Fixed Deposits Interest Rates: Fixed Deposits are still popular and one of the trusted investment tools among Indians. But before investing money in FDs, one needs to follow some common practices to get a better return from their investment. If you are also planning to invest in FD, first compare the FD interest rates offered by all the banks, the interest rate varies from bank to bank. You can compare several FD schemes with certain maturity periods as well.
Several banks including SBI, DCB Bank, IDFC FIRST Bank, Utkarsh Small Finance Bank, City Union Bank, RBL, and Capital Bank Small Finance Bank have interest rates on their fixed deposits this month. Below are the details about, the banks that have revised their FD interest rates.
DCB Bank FD interest rates
DCB Bank has revised its fixed deposit interest rates (for amounts less than Rs 2 crore). The new rates are effective from May 22, 2024, as informed on the bank’s website. The bank is also offering the highest rate of 8 percent for general customers and 8.55 percent for senior citizens for fixed deposits after revising the tenure from 19 months to 20 months.
IDFC FIRST Bank FD Interest Rates
IDFC First Bank has also revised interest rates on FDs ranging below Rs 2 crore. The new FD interest rates are applicable from May 15, 2024.
Following the revision, the bank currently offers interest rates ranging from 3% to 7.90% on deposits maturing in 7 days to 10 years for general citizens. Senior citizens receive an extra advantage of 0.50% per annum on the above rate, which varies from 3.50% to 8.40%.
Read More: FD Interest Rates: What SBI, PNB, HDFC Bank, ICICI Bank, and Indian Overseas Bank are offering
SBI FD Interest Rates
SBI hiked its interest rates on fixed deposits for a certain tenure for deposits up to Rs 2 crore). It has also revised rates for bulk deposits (above Rs 2 crore). As per SBI’s website, the new FD rates are effective from May 15, 2024. The largest public sector bank hikes FD rates by up to 75 bps.
Utkarsh Small Finance Bank FD interest rates
Utkarsh Small Finance Bank revised its interest rate on Fds for amounts less than Rs 2 crore. and the revised rates are effective from May 1, 2024. Post revision of the rates, the small finance bank is offering interest rates ranging from 4 percent to 8.50 percent for general citizens. For senior citizens, the bank offers interest rates between 4.60 percent to 9.10 percent. The bank offers the highest interest rate of 8.50 percent and 9.10 percent for tenures of 2 years to 3 years.
RBL Bank FD interest rates
RBL Bank has revised FD interest rates for amounts less than Rs 2 crore. The revised FD interest rates are applicable from May 1, 2024.RBL Bank offers the highest interest rate of 8% on FDs maturing between 18 to 24 months. Senior citizens will be able to get 0.50% additional i.e. 8.50% interest, and super senior citizens (80 years and above) are eligible for an additional interest rate of 0.75%, i.e. 8.75% for the same tenure.
City Union Bank FD interest rates
At the same time, City Union Bank has revised the FD interest rates for amounts less than Rs 2 crore. The revised FD interest rates are effective from May 6, 2024. The bank offers interest rates between 5 percent to 7.25 percent for general citizens and 5 percent to 7.75 percent for senior citizens.
