Good news for FD subscribers! Banks have continued to increase fixed deposit rates or launch new special tenor FD plans to attract customers. The FD rates of banks and NBFCs remain at elevated levels in view of high interest rate regime in the country.
Three banks – RBL Bank, Federal Bank and IDBI Bank – have either come up with special FD plans or revised rates on their existing special schemes for both general customers and senior citizens.
RBL Bank FDs
RBL Bank, as part of Independence Month, has announced a special 500-day tenor plan with rates starting at 8.1% and going up to 8.85%. The private sector bank is offering 8.1% interest to general FD subscribers booking 500 days FD plan. Senior citizens (above 60 years but less than 80 years of age) are offered 8.6% and super senior citizens (above 80 years of age) will get 8.85% rate on FDs. Customers can book fixed deposit plan online and offline both, using RBL bank app or vising the bank branch.
Federal Bank FDs
Federal Bank too has announced a special Independence Day plan, offering fixed deposit rates of up to 8.05% to customers.
Federal Bank FD rates on callable fixed deposits
Under the callable FD category, the bank has announced new rates for deposits with 400 days, 777 days and 50 months tenors. General citizens will be offered FD rates of 7.35%, 7.40% and 7.40%, respectively. Senior citizens will get 7.85%, 7.90% and 7.90% interest rates, respectively on FDs of these tenors.
Federal Bank FD rates on non-callable deposits
Under the non-callable category, the bank is offering general citizens 7.5%, 7.55% and 7.55% on deposits of 400 days, 777 days and 50 months tenors, respectively. Senior citizens will be offered 8%, 8.05% and 8.05% interest rates, respectively on FDs of these tenors. These rates are applicable on non-callable deposits of over Rs 1 crore.
IDBI Bank FDs
IDBI Bank is offering an interest rate of 7.05% to general citizens on its special Utsav FDs maturing in 300 days. Senior citizens are offered 7.55% on Utsav FDs of 300 days tenure. On 700 days tenure, the rates offered are 7.20% for general citizens and 7.70% for senior citizens.
For Utsav FDs of 375 days tenure, the interest rates are up to 7.25% for general citizens and up to 7.75% for senior citizens.
On 444 days tenure FD plans, the bank now offers interest rate of 7.35% for general citizens and 7.85% senior citizens. The new rates are applicable from August 15, 2024.