Three banks, including Federal Bank, South Indian Bank, and RBL Bank, revised their fixed deposit (FD) rates during the week ending on December 21, 2024. The fixed deposit rates are high currently as these are linked to the repo rate, and there has been no cut in repo since February 2023, when it was increased from 6.25 per cent to 6.50 per cent. Here are the details of the revised rates with these banks.
Federal Bank:
The bank revised the rates on December 16, 2024, within two months of its last revision on September 16, 2024. Seniors can avail of a maximum of 7.90 per cent. Here are the senior citizens interest rate details:
7.00 per cent for 181 days
6.75 per cent for 182 days to 270 days
7.00 per cent for 271 days to less than one year
7.50 per cent for one year
7.75 per cent for above one year to 399 days
7.85 per cent for 400 days
7.75 per cent for 401 days to less than two years
7.65 per cent for two years to 776 days
7.90 per cent for 777 days
7.65 per cent for 778 days to less than three years
7.60 per cent for three years to less than 50 months
7.90 per cent for 50 months
7.60 per cent for above 50 months to less than five years
7.75 per cent for five years
7.25 per cent for above five years.
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South Indian Bank:
The bank revised rates for its FDs on December 21, 2024. The highest rate for seniors is 7.90 per cent. The interest rates for them are:
5.50 per cent for 181 days to 221 days
7.05 per cent for 222 days
5.50 per cent for 223 days to less than 1 year
7.20 per cent for 1 year
7.00 per cent for above one year to one year 6 days
7.90 per cent for one year 7 days
7.00 per cent for one year 8 days to less than 18 months
7.90 per cent for 18 months
7.00 per cent for above 18 months to less than 30 months
7.50 per cent for 30 months
7.20 per cent for above 30 months to less than 39 months
7.70 per cent for 39 months
7.20 per cent for above 39 months to less than 5 years
6.50 per cent for five years to less than 66 months
7.50 per cent for 66 months
6.50 per cent for above 66 months to 10 years.
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RBL Bank:
Senior citizens can avail a maximum of 8.50 per cent from the bank after it revised its FD rates on December 15, 2024. It offers senior citizens:
6.00 per cent for 181 days to 240 days
6.55 per cent for 241 days to 364 days
8.00 per cent for 365 days to 452 days
8.30 per cent for 453 days to 499 days
8.50 per cent for 500 days
8.30 per cent for 501 days to 24 months
8.00 per cent for 24 months 1 day to 36 months
7.60 per cent for 36 months one day to 60 months one day
7.50 per cent for 60 months two days to 120 months.
The interest rate for the general public is 0.50 per cent (50 basis points) less than the senior citizen's rates.
