings accounts and 8.45 percent interest on one- to two-year accounts. For three to five years, deposits at Jana Bank will earn 8.3% interest.
Kotak Mahindra Bank:
At Kotak Mahindra Bank, the interest rates on fixed deposits have gone up for all tenors. The bank will offer a rate of 7% on loans with terms of 390 days (25 days), 391 days (less than 23 months), and 23 months starting on December 15, 2022.
Senior citizens can earn 7.5% interest on savings at the Kotak Mahindra Bank for 390, 391, and 23-month terms. On 365–389-day deposits, the bank is offering senior citizens a return of 7.25 percent.
Axis Bank:
Following the most recent increase, Axis Bank’s most recent FD interest rates for maturities ranging from six months to nine months have increased to 5.75 percent.
Deposits that mature in nine months or less will now receive interest at 6%. The bank will offer an interest rate of 6.75 percent for terms of one year or less.
For tenures going from seven days to a decade, Axis Bank offers interest rates somewhere in the range of 3.5% and 7.75% for senior residents.
