Several banks have recently revised their fixed deposit (FD) rates, offering attractive returns for both regular customers and senior citizens. Fixed deposits remain one of the most preferred investment options for risk-averse savers, as they provide assured returns and safety.
With the current repo rate at 6.50%, changes in FD rates often reflect broader monetary trends and can influence depositor decisions.
These updates come alongside the Reserve Bank of India‘s (RBI) Monetary Policy Committee (MPC) meeting, which began today in Mumbai. The meeting will conclude on December 6, with the policy decision expected to provide clarity on the future of interest rates.
Here’s a closer look at the latest FD rate revisions across banks:
KARNATAKA BANK
Karnataka Bank has updated its FD rates for callable and non-callable deposits, effective December 2, 2024. General citizens earn 3.5% to 7.50% interest for tenures of 7 days to 10 years, with the highest rate of 7.50% on a 375-day term. Senior citizens get 8% for the same tenure.
Specifically, the bank offers the following FD interest rates for general citizens:
7 to 45 days: 3.50%
46 to 90 days: 4%
91 to 179 days: 5.25%
180 days to below 1 year: 6.25%
1 to 2 years: 7.25%
375 days: 7.50%
Above 2 to 5 years: 6.50%
Above 5 to 10 years: 5.80%
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CANARA BANK
Canara Bank revised its FD rates for deposits below Rs 3 crore from December 1, 2024. The revised rates range from 4% to 7.40% for the general public and 4% to 7.90% for senior citizens on callable deposits.
For short-term FDs, the bank offers 4% for 7-45 days, 5.25% for 46-90 days, and 5.5% for 91-179 days. Deposits of 180-269 days and 270 days to 1 year earn 6.25%.
For longer tenures, rates are 6.85% for 1-2 years, 7.30% for 2-3 years, and 7.40% for 3-5 years.
YES BANK
Effective November 5, 2024, YES Bank revised its FD rates for amounts below Rs 3 crore, reducing the 18-month FD rate from 8% to 7.75% per annum.
Regular customers will earn interest rates of 3.25% to 7.75% per annum, while senior citizens will get 3.75% to 8.25% per annum. The highest rates—7.75% for regular customers and 8.25% for senior citizens—are available for 18-month FDs.
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INDUSIND BANK
IndusInd Bank updated its FD rates from November 26, 2024, for deposits under Rs 3 crore.
For regular customers, the FD interest rates range from 3.50% to 7.99% for 7 days to 10 years. Senior citizens enjoy higher rates, ranging from 4% to 8.49% for the same tenures.
The highest rates—7.99% for regular customers and 8.49% for senior citizens—apply to FDs with a term of 1 year and 5 months to just under 1 year and 6 months.
IDFC FIRST BANK
IDFC FIRST Bank revised its FD rates, effective November 26, 2024, for amounts below Rs 3 crore.
For regular customers, FD rates range from 3% to 7.90% for tenures of 7 days to 10 years. Senior citizens get higher rates, ranging from 3.50% to 8.40%.
The highest rates—7.90% for regular customers and 8.40% for senior citizens—are offered on deposits with a tenure of 400 to 500 days.
