Whenever there is talk of savings, the name of fixed deposit (FD) definitely comes up. Your investment in fixed deposit is safe, and you also get guaranteed returns. If you also want to invest in FD then this is useful news for you.

In May 2024, many banks including Utkarsh Small Finance Bank, City Union Bank, RBL Bank and Capital Small Finance Bank revised their FD interest rates. Here is the list of revised FD rates in May.

Utkarsh Small Finance Bank
Utkarsh Small Finance Bank has revised its FD interest rates for amounts less than Rs 2 crore. The revised rates are effective from May 1, 2024. After the amendment, the bank is providing interest rates between 4 percent to 8.50 percent for general citizens, while for senior citizens the bank is providing interest rates between 4.60 percent to 9.10 percent. The highest interest rate of 8.50 percent is being offered to general citizens and 9.10 percent to senior citizens for a tenure of 2 years to 3 years.

City Union Bank
City Union Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised FD interest rates are effective from May 6, 2024. The bank is offering interest rates between 5 percent to 7.25 percent for general citizens and between 5 percent to 7.75 percent for senior citizens. The highest interest rate of 7.25 percent is being offered to general citizens and 7.75 percent to senior citizens on a tenure of 400 days.

RBL Bank
RBL Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised FD interest rates are effective from May 1, 2024. RBL Bank offers the highest interest rate of 8 percent on FDs maturing between 18 to 24 months. On the same FD tenure, senior citizens will earn an additional interest rate of 0.50 percent i.e. 8.50 percent and super senior citizens (80 years and above) are eligible for an additional interest rate of 0.75 percent i.e. 8.75 percent.

Capital Small Finance Bank
Capital Small Finance Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised rates are effective from May 6, 2024. The bank is providing interest rates between 3.5 percent to 7.55 percent to common citizens. The bank is providing interest rates between 4 percent to 8.05 percent for senior citizens. The highest interest rate is being given on a period of 400 days.

DMRC Tourist Card: Good News! Unlimited travel in Delhi Metro for just Rs 200, details here

The post Bank FD Rates Change : 9.10 percent interest on FD, 4 banks changed interest rates in May, check new rate first appeared on Rightsofemployees.com.

Whenever there is talk of savings, the name of fixed deposit (FD) definitely comes up. Your investment in fixed deposit is safe, and you also get guaranteed returns. If you also want to invest in FD then this is useful news for you.

In May 2024, many banks including Utkarsh Small Finance Bank, City Union Bank, RBL Bank and Capital Small Finance Bank revised their FD interest rates. Here is the list of revised FD rates in May.

Utkarsh Small Finance Bank
Utkarsh Small Finance Bank has revised its FD interest rates for amounts less than Rs 2 crore. The revised rates are effective from May 1, 2024. After the amendment, the bank is providing interest rates between 4 percent to 8.50 percent for general citizens, while for senior citizens the bank is providing interest rates between 4.60 percent to 9.10 percent. The highest interest rate of 8.50 percent is being offered to general citizens and 9.10 percent to senior citizens for a tenure of 2 years to 3 years.

City Union Bank
City Union Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised FD interest rates are effective from May 6, 2024. The bank is offering interest rates between 5 percent to 7.25 percent for general citizens and between 5 percent to 7.75 percent for senior citizens. The highest interest rate of 7.25 percent is being offered to general citizens and 7.75 percent to senior citizens on a tenure of 400 days.

RBL Bank
RBL Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised FD interest rates are effective from May 1, 2024. RBL Bank offers the highest interest rate of 8 percent on FDs maturing between 18 to 24 months. On the same FD tenure, senior citizens will earn an additional interest rate of 0.50 percent i.e. 8.50 percent and super senior citizens (80 years and above) are eligible for an additional interest rate of 0.75 percent i.e. 8.75 percent.

Capital Small Finance Bank
Capital Small Finance Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised rates are effective from May 6, 2024. The bank is providing interest rates between 3.5 percent to 7.55 percent to common citizens. The bank is offering interest rates between 4 percent to 8.05 percent for senior citizens. The highest interest rate is being given on a period of 400 days.

Highest FD Rates: Two banks give more interest on Fixed Deposit than PPF-Sukanya Samriddhi

The post Bank FD interest rate! Get up to 9.10 percent interest on FD, these 4 banks made changes in interest rates in May first appeared on Rightsofemployees.com.

RBI Imposes Penalty: Reserve Bank of India (RBI) has imposed a penalty on the largest public sector bank SBI for not following the rules. RBI has also imposed penalty on Canara Bank and City Union Bank.

A fine of about Rs 3 crore has been imposed on these three banks. In the information given by RBI, it was said that a fine of Rs 2 crore has been imposed on SBI for violation of some rules related to ‘Depositor Education Awareness Fund Scheme, 2014’.

Fine imposed on NBFC

The central bank said that a fine of Rs 66 lakh has been imposed on City Union Bank Limited for not following the instructions of RBI related to income certification, property classification and loan related provisions, provisions regarding non-performing loans (NPA) and KYC.

RBI has also imposed a fine of Rs 32.30 lakh on Canara Bank for not following some instructions. A fine of Rs 16 lakh has been imposed on Ocean Capital Market Limited of Rourkela in Odisha for non-compliance of certain provisions related to Non-Banking Financial Companies (NBFC).

What will be the impact on customers?

After this action taken by RBI, it was made clear that the penalty on banks and NBFCs has been imposed for lapses in regulatory compliance. It has nothing to do with the transaction or agreement between the bank and the customers.

From time to time, RBI keeps imposing penalties on banks or NBFCs for not following banking rules. The customers have nothing to do with the fine imposed on the bank. The bank’s customer related work continues as before.

The post RBI imposed a fine of Rs 3 crore on SBI and Canara Bank, what will be the impact on customers? first appeared on Rightsofemployees.com.