Top Banks Sweeten the Deal: Latest Fixed Deposit Interest Rates in 2024

Looking to grow your savings? This article outlines the latest updates to fixed deposit (FD) interest rates offered by several leading banks in India. Whether you’re a regular customer or a senior citizen, these changes could significantly impact your returns. We’ll delve into the specifics of these rate adjustments by RBL Bank, Karnataka Bank, Bank of Maharashtra, Equitas Small Finance Bank, and Federal Bank, providing you with the information you need to make informed decisions about your investments.

RBL Bank: A Rewarding Proposition

RBL Bank has recently revised its FD interest rates for deposits below Rs 3 crore. This update offers attractive returns for both regular and senior citizens. Regular Customers: Enjoy rates ranging from a competitive 3.50% to a rewarding 8%. Senior Citizens: Benefit from even higher rates, with a maximum of 8.50% offered. Super Senior Citizens (80+): Reap the rewards with an impressive interest rate of 8.75%. These revised rates are effective from December 15th, 2024, as detailed on the bank’s official website. Notably, for FDs maturing between 365 and 452 days, regular customers can expect a 7.5% interest rate, while senior citizens can enjoy a slightly higher rate of 8%.

Karnataka Bank: Attractive Yields for All

Karnataka Bank has also introduced new FD interest rates for deposits under Rs 3 crore, effective from December 2nd, 2024. Regular Customers: Can expect to earn interest ranging from 3.5% to 7.5%. Senior Citizens: Will benefit from slightly higher rates, ranging from 3.5% to 8%. For FDs with a tenure of 1 to 2 years, the bank offers an attractive interest rate of 7.25%.

Bank of Maharashtra: Competitive Returns

Bank of Maharashtra has updated its FD interest rates effective December 11th, 2024. Regular Customers: Can expect to earn interest rates ranging from 2.75% to 7.35%. Senior Citizens: Will receive more favorable rates, ranging from 2.75% to 7.85%.
rates apply to deposits below Rs 3 crore.

Equitas Small Finance Bank: Rewarding Senior Citizens

Equitas Small Finance Bank has revised its FD interest rates for deposits under Rs 3 crore, effective December 2nd, 2024. Regular Customers: Can expect interest rates ranging from 3.50% to 8.25%. Senior Citizens: Are offered highly competitive rates ranging from 2.75% to 9%. A significant advantage for senior citizens is the additional 0.5% per annum offered across most tenures, further enhancing their returns.

Federal Bank: A Competitive Edge for Seniors

Federal Bank has also revised its FD interest rates for deposits below Rs 3 crore, effective December 16th, 2024. General Public: Can expect interest rates ranging from 3% to 7.4%. Senior Citizens: Will enjoy more competitive rates ranging from 3.5% to 7.9%.
For one-year FDs, the bank offers an attractive interest rate of 7% for regular customers and a higher rate of 7.5% for senior citizens.

Key Considerations:

Tenure: Interest rates typically increase with the tenure of the FD. Deposit Amount: Some banks may offer higher rates for larger deposits. Senior Citizen Benefits: Many banks offer higher interest rates to senior citizens. Tax Implications: Understand the tax implications of your FD investment.

Disclaimer: This article provides general information and should not be considered financial advice. It is crucial to conduct thorough research and consult with a qualified financial advisor before making any investment decisions. 1 Interest rates are subject to change at the discretion of the respective banks.

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