After reserve Bank of India Repo rate has started increasing, many banks have increased fixed deposit interest rates, bringing benefits to customers. However, only a few banks have taken up Rate of interest Above 7%, and even less than 7.15 per cent, which is the interest rate on RBI’s floating rate bonds.

rbi floating rate bond Rate of interest

The current interest rate on RBI floating rate bonds is 7.15 per cent (6.80% + 0.35%), every six months, the interest rates on these bonds are reset/previewed. According to RBI’s press release, “Accordingly, the coupon rate on FRSB 2020 (T) for the period July 1, 2022 to December 31, 2022 and payable on January 1, 2023, remains at 7.15% (6.80% + 0.35%). The bond has a fixed tenure of seven years.

Here is a quick compilation bank FD Which offer higher interest rate than RBI bonds.

Utkarsh Small Finance Bank

Utkarsh offers 7.25% interest rate for regular citizens with a tenure of 700 days to 5 years and 7.75% for senior citizens.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank offers an interest rate higher than RBI Savings Bonds on tenures of 12 months and 1 day to 524 days, and 42 months 1 day to 60 months interest rate of 7.20%. For tenures 75 weeks (525 days) and 990 days and 75 months, the interest rate offered is 7.50%.

ESAF Small Finance Bank

ESAF Small Finance Bank offers 7.25% interest rate on tenure of 2 years to less than 3 years for regular citizens and 7.75% interest rate for senior citizens.

Fincare Small Finance Bank

Fincare Small Finance Bank offers an interest rate of 7.25% for regular citizens with a tenure of 750 days and an interest rate of 7.50 for a tenure of 1000 days for regular citizens.