AU Small Finance Bank, the country's largest small finance bank (SFB), announced an increase in fixed deposit and savings account interest rates with effect from December 12.
The bank has hiked its peak FD rate for retail deposits by 25 basis points, from existing 7.5 percent to 7.75 percent for regular customers and 8 percent to 8.25 percent for senior citizens, according to a press release. The bank had earlier hiked FD rates by up to 60 basis points for retail deposits in the month of October 2022.
AU Small Finance Bank has also increased its savings deposit rate to 7.25 percent per annum for savings account having balances ranging from Rs 1 crore to Rs 10 crore.
Commenting on the rate hike, Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “With the recent spate of repo rate hikes announced by the RBI, we have increased FD and Savings rates to extend the maximum benefit to our customers."
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