Fixed deposits (FDs) are a popular investment option in India. Many banks have changed their FD interest rates. These banks include Federal Bank, Karnataka Bank, Equitas Small Finance Bank, RBL Bank and Bank of Maharashtra. This change has happened recently. Here is the information about the rates of all.
Highest FD Rate: In December, many banks have changed their fixed deposit (FD) interest rates. This will benefit common people and senior citizens in savings. These banks include Federal Bank, Karnataka Bank, Equitas Small Finance Bank, RBL Bank and Bank of Maharashtra. Even today FD is a popular investment option in the country. Many people invest a large part of their savings in FD. People prefer FD due to guaranteed returns. Let us know here the changes made in interest rates by these banks.
Federal Bank
Federal Bank has changed the interest rates on FDs of less than Rs 3 crore. According to the bank’s website, the new rates are applicable from December 16, 2024. After the change, Federal Bank is giving interest ranging from 3% to 7.4% to the common people. The interest rate for senior citizens ranges from 3.5% to 7.9%.
| Deposit Period | General citizens (up to Rs 3 crore) | Senior Citizens (up to Rs.3 crore) |
|---|---|---|
| 7 to 29 days | 3.00% | 3.50% |
| 30 to 45 days | 3.50% | 4.00% |
| 46 to 180 days | 5.50% | 6.00% |
| 181 to 270 days | 6.25% | 6.75% |
| 271 days to less than 1 year | 6.50% | 7.00% |
| 1 year | 7.00% | 7.50% |
| 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% |
| Less than 3 years 50 months | 7.10% | 7.60% |
| 50 Months | 7.40% | 7.90% |
| 50 months to less than 5 years | 7.10% | 7.60% |
| 5 years | 7.10% | 7.75% |
| More than 5 years | 6.60% | 7.25% |
RBL Bank
RBL Bank has also changed the interest rates on FDs of less than Rs 3 crore. According to the bank’s website, the new rates are applicable from December 15, 2024. After the change, the bank is giving interest ranging from 3.50% to 8% to the general public. The interest rate for senior citizens is up to 8.50%. The interest rate for super senior citizens (80 years and above) is up to 8.75%.
| Deposit Period | Interest Rate for General Citizens (%) | Interest Rate for Senior Citizens (%) |
|---|---|---|
| 7 to 14 days | 3.50 | 4.00 |
| 15 to 45 days | 4.00 | 4.50 |
| 46 to 90 days | 4.50 | 5.00 |
| 91 to 180 days | 4.75 | 5.25 |
| 181 to 240 days | 5.50 | 6.00 |
| 241 to 364 days | 6.05 | 6.55 |
| 365 to 452 days (less than 12 months to 15 months) | 7.50 | 8.00 |
| 453 to 499 days (15 months to 16 months 14 days) | 7.80 | 8.30 |
| 500 days | 8.00 (highest) | 8.50 (highest) |
| 501 to 545 days (less than 16 months 16 days to 18 months) | 7.80 | 8.30 |
| 546 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 Saving Fixed Deposit (60 Months) | 7.10 | 7.60 |
Karnataka Bank
The bank has changed the interest rates on FDs of less than Rs 3 crore. According to the bank’s website, the new rates are applicable from December 2, 2024. After the change, the bank is giving interest from 3.50% to 7.5% to the general public. The interest rate for senior citizens is from 3.5% to 8%. There is 3.5% interest for 7 days to 45 days. 4% interest will be available for 46 days to 90 days. 5.25% interest is available for 91 days to 179 days. 6.25% interest will be available for 180 days to less than 1 year. 7.25% interest will be available for 1 year to 2 years. 7.5% interest will be available for 375 days (FD & ACC). There is 6.5% interest for 2 years to 5 years. 5.8% interest will be available for 5 years to 10 years.
Bank Of Maharashtra
The bank has also changed the interest rates on FDs of less than Rs 3 crore. According to the bank’s website, the new rates are effective from December 11, 2024. After the change, the bank is giving interest ranging from 2.75% to 7.35% to the general public (including special deposits). The interest rate for senior citizens ranges from 2.75% to 7.85%.
Equitas Small Finance Bank
The bank has changed the interest rates on FDs of less than Rs 3 crore. According to the bank’s website, the new rates are applicable from December 2, 2024. After the change, the bank is giving interest ranging from 3.50% to 8.25% to the general public. The interest rate for senior citizens ranges from 2.75% to 9%. According to the bank’s website, ‘An additional interest of 0.5% per annum is applicable for senior citizens for all periods except 888 days. An additional interest of 0.25% per annum will be applicable over and above the difference of 0.5% per annum from the general public rate for 888 days.’
