Fixed deposit interest rates: Several banks have updated their fixed deposit (FD) interest rates in April 2024, offering varying rates depending on the deposit plan. These revisions are part of the banks’ regular updates to their deposit interest rates. It’s important to understand that while existing deposits will maintain their agreed-upon interest rates, new deposits and renewals will be subject to the revised rates.
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As per an ET report, here are five banks that have revised their fixed deposit interest rates in April 2024:
1. Fincare Small Finance Bank
Fincare Small Finance Bank (SFB) updated its interest rates for savings bank deposits and fixed deposits. The new rates came into effect on April 17, 2024. After the update, the bank offers the highest interest rates of up to 7.25% on savings accounts and up to 8% on fixed deposits for general citizens, while senior citizens enjoy a rate of 8.50%.
2. IDBI Bank
IDBI Bank has updated its interest rates on term deposits below Rs 2 crore and reduced the fixed deposit rates of Utsav Callable FD for specific durations, as per the bank’s website. The bank now offers rates ranging from 3% to 7% on FDs maturing in seven days to ten years for regular clients, and 3.5% to 7.5% for senior citizens on callable deposits below Rs 2 crore. These changes took effect from April 15, 2024. Senior citizens now receive a rate of 7.55%, while regular, NRE, and NRO customers get 7.05% for a 300-day Utsav FD and 7.10% for a 375-day FD.
Additionally, the bank has lowered the fixed deposit rate by 5 basis points (bps) from 7.25% to 7.20%, offering senior citizens 7.70% instead of 7.75%.
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3. Federal Bank
Federal Bank has updated its fixed deposit interest rates for both resident and non-resident accounts, starting April 18, 2024. For general citizens, the bank now offers interest rates ranging from 3% to 7.40% for tenures spanning 7 days to 10 years. The highest rate of 7.40% is available for a 400-day tenure. Senior citizens can enjoy rates between 3.50% to 7.90% for the same tenures, with the highest rate of 7.90% also offered for a 400-day tenure.
4. Bank of India
Bank of India has revised its fixed deposit interest rates for amounts below Rs 2 crore. Following the revision, the bank now offers rates between 3% and 7.25% for tenures ranging from 7 days to 10 years. These new rates took effect from April 1, 2024.
As per the Bank of India website, deposits under the specific maturity bucket of 175 days for amounts between Rs 2 Cr and above but less than Rs 50 Cr have been discontinued since April 1, 2024.
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5. Suryoday Small Finance Bank
Suryoday Small Finance Bank (SSFB) has changed its fixed deposit interest rates, starting April 1, 2024. After the update, the bank offers the general public rates ranging from 4.00% to 9.01%, and senior citizens rates ranging from 4.50% to 9.25% for deposits less than Rs 2 crore with maturities ranging from 7 days to 10 years.
