The interest rates on fixed deposits under Rs. 2 crore across all client categories have been revised by Mumbai-based RBL Bank.
Senior citizens benefit the most from these FDs because they can earn additional rates between 0.5 and 0.75%. Beginning on November 1, 2022, the revised rates are in effect. The new prices range from 3.25% to 7.25% for the general category, while the rates for senior persons range from 3.75% to an astounding 7.75%.
The bank is providing the highest rate, 7.25 percent, for a duration of 725 days. From 453 days to 724 days, and from 726 days to fewer than 24 months, the rate is 7%. The rate is 6.75% for terms of 24 months or less and 6.55% for those of 36 months or more and one day. The interest rate on the tax-saving FDs (60 months) is 6.55%.
RBL Bank offers 6.50% on tenures between 365 and 452 days (12 months and less than 15 months) and 5.75% on tenures between 60 months and 240 months.
Additionally, the bank is providing rates on terms ranging from 7 days to 364 days between 3.25% and 5.25%.
RBL Bank offers the highest rate of 7.75% for a period of 725 days to senior citizens. On tenures of 453 days to 724 days and 726 days to less than 24 months, the rate is 7.5%.
The interest rate is 7.25% for terms of 24 months or less than 36 months, 7.05% for terms of 36 months to 60 days, and 6.25% for terms of 60 days or more to 240 months. The interest rate on the tax-saving FD plan, which has a 60-month term, is 7.05%.
Additionally, RBL Bank offers a 7% rate on terms ranging from 365 days to 452 days (12 months to less than 15 months). Rates for tenures of 7 days to 364 days range from 3.75% to 5.75%.
The RBL Bank website states that Senior Citizens (60 to less than 80 years of age) and Super Senior Citizens (80 years and above) are each eligible for an additional interest rate of 0.75% per annum. Rates for senior citizens and super seniors do not apply to non-resident fixed deposits (NRE/NRO).
Notably, interest rates are occasionally susceptible to fluctuation. The deposit will be recorded as soon as clear funds are available with the bank, at the applicable interest rate in effect on the date the funds were received by the bank.