RBL Bank Hikes FD Rates By 50 Bps, Added New Tenure With 8% Return

RBL Bank has announced interest rate hikes on its fixed deposits of less than Rs 2 Cr. Following the announcement made on November 24, 2023 the bank has hiked interest rates by 50 bps on a select tenure and also introduced new deposit tenure of 546 days to 24 months (18 months to 24 months) with the highest interest rate of 8% for the general public and 8.50% for senior citizens.

RBL Bank FD Rates

The bank will continue to give a 3.50% interest rate on deposits maturing in 7 to 14 days, while RBL Bank will continue to offer a 4.00% interest rate on deposits maturing in 15 to 45 days. RBL Bank will still give 4.50% interest on deposits made between 46 and 90 days, and 4.75% interest on deposits made between 91 and 180 days. FDs that mature between 181 and 240 days will still have an interest rate of 5.50%, while those that mature between 241 and 364 days will still yield a return of 6.05%.

On FDs maturing in 365 days to 452 days (12 months to less than 15 months), RBL Bank has hiked the interest rate by 50 bps from 7% to 7.50% and on those maturing in 453 days to 545 days (15 months to less than 18 months), the bank will continue to pay an interest rate of 7.80%.

RBL Bank has introduced a new period of deposit of 546 days to 24 months (18 months to 24 months) on which the general public will get a maximum return of 8% and senior citizens will earn 8.50%.

RBL Bank will continue to offer an interest rate of 7.50% on a deposit tenure of 24 months 1 day to 36 months and 7.10% on a deposit tenure of 36 months 1 day to 60 months 1 day. Deposits maturing in 60 months 2 days to 120 months will continue to fetch an interest rate of 7.00% and RBL Bank Tax Savings Fixed Deposits (60 months) will continue to offer an interest rate of 7.10%.

Senior citizens of 60 years to less than 80 years are eligible for an additional interest rate of 0.50% p.a. while super senior citizens of 80 years and above are eligible for an additional interest rate of 0.75% p.a. These additional rates are not applicable on Non-Resident Fixed Deposits (NRE/NRO).

Regarding the penalty rates on premature withdrawal of domestic term deposits, RBL Bank has mentioned on its website that "On premature full/partial withdrawal of the Fixed Deposit, interest shall be paid at the rate that was applicable on the date the deposit was placed and for the period for which the deposit is maintained with the Bank, subject to a penalty of 1% on such rate. However, there is no penalty for premature withdrawal of Fixed Deposits by senior citizens/super senior citizens."