DCB Bank

DCB Bank has revised its FD interest rates for amounts less than Rs 2 crore. According to the DCB Bank website, the new rates are effective from May 22, 2024. The bank is offering the highest FD interest rate of 8 per cent to general customers and 8.55 per cent to senior citizens after the revision for the period of 19 months to 20 months.

IDFC FIRST Bank

IDFC First Bank has revised FD interest rates on amounts less than Rs 2 crore. The new rates are effective from May 15, 2024. After the change, the bank currently offers interest rates ranging from 3 per cent to 7.90 per cent for general citizens on deposits maturing in 7 days to 10 years. The bank offers 0.50 per cent additional interest to senior citizens. The bank offers interest rates ranging from 3.50 per cent to 8.40 per cent to senior citizens. The highest interest rate of 8 per cent is offered to general citizens and 8.40 per cent to senior citizens on a period of 500 days.

State Bank Of India

SBI has increased its FD interest rates on retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore) for a certain period. According to the SBI website, the new FD rates are effective from May 15, 2024.

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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 revision, the bank is offering interest rates between 4 per cent to 8.50 per cent for general citizens while for senior citizens, the bank offers interest rates between 4.60 per cent to 9.10 per cent. The highest interest rate of 8.50 per cent is being offered to general citizens and 9.10 per cent to senior citizens for a period of 2 years to 3 years.

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 per cent on FDs maturing between 18 and 24 months. Senior citizens on the same FD tenure will earn an additional 0.50 per cent i.e. 8.50 per cent interest rate and super senior citizens (80 years and above) are eligible for an additional interest rate of 0.75 per cent i.e. 8.75 per cent.

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 offering interest rates between 3.5 per cent to 7.55 per cent to general citizens. The bank is offering interest rates between 4 per cent to 8.05 per cent for senior citizens. The highest interest rate is being offered for a period of 400 days.

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 per cent to 7.25 per cent for general citizens and 5 per cent to 7.75 per cent for senior citizens. The highest interest rate of 7.25 per cent to general citizens and 7.75 per cent to senior citizens is being offered for a period of 400 days.

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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.

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Along with banks, the biggest impact of this decision will be visible on NBFCs. RBL Bank and SBI Card are likely to suffer the most loss due to this strictness of the Central Bank. However, home, auto, gold and education loans will not be affected by this. Apart from this, interest rates may also increase. RBI has increased the risk weight for banks and NBFCs by 25 percent to 150 percent and 125 percent respectively.

Worst effect on RBL Bank-SBI card

SBI Card and RBL Bank are going to suffer the most due to RBI’s strictness on personal loans. The share of unsecured loans in SBI Card’s business is 100 percent and for RBL Bank it is 31.8 percent. According to market experts, the new rules will have a very bad impact on the business of these companies. Apart from this, the business of NBFC will also be negatively affected. On Friday, RBL Bank’s share fell by 9.5 percent and SBI Card’s share fell by 6.7 percent in the stock market.

NBFCs were heavily distributing personal credit card loans.

A few days ago, the Reserve Bank had warned banks about the danger of increase in unsecured personal loans. Last month, while presenting the monetary policy, RBI had expressed concern about the increasing personal loans in the country and said that banks should try to reduce it. RBI Governor Shaktikanta Das had advised banks and NBFCs to strengthen their surveillance systems, deal with increasing risks and take security steps.

In talks with senior officials of banks and NBFCs, he had expressed concern over the increase in personal and credit card loans. No guarantee is kept from the customer against the personal loan. Therefore, RBI was worried about the huge increase in it. NBFCs were distributing more such high risk loans.

Credit card dues and personal loans increased rapidly

Till September, personal loans have increased by 25 percent on annual basis. It has reached Rs 12.4 lakh crore. Credit card dues have been increasing rapidly since last few years. On year-on-year basis, credit card outstanding has increased by 30 percent to Rs 2.17 lakh crore by the end of September 2023.

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Banks are offering good interest to senior citizens along with regular customers. Some banks are giving annual interest of up to 8.50 percent on FD. Let us know about the interest rate of five banks- Axis Bank is offering 6.75% for one year, 7.26% for two years and 7.00% for 3 years. Senior citizens are being given additional interest of 0.75% for all the three tenures.

Bandhan Bank has offered an interest rate of 7.25% for one year, 8.00% for 600 days, 7.25% for 2 years and 3 years. For senior citizens, additional interest of 0.50% is being given in every tenure.

RBL Bank is offering 7.00% for one year, 7.80% for 725 days, 7.00% for 2 years and 3 years. 0.50% additional interest is being offered by the bank for senior citizens.

IDFC First Bank is offering 6.75% interest for one year, 7.25% for 2 years and 7.75% for 3 years. 0.50% additional interest is being offered by the bank on all the three tenures.

DCB Bank is offering 7.25% interest for one year FD, 8.00% for 2 years and 7.60% for 3 years. DCB is also offering an additional interest of 0.50% on all the three tenures.

(Note: These interest rates have been taken from the official website of the banks. Rates are effective for deposits below Rs 2 crore.)

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It is a part of our new era banking solutions that integrate traditional and digital channels. RBL Bank, one of the renowned private banks in the country, has announced the launch of Digital Fixed Deposit for its customers. Customers can book digital FDs within minutes without visiting the branch or opening a savings account with the bank.

Branch and Business Banking Head of RBL Bank, Deepak Gadhyan said that the bank has started its digital fixed deposit for new customers. It is a part of our new era banking solutions that integrate traditional and digital channels. Online Fixed Deposit is a secure and reliable investment route, which helps the customer to generate better returns and save over time.

Benefits of RBL Online Digital FD

1. Online FDs come with several additional benefits, such as embedded insurance cover, easy savings account open process, tracking and managing FDs digitally, etc.
2. FD holders can opt for insurance cover under the Hospital Daily Cash Benefit Policy which provides daily cash benefit for hospital expenses.
3. Customers can download the RBL Bank MoBank app to view their FD receipts online.
4. Digital FDs are enabled through an online KYC process, making it easy and hassle-free for customers to open FDs within minutes.
5. In three easy steps (i) providing Aadhaar linked mobile number and PAN details, (ii) completing KYC status using video KYC, and (iii) funding the FD using online payment methods.

How much will be earned

With an interest rate of up to 7.8 per cent for a tenure of 15 months to 725 days, RBL Bank’s Digital FD is offering investors an interesting investment option.

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A private sector lender RBL Bank has increased its interest rates on fixed deposits up to ₹2 crore. According to the official website of the bank, the new rates will be effective from February 1, 2023. After the adjustment, the bank is now offering an interest rate of 3.50% to 6.25% for general public and 4.00% to 6.75% for senior citizens. RBL Bank is offering a maximum return of 7.80% for non-senior citizens and 8.30% for senior citizens for a deposit tenure of 453 to 725 days.

The bank currently offers an interest rate of 3.50% on deposits maturing in the next 7 to 14 days, while RBL Bank now guarantees an interest rate of 4.00% on deposits maturing in the next 15 to 45 days.

RBL Bank FD Rates

Currently, RBL Bank is offering an interest rate of 4.50% on deposits ranging from 46 days to 90 days. Deposits maturing between 91 and 180 days from now will fetch an interest rate of 4.75%, while deposits maturing between 181 and 240 days from now will fetch an interest rate of 5.50%.

The bank is currently offering an interest rate of 6.05% on deposits maturing in 241 days to 364 days and 7.00% on deposits maturing in 365 days to 452 days (less than 12 months to 15 months). For deposit tenures between 453 and 725 days, RBL Bank will now offer an interest rate of 7.80%, and for tenures between 726 days and 60 months 1 day, the bank will now guarantee an interest rate of 7.00%. Deposits maturing in 60 months 2 days to 240 months will fetch an interest rate of 6.25%, while the bank is now offering 7.00% on 60 Months Tax Saver Fixed Deposit.

RBL Bank as per the information available on its website, “The maximum aggregate amount that can be invested in Tax Saving Fixed Deposit (80C FD) under a single PAN is Rs. 150,000 and cannot be closed before the expiry of the lock-in period of 5 years. Tax Saving Fixed Deposit is applicable for Domestic / NRO (Not applicable for NRE Fixed Deposit),”

During the quarter ended December 2022, RBL Bank said it has 516 bank branches and 1,168 business correspondent branches, of which 298 are banking units.

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According to the bank, customers can start this scheme with as little as ₹1,000 as well as add more money in the same deposit. RBL Bank on its website mentions that “Smart Deposit is a flexible fixed deposit offered by the bank for the convenience of its depositors.

With the benefit of compound interest, the interest rate will remain the same for both the monthly savings and the top-up amount maintained till maturity. The interest rates on Smart Deposit will be the same as applicable to Fixed Deposit. Interest on the deposit is compounded at quarterly intervals at appropriate rates.

How much interest will customers get ?

Regular customers will get interest at the rate of 7.55%, senior citizens at 8.05% and super senior citizens at 8.30% for a period of 15 months. Top-up can be started from Rs.50 only. At the same time, its duration can be of maximum 60 months and minimum of 6 months.

On Premature Withdrawal

During the tenure of the Smart Deposit, the interest rate will not change. Interest will be calculated by the Bank at the effective rate for the tenure of the Smart Deposit after deducting 1% in case of early withdrawal. However, Senior Citizens and Super Senior Citizens who prematurely withdraw the Smart Deposit are not subject to any penalty.

Know what are the interest rates on FD The bank has increased the interest rate on FDs of 7 days to 364 days by 50 basis points. After the increase, RBL Bank is giving 25 basis points more i.e. 3.50% interest on FDs of 7 days to 14 days to its customers. On the other hand, the bank will pay 25 basis points more on FDs of 15 days to 45 days i.e. 4 percent, 50 basis points more on FDs of 46 days to 90 days i.e. 4.50 percent and 25 basis points more on FDs of 91 days to 180 days i.e. 4.75 percent, It is paying 5.50% interest on FDs of 181 days to 240 days and 6.05% on FDs of 241 days to 364 days.

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But there is another category above senior citizens for banks, which is called super senior citizens. Persons above the age of 60 years are called senior citizens and those above the age of 80 years are known as very senior citizens. These four banks offer high interest rates on Fixed Deposit (FD) to their very senior citizens.

Punjab National Bank

According to the Punjab National Bank (PNB) website, the bank offers an additional interest rate of 80 basis points over and above the applicable interest rate across all categories to very senior citizens above the age of 80 years. PNB’s Super Senior customers get a maximum interest rate of 8.10% for a tenure of 666 days.

This rate has come into effect from 12 December 2022. Explain that the bank has increased the interest rates by 50 basis points for senior citizens in the age group of 60 to 80 years for a period of 5 years on domestic deposits of less than Rs 2 crore. Whereas for citizens above 80 years of age, there has been an increase of 80 basis points.

RBL Bank

RBL bank offers a higher interest rate of 0.75% p.a. for all tenures to citizens aged 80 years and above. The bank currently offers 8.3% interest to very senior citizens. These rates were implemented from 25 November 2022 . On the other hand senior citizens in the age group of 60 to 80 years can avail an additional interest rate of 0.50% per annum over normal.

Indian Bank

Indian Bank offers an interest rate of 0.25% above normal to its very senior citizens. Indian Bank offers an interest rate of 7.15 per cent for a tenure of 555 days, which is .25% higher than normal.

Union Bank of India

Union Bank of India offers its very senior citizens an interest rate of 0.75% per annum above normal for all tenures on FDs. Explain that these interest rates have come into effect from 25 November 2022. The bank offers the highest interest rate of 8.05% to its very senior citizens for a tenure of 800 days and 3 years. At the same time, the bank gives an annual interest rate of 6.80% to senior citizens in the age group of 60 to 80 years.

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Persons above 60 years of age are called senior citizens and those above 80 years of age are called super senior citizens Persons above the age of 60 years are called senior citizens and those above the age of 80 years are called super senior citizens. Many banks offer higher interest to their customers. Here we are giving you the list of 4 banks which are offering more interest to super senior citizens.

Punjab National Bank

According to PNB’s website, super senior citizens above 80 years of age get 80 basis points i.e. 0.80 per cent more interest. PNB is offering a maximum interest of 8.10% to Super Senior Citizens for a tenure of 666 days. This rate has come into effect from 12 December 2022. Apart from this, senior citizens of 60 to 80 years are being given 0.50 percent more interest on 5-year FDs. This interest is being given on FDs of less than Rs 2 crore.

RBL Bank

For people aged 80 years and above, an additional interest of 0.75% per annum is being given. At present the bank gives 8.30% interest to senior citizens. These new rates have come into effect from 25 November 2022. Apart from this, super senior citizens can take advantage of an additional interest of 0.50% per annum.

Indian Bank

Indian Bank is giving 0.25% extra interest to super senior citizens. It is being given after the extra interest of 0.50 per cent being given to senior citizens.

Union Bank of India

An additional interest of 0.75 per cent is being given to all super senior citizens. These new rates have come into effect from 1 December 2022. The bank is giving a maximum interest of 8.05% to Super Senior Citizens. These rates are being given on FDs ranging from 800 days to 3 years.

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After the increase in the repo rate by the RBI, the banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, Axis Bank of the private sector of the private sector has increased the rates of interest on fixed deposits ie FD.

Axis Bank has increased the interest rates for FDs below Rs 2 crore. According to the bank’s website, the new rates have come into effect from November 5, 2022. The bank has increased the interest rates by up to 115 bps on deposits with maturities ranging from 46 days to 10 years. Axis Bank is now offering interest rates ranging from 3.50% to 6.50% for general public and 3.50% to 7.25% for senior citizens on deposits maturing in 7 days to 10 years. The maximum interest rate on deposits with maturity between 3 to 10 years will now be 7.25% for senior citizens and 6.50% for general public.

Axis Bank’s new FD rates

will continue to offer 3.50% interest rate on FDs maturing in 7 days to 45 days, but on deposits maturing in 46 days to 60 days, the bank has increased the interest rate from 3.50% to 4% have make. An interest rate of 4.50% will now be offered on deposits maturing in 61 days to 3 months. Interest rate of 4.50% will now be given on deposits maturing in 3 months to 6 months. Axis Bank has increased the interest rate on deposits maturing in 6 months to 9 months from 50 bps to 5.50% and on deposits maturing in 9 months to 1 year by 75 bps to 5.75%.

RBI has increased the repo rate

for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent for the fourth consecutive time. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently RBL Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.

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It is worth noting that RBL has taken this step after the RBI increased the repo rate by 0.50 percent. Earlier, ICICI Bank had also launched a limited period FD after the announcement of RBI. It is expected that similar announcements will be heard from many banks in the coming days.

Interest rates on FDs of RBL Bank RBL Bank is now giving interest ranging from 3.25 percent to 6.55 percent on FDs of 7 days to 5 years. Bank customers will get 3.25 percent on 7-14 days FD, 3.75 percent on 15 to 45 days FD, 4 percent on 46-90 days FD, 4.50 percent on 91 to 180 days FD, 181 days to 240 days FD But 5 percent and FD of 241 days to 364 days will get 5.25 percent interest. After this, 6.50 percent interest will be available on FDs of 365 days to 452 days and 7 percent on FDs of 15 months and 15 months from 1 day to less than 725 days. The bank is giving the highest interest of 7.25 percent on 725 days FD.

Other interest rates are 7 per cent on FDs of 726 days to less than 24 months, 6.75 per cent on FDs of 24 months to less than 36 months, 6.55 per cent on FDs of 36 months to 60 months 1 day and 60 months to 2 days With this, customers will get 5.75 percent interest on FD of 240 days.

Additional interest to senior citizens The bank is giving an additional 0.50 percent interest on every tenor to senior citizens. On 725 days FD, the bank will give an interest of 7.75 percent to senior citizens. Apart from this, the bank will give an additional interest of 0.75 percent to very senior citizens (above 80 years).

RBI increased the interest rate for the fourth time The RBI has increased the repo rate four times since May and has reached 5.90 percent. After the meeting of the Monetary Policy Committee on 30 September, the RBI announced an increase of 50 basis points in policy rates. After this, banks are expected to increase loan and FDI interest rates.

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In the FD plan of 15 months, 7 percent interest is given to regular depositors, while 0.75 percent additional interest is given to super senior citizens. In this way, the rate of interest for them has become 7.75 percent while for senior citizens this rate is fixed at 7.5%.

Features of the plan

Speaking about the plan, Surinder Chawla, Head – Retail Liability, Fee & Digital Bank, RBL Bank says, “It is our pleasure to offer additional interest on FDs for super senior citizens on International Senior Citizens Day. He said, we appreciate the contribution of senior citizens and are introducing special rates and services for them.

You can buy this FD scheme through RBL Bank branch or website. The form has to be filled by visiting the branch and online shopping can be done on the website. This scheme can also be taken through mobile app and internet banking. RBL Bank offers an interest rate between 3.25 per cent to 7 per cent on its FDs of Rs 2 crore or less.

The maturity period of these FDs is between 7 to 14 days, which goes up to 10 to 20 years. Apart from the additional interest rates, Senior Citizen FD account holders enjoy several other benefits on their deposits with RBL Bank.

What happens when account is closed

If the account is closed prematurely, full or partial withdrawal of money will be given by adding interest according to the number of days for which the money is deposited. Along with this, a penalty may also be imposed on the interest rate. However, no penalty will be charged on interest from senior citizens and super senior citizens. RBL Bank does not allow senior citizens and super senior citizens to open NRE or NRO accounts.

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