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.
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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.
PeriodSingle Deposit Less than ₹300 Lakhs - General PublicSingle Deposit Less than ₹300 Lakhs - Senior Citizen7 days to 29 days3.00%3.50%30 days to 45 days3.50%4.00%46 days to 180 days5.50%6.00%181 days6.50%7.00%182 days to 270 days6.25%6.75%271 days to less than 1 year6.50%7.00%1 year7.00%7.50%Above 1 year to 399 days7.25%7.75%400 days7.35%7.85%401 days to less than 2 years7.25%7.75%2 years to 776 days7.15%7.65%777 days7.40%7.90%778 days to less than 3 years7.15%7.65%3 years to less than 50 months7.10%7.60%50 Months7.40%7.90%Above 50 months to less than 5 years7.10%7.60%5 Years7.10%7.75%Above 5 years6.60%7.25%Source: Bank website
RBL Bank
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RBL 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 15, 2024, according to the bank’s website. After the revision, the bank is offering interest rates between 3.50% and 8% on FDs for general citizens and 8.50% interest rates on FDs for senior citizens. The bank is offering interest rates up to 8.75% on FDs for super senior citizens (aged 80 and above).
FD interest rates up to 8.75%: This bank revises interest rates on FDs; check here
Period of DepositDomestic & Flexi FD Interest Rates p.a.Senior Citizen Interest Rates p.a.7 days to 14 days3.50%4.00%15 days to 45 days4.00%4.50%46 days to 90 days4.50%5.00%91 days to 180 days4.75%5.25%181 days to 240 days5.50%6.00%241 days to 364 days6.05%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 days8.00%Highest8.50%Highest501 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 months7.50%8.00%36 months 1 day to 60 months 1 day7.10%7.60%60 months 2 days to 120 months7.00%7.50%Tax Savings Fixed Deposits (60 months)7.10%7.60%Source: bank website
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 periodInterest rate (% p.a.) for deposits below ₹ 3 crore7 days to 45 days3.546 days to 90 days491 days to 179 days5.25180 days to below 1 year6.251 year to 2 years7.25375 days (FD & ACC)7.5Above 2 years to 5 years6.5Above 5 years to 10 years5.8Source: Bank website
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”
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This story originally appeared on: India Times - Author:Faqs of Insurances
