RBL Bank and Bank of India have revised the interest rate on fixed deposits (FDs) following Reserve Bank of India’s latest repo rate hike. To tame surging inflation, the central bank of India hiked repo rates by 50 basis points on September 30, 2022.
RBL Bank revises FD interest rates
RBL Bank has modified its interest rates for fixed deposits under Rs 2 crore. The revised rates is effective from October 1, 2022. Fixed deposits maturing between 7-24 days fetch an interest rate of 3.25 per cent. The interest rate of the FDs maturing between 15 days to 45 days is 3.75 per cent. FDs maturing between 46 days to 90 days earn an interest rate of 4 per cent, as per the bank website.
For fixed deposits maturing between 91 days to 180 days, the interest rate is 4.50 per cent. For FDs mature between 181 days to 240 days, the bank provides an interest rate of 5 per cent. RBL Bank offers an interest rate of 5.25 per cent on fixed deposits with tenures ranging from 241 days to 364 days. For FDs maturing between 12 months to 15 months, the bank offers an interest rate of 6.50 per cent.
FDs with a tenure ranging from 15 months to less than 725 days, fetch an interest rate of 7 per cent. The bank offers an interest rate of 7.25 per cent on FDs maturing in 725 days. Fixed deposits maturing between 726 days to less than 24 months earn an interest rate of 7 per cent.
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RBL Bank’s FDs with a tenure of 24 months to less than 36 months, earn an interest rate of 6.75 per cent. The bank offers an interest rate of 6.55 on fixed deposits with a tenure of 36 months to 60 months 1 day. Fixed deposits with a tenure of 60 months to 2 days 240 months earn an interest rate of 5.75 per cent.
Tax-saving fixed deposits with a tenure of 60 months earn a 6.55 per cent interest rate.\
RBL Bank latest FD rates for amounts less than Rs 2 crore (effective from October 1,100)
Source: RBL Bank website
Bank of India revised FD interest rates
Bank of India has revised interest rates for fixed deposits under Rs 2 crore. The modified rates will be effective from October 1, 2022.
Bank of India said, “Additional premium of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen’s on their retail TD (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 75bps.”
“The period of deposit should be for 6 months & above, for availing the benefit of the additional rate applicable to Senior Citizens / Staff/Ex-Staff Senior Citizen. The Senior Citizen / Senior Citizen Staff/Ex-staff should be the first account holder and his/her age should be more than 60 Years at the time of placing the deposit,” as per the BOI website.
Bank of India latest FD rates for amounts less than Rs 2 crore
(effective from October 1,100)
Source: Bank of India website Source Link
