In the month of August many banks have revised their fixed deposit interest rates, while some banks such as RBL Bank, Federal Bank have introduced special limited period fixed deposit with higher interest rates. While IDBI Bank has increased FD rates on its special limited period FD offering higher interest rates. Let us look at the details of the special FDs and their interest rates.
RBL Bank has launched a special fixed deposit termed as ‘Vijay Fixed Deposits’. This limited-time offer honors the bravery and sacrifices of India’s warriors offering significant financial rewards. The ‘Vijay Fixed Deposits’, has been designed to show appreciation for our military men, an RBL bank press release stated.
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Vijay Fixed Deposits’ details
Here is a look at the FD’s interest rates:
8.85% p.a. for Super Senior Citizens
8.60% p.a. for Senior Citizens
8.1% p.a. for Regular Fixed Deposit
“This limited-period offer pays tribute to the courage and sacrifices of our brave soldiers while providing exceptional financial benefits. Designed as a mark of respect and appreciation for our service members, the ‘Vijay Fixed Deposits’ offer a distinctive 500-day tenor for deposits of less than Rs 3 crore,” stated the press release.
Federal Bank has announced a special Independence Day offer featuring highly competitive interest rates on term deposits.
| Period | General public including NR | Resident Senior citizen |
| 400 days | 7.35% | 7.85% |
| 777 days | 7.40% | 7.90% |
| 50 months | 7.40% | 7.90% |
Deposit plus (Non-Callable) deposit (above 1 crore)
| Period | General public | Senior citizen |
| 400 days | 7.50% | 8.00% |
| 777 days | 7.55% | 8.05% |
| 50 months | 7.55% | 8.05% |
According to the bank press release, “The new interest rates are designed to provide customers with flexible options to maximize their returns. Whether opting for callable deposits with the freedom of premature withdrawal or choosing the Deposit Plus scheme for higher returns on larger investments, Federal Bank has tailored solutions to meet diverse financial needs. These rates will be available only for a limited period.”
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On special FDs to general citizens, the bank offers 7.05% on Utsav FDs maturing in 300 days. Meanwhile, senior citizens get 7.55% on Utsav FDs of 300 days. On 700 days tenure, the bank offers 7.20% for general citizens, 7.70% for senior citizens.
For Utsav FDs maturing in 375 days, the bank increased an interest rate from 7.15% to 7.25% for general citizens and senior citizens can earn 7.75% from 7.65% for Utsav FDs.
On 444 days tenure, the bank increased an interest rate from 7.25% to 7.35% for general citizens and senior citizens can earn 7.85% from 7.75% for Utsav FDs. The new rates are applicable from August 15, 2024.
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| Special Buckets | General/NRE/NRO | Senior Citizens |
| 300 Days | 7.05 | 7.55 |
| 375 Days | 7.25 | 7.75 |
| 444 Days | 7.35 | 7.85 |
| 700 Days | 7.2 | 7.7 |
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