Earn As High As 8.00%: RBL Bank Revises Fixed Deposit Interest Rates; Complete Details Here

A modification in interest rates for fixed deposits under Rs 2 Cr has been announced by RBL Bank. The bank is now providing a maximum interest rate of 8.00% to the general public and 8.50% to senior citizens on terms ranging from 546 days to 24 months, in accordance with the adjustment. RBL Bank is offering elderly folks an interest rate of 4.00% to 7.50% and 3.50% to 7.00% for a period of 7 to 10 years. According to the bank's official website, the new FD rates take effect on June 8, 2024.

RBL Bank FD Rates

The bank is paying 3.50% interest on term deposits that mature between 7-14 days, and RBL Bank is offering 4.00% interest on deposits maturing in 15-45 days. For a deposit period of 46 days to 90 days, RBL Bank is giving an interest rate of 4.50%; for a deposit period of 91 days to 180 days, the rate is 4.75%. Deposits at RBL Bank that mature between 181 and 240 days will earn an interest rate of 5.50%, while those that mature between 241 and 364 days will earn an interest rate of 6.05%.

On term deposits maturing in365 days to 452 days (12 months to less than 15 months), the bank is now offering an interest rate of 7.50% and on those maturing in 453 days to 545 days (15 months to less than 18 months), RBL Bank is now offering an interest rate of 7.80%. RBL Bank is now offering an interest rate of 8.00% on a deposit tenure of 546 days to 24 months (18 months to 24 months) and on those maturing in 24 months 1 day to 36 months the bank will offer an interest rate of 7.50%.

The interest rate on deposits maturing in 36 months 1 day to 60 months 1 day is 7.10%, while the interest rate on deposits maturing in 60 months 2 days to 120 months is 7.00%.

RBL Bank's five-year tax-saving fixed deposits will now yield returns of 7.10% for the general public and 7.60% for senior individuals. "The maximum aggregate amount that can be invested in the Tax Savings Fixed Deposits (80C FD) under a single PAN is INR 1,50,000 and the same cannot be closed prematurely before expiry of the lock-in period of 5 years. Tax Savings Fixed Deposits is applicable for Domestic/NRO (Not Applicable for NRE Fixed Deposits)," mentioned RBL Bank on its website.

"Senior Citizens (60 years to less than 80 years) are eligible for additional interest rate of 0.50% p.a. and Super Senior Citizens (80 years and above) are eligible for additional interest rate of 0.75% p.a. Senior Citizens/Super Senior Citizens rates are not applicable on Non Resident Fixed Deposits (NRE/NRO)," mentioned RBL Bank on its official website.

On premature withdrawal penalty on fixed deposits, RBL Bank said 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."