After the repo rate cut by the Monetary Policy Committee of the Reserve Bank of India (RBI) last week, five banks, including Central Bank of India, Dhanlaxmi Bank, DCB Bank, J&K Bank, and Unity Small Finance Bank revised fixed deposit (FD) interest rates during the week, ending on February 15, 2025. Senior citizens, who typically prefer keeping their money in FDs due to the guarantee of interest, easier reach to banks, and flexible options of withdrawals, can avail of up to 9.50 per cent interest after this revision.
New India Co-Operative Bank Is Secured Under DICGC:
Separately, RBI has put a six-month ban on the Mumbai-based New India Co-operative Bank effective February 13. It struck panic among the bank’s customers and they reportedly lined up outside the bank branches to withdraw money. Note that New India Co-operative Bank is an urban co-operative bank covered under the Deposit Interest and Credit Guarantee Corporation (DICGC) insurance cover. Thus, customer deposits, including savings, current, fixed, and recurring in banks are secured up to Rs 5 lakh. DICGC covers Public and private sector banks, foreign banks, small finance banks, payment banks, regional rural banks, local area banks, and co-operative banks (state, district central, and urban co-operative) for up to Rs 5 lakh per account holder per bank.
Also Read: RBI Slaps Restrictions On New India Co-Operative Bank Over Supervisory Issues
Coming back to the interest rates, here are the latest FD interest rates for seniors in the five banks above.
Central Bank Of India:
The highest rate offered to seniors is 7.75 per cent, effective February 10, 2025. The bank revised the interest rates for short tenures from 60 to 179 days by 0.50 per cent to 5.75 per cent for seniors. The latest interest rates for other tenures for seniors are:
6.75 per cent for 180 days to 364 days
7.35 per cent for one year to less than two years
7.75 per cent for two years to less than three years
7.50 per cent for three years to less than five years
7.25 per cent for five years to 10 years.
Dhanlaxmi Bank:
This private sector bank revised the rates on February 14, 2025. It offers a maximum of 7.75 per cent to seniors. The rates for seniors are:
5.00 per cent for 180 days to less than one year
7.25 per cent for 300 days
7.25 per cent for one year and above to two years
7.00 per cent for above two years to three years
7.75 per cent for above three years to five years
7.10 per cent for above five years to 10 years.
The rates include an additional 0.50 per cent the bank offers on one year and above FDs.
Also Read: UPI Transaction Changes To Take Place From February 15; What Is The New Chargeback Rule
DCB Bank:
Seniors can avail of up to 8.55 per cent from the bank. Here are the rates for seniors:
6.70 per cent for six months to less than 10 months
7.75 per cent for 10 months to less than 12 months
7.60 per cent for 12 months
8.25 per cent for More than 12 months to 12 months 10 days
7.65 per cent for 12 months 11 days to 17 months
7.60 per cent for 17 months one day to 18 months five days
7.90 per cent for 18 months six days to less than 19 months
8.55 per cent for 19 months to 20 months
7.90 per cent for 20 months one day to less than 700 days
8.00 per cent for 700 days to less than 37 months
8.35 per cent for 37 months to 38 months
7.90 per cent for more than 38 months to less than 61 months
8.15 per cent for 61 months
7.75 per cent for More than 61 months to 120 months.
It revised the rates on February 14, 2025.
J&K Bank:
The bank revised FD rates on February 11, 2025. It increased interest on ‘444 day’ FD from 7.00 per cent to 7.25 per cent, which for seniors becomes 7.75 per cent, including the additional 0.50 per cent available across tenures, as per the bank website. The rates for seniors are:
6.75 per cent for 181 days to 332 days
7.50 per cent for 333 days
6.75 per cent for 334 days to less than one year
7.50 per cent for one year to 443 days
7.75 per cent for 444 days
7.50 per cent for 445 days to less than three years
7.25 per cent for three years to less than five years
7.00 per cent for five years to 10 years.
Also Read: 18,157 Cases Resolved So Far In Pension Adalat: What These Adalats Are And Who They Are For
Unity Small Finance Bank:
This bank offers seniors the highest 9.50 per cent interest for ‘1001 days’. The other tenure rates for seniors are:
6.75 per cent for 165 days to six months
8.75 per cent for more than six months to 201 days
7.75 per cent for 202 days to 364 days
8.35 per cent for one year to 500 days
9.00 per cent for 501 days
8.35 per cent for 502 days to 18 months
8.40 per cent for more than 18 months to 700 days
9.00 per cent for 701 days
8.40 per cent for 702 days to 1000 days
9.50 per cent for 1001 days
8.65 per cent for 1002 days to five-year
8.00 per cent for more than five years to 10 years.
These rates are effective from February 12, 2025.
