The country’s largest small finance bank, AU Small Finance Bank, has announced an increase in fixed deposit (FD) and savings account interest rates, which will take effect on December 12. The new rates go into effect on December 12 and are in effect.
According to a press release, the bank has increased its peak FD rate for retail deposits by 25 basis points, moving regular customers’ rate from 7.5% to 7.75% and senior citizens’ rate from 8% to 8.25%. The bank increased retail deposit FD rates by up to 60 basis points in October of this year.
The savings deposit rate at AU Small Finance Bank has also been raised to 7.25 percent annually for accounts with balances between Rs 1 crore and Rs 10 crore.