If you’re thinking about setting up a fixed deposit (FD) at the bank, this article is just for you. This month, several banks have updated their FD interest rates. The banks making changes include Federal Bank, RBL Bank, Karnataka Bank, Bank of Maharashtra, and Equitas Small Finance Bank. Let’s dive into the details of these rate changes.
RBL Bank
RBL Bank has adjusted its interest rates for fixed deposits under Rs 3 crore. Now, they offer interest rates ranging from 3.50% to 8% for regular customers. Senior citizens will enjoy a higher rate of 8.50%, while super senior citizens (those aged 80 and above) will receive 8.75%. These new rates will kick in on December 15, as stated on their website. For FDs maturing between 365 and 452 days, the rates are set at 7.5% for the general public and 8% for senior citizens.
Karnataka Bank
Karnataka Bank has rolled out new interest rates for FDs under Rs 3 crore starting December 2. According to their website, regular customers will earn interest between 3.5% and 7.5%. Senior citizens will see rates from 3.5% to 8%. For FDs with a term of 1 to 2 years, the interest rate is 7.25%.
Bank of Maharashtra
The updated interest rates for fixed deposits at Bank of Maharashtra took effect on December 11. For deposits under Rs 3 crore, regular customers will receive interest rates from 2.75% to 7.35%, while senior citizens will get rates from 2.75% to 7.85%.
Equitas Small Finance Bank
Equitas Small Finance Bank has also revised its interest rates for FDs under Rs 3 crore, effective December 2, as per their website. Regular customers can expect interest rates between 3.50% and 8.25%, while senior citizens will receive rates from 2.75% to 9%. Additionally, the bank offers an extra 0.5% per annum for senior citizens across all tenures, except for the 888-day term.
Federal Bank
Federal Bank has revised interest rates on FDs of less than Rs 3 crore. Under this change, interest rates will be from 3% to 7.4% for general public and from 3.5% to 7.9% for senior citizens. According to the bank’s website, the new interest rates have come into effect from December 16, 2024. On a one-year basis, the interest rate on FD will be 7% for ordinary citizens and 7.5% for senior citizens.
