IDFC First Bank And IndusInd Bank Revise FD Rates; Up To 8.49 Per Cent For Senior Citizens

Fixed deposits are one of the simple investment instruments with the benefit of guarantee, hassle-free liquidity, and availability. Typically, seniors prefer fixed deposits (FDs) due to their familiarity with and trust in FDs as a secure investment that provides a fixed return. Ahead of the Reserve Bank of India’s (RBI) monetary policy meeting scheduled for December 4 to 6, 2024, to review the repo rate, IDFC First Bank and IndusInd Bank revised their FD rates during the week ending November 30, 2024. The maximum interest rate available for senior citizens is 8.49 per cent.

Here are the details of interest rates for them.

Also Read: EPF: Plans Underway To Remove 12% Cap On Employees’ Contributions, Enable PF Withdrawals Through ATMs

IDFC FIRST Bank:

The bank revised its FD rates on November 26, 2024. It offers the highest 8.40 per cent to senior citizens including an additional 0.50 per cent interest available only for seniors. The bank provides this additional interest on all FDs irrespective of their tenure. It offers: 

• 3.50 per cent for 7 – 45 days

• 5.00 per cent for 46 – 180 days

• 6.25 per cent for 181 days to less than 1 year

• 7.00 per cent for 1 year

• 7.75 per cent for 1 year one day – 370 days

• 8.00 per cent for 371 - 399 days

• 8.40 per cent for 400 - 500 days

• 7.75 per cent for 501 days to 2 years

• 7.30 per cent for 2 years one day to 3 years

• 7.25 per cent for 3 years one day to 5 years

• 7.00 per cent for 5 years one day – 10 years

On its special FD ‘Green Deposits’, for 725 days, the bank offers a 7.75 per cent interest.

Also Read: Indian Bank’s Special FDs Closing On November 30, Up To 8.05% To Super Senior Citizens  

IndusInd Bank:

This private sector bank offers senior citizens a maximum of 8.49 per cent for '1 year five months to less than 1 year six month's FD. The interest rates for other FD tenures are: 

• 4.00 per cent for 7 - 30 days

• 4.25 per cent for 31 - 45 days

• 5.25 per cent for 46 - 120 days

• 5.50 per cent for 121 - 180 days

• 6.35 per cent for 181 - 210 days

• 6.60 per cent for 211 - 269 days

• 6.85 per cent for 270 - 354 days

• 7.00 per cent for 355 - 364 days

• 8.25 per cent for 1 year to less than 1 year five months

• 8.49 per cent for 1 year five months to less than 1 year six months

• 8.25 per cent for 1 year six months to 2 years

• 7.75 per cent for above 2 years to less than 61 months

• 7.50 per cent for 61 months and above.

The bank revised the rates on November 26, 2024.