Interest Rates May 2024. Consequently, the federal reserve raised interest rates from march 2022 through july 2023 in an effort to curb inflation. In may 2024, many banks, including utkarsh small finance bank (sfb), city union bank, rbl bank, and capital small finance bank, revised their fixed deposit interest rates.
The bank offers an interest rate between 5 percent and 7.25 percent for general citizens and between 5 percent and 7.75 percent for senior citizens. Fixed deposit has been a popular investment option across generations, and for a good reason.
