Get FD interest rate up to 9%: These 5 banks have revised fixed deposit interest rates in December 2024; check details The banks that have revised rates include Federal Bank, Karnataka Bank, Equitas Small Finance Bank, RBL Bank and Bank of Maharashtra
Several banks have revised their fixed deposit interest rates in December 2024, affecting savings of general and senior citizens. The banks that have revised rates include Federal Bank, Karnataka Bank, Equitas Small Finance Bank, RBL Bank and Bank of Maharashtra.A fixed deposit is one of the most popular investment options in India. Several people consider fixed deposits as the best investment option as it invests a significant portion of their savings. The guaranteed rate of return is the main reason people prefer to invest their money in fixed deposits.
Federal Bank
Federal Bank has revised interest rates on fixed deposits interests for amounts less than Rs 3 crore. The new rates have been effective from December 16, 2024, according to the bank website. After the revision, Federal Bank is offering interest rates between 3% and 7.4% on fixed deposits for general citizens. The bank offers fixed deposit interest rates between 3.5% and 7.9% for senior citizens.
| Period | Single Deposit Less than ₹300 Lakhs - General Public | Single Deposit Less than ₹300 Lakhs - Senior Citizen |
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 180 days | 5.50% | 6.00% |
| 181 days | 6.50% | 7.00% |
| 182 days to 270 days | 6.25% | 6.75% |
| 271 days to less than 1 year | 6.50% | 7.00% |
| 1 year | 7.00% | 7.50% |
| Above 1 year to 399 days | 7.25% | 7.75% |
| 400 days | 7.35% | 7.85% |
| 401 days to less than 2 years | 7.25% | 7.75% |
| 2 years to 776 days | 7.15% | 7.65% |
| 777 days | 7.40% | 7.90% |
| 778 days to less than 3 years | 7.15% | 7.65% |
| 3 years to less than 50 months | 7.10% | 7.60% |
| 50 Months | 7.40% | 7.90% |
| Above 50 months to less than 5 years | 7.10% | 7.60% |
| 5 Years | 7.10% | 7.75% |
| Above 5 years | 6.60% | 7.25% |
RBL Bank
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FD interest rates up to 8.75%: This bank revises interest rates on FDs; check here
| Period of Deposit | Domestic & Flexi FD Interest Rates p.a. | Senior Citizen Interest Rates p.a. |
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 45 days | 4.00% | 4.50% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 180 days | 4.75% | 5.25% |
| 181 days to 240 days | 5.50% | 6.00% |
| 241 days to 364 days | 6.05% | 6.55% |
| 365 days to 452 days (12 months to less than 15 months) | 7.50% | 8.00% |
| 453 days to 499 days (15 months to 16 months 14 days) | 7.80% | 8.30% |
| 500 days | 8.00%Highest | 8.50%Highest |
| 501 days to 545 days (16 months 16 days to less than 18 months) | 7.80% | 8.30% |
| 546 days to 24 months (18 months to 24 months) | 7.80% | 8.30% |
| 24 months 1 day to 36 months | 7.50% | 8.00% |
| 36 months 1 day to 60 months 1 day | 7.10% | 7.60% |
| 60 months 2 days to 120 months | 7.00% | 7.50% |
| Tax Savings Fixed Deposits (60 months) | 7.10% | 7.60% |
Karnataka Bank
Karnataka Bank has revised interest rates on fixed deposits (FD) for amounts less than Rs 3 crore. The revised FD interest rates are effective from December 2, 2024, according to the bank’s website. After the revision, the bank is offering interest rates between 3.50% and 7.5% on FDs for general citizens and 3.5% to 8% interest rates on FDs for senior citizens.
| Maturity period | Interest rate (% p.a.) for deposits below ₹ 3 crore |
| 7 days to 45 days | 3.5 |
| 46 days to 90 days | 4 |
| 91 days to 179 days | 5.25 |
| 180 days to below 1 year | 6.25 |
| 1 year to 2 years | 7.25 |
| 375 days (FD & ACC) | 7.5 |
| Above 2 years to 5 years | 6.5 |
| Above 5 years to 10 years | 5.8 |
Bank of Maharashtra
Bank of Maharashtra has revised interest rates on fixed deposits (FD) for amounts less than Rs 3 crore. The revised FD interest rates are effective from December 11, 2024, according to the bank’s website. After the revision, the bank is offering interest rates between 2.75% and 7.35% on FDs (including special deposits) for general citizens and 2.75% to 7.85% interest rates on FDs for senior citizens.
Equitas Small Finance Bank
Equitas Small Finance Bank has revised interest rates on fixed deposits (FD) for amounts less than Rs 3 crore. The revised FD interest rates are effective from December 2, 2024, according to the bank’s website. After the revision, the bank is offering interest rates between 3.50% and 8.25% on FDs for general citizens and 2.75% to 9% interest rates on FDs for senior citizens.
According to the bank website, “For Resident Senior Citizens, an additional interest of 0.5% p.a. is applicable for all tenures except 888 days; For 888 days, an additional interest of 0.25% p.a. above the General Public Rate of 0.5% p.a. variance will be applicable for Resident Senior Citizens”
This story originally appeared on: India Times - Author:Faqs of Insurances
