This Private Sector Bank Offering More Than 8% Interest On FD To Senior Citizens

RBL Bank, a private sector bank, has recently announced an increase in the interest rate on fixed deposits (FD) under 2 crore. According to the bank's official website, the new FD rates are effective from January 11, 2023.

Post-hike in FD rates, the RBL Bank is now offering interest ranging from 3.25% to 6.25% to the general public and 3.75% to 6.75% to senior citizens. The bank is offering maximum interest of 7.55% on FDs with maturity between 453 and 725 days. Whereas, senior citizens are getting maximum interest rate of 8.05%.

RBL Bank FD Rates

On deposits that mature in the next 7 to 14 days, the bank is offering an interest rate of 3.25%, while an interest rate of 3.75% is offered on deposits with a maturity period of 15 to 45 days by the bank. The Bank offers an interest rate of 4.00% for deposits maturing in the next 46 to 90 days, and an interest rate of 4.50% for deposits maturing in the next 91 to 180 days.

For deposits maturing between 181 and 240 days, the bank now offers 5% interest, while for 241 and 364 days maturity periods the interest rate is 5.85%. The bank now offers 7% interest rate on fixed deposit tenors ranging from 365 to 452 days (12 months to less than 15 months). The bank also offers 7% on maturity period of 726 days to less than 24 months, 24 months to less than 36 months and 36 months to 60 months 1 day, respectively.

The RBL Bank will offer a maximum interest rate of 7.55% on tenors ranging from 453 to 725 days. RBL Bank will offer 6.25% interest rate on tenors ranging from 60 months 2 days to 240 months. The bank offers an interest rate of 7% on The tax Savings Fixed Deposit (60 months).

According to the Bank's official website, "The maximum aggregate amount that can be invested in the Tax Savings Fixed Deposit (80C FD) under a single PAN is Rs. 150,000 and the same cannot be closed prematurely before expiry of the lock-in period of 5 years. Tax Savings Fixed Deposit is applicable for Domestic/NRO (Not Applicable for NRE Fixed Deposits)."

FD Interest Rate on Domestic & Flexi Fixed Deposits w.e.f. January 11, 2023

Period of Deposit	Domestic & Flexi FD Interest Rates p.a.	Senior Citizen Interest Rates p.a.
7 days to 14 days	3.25%	3.75%
15 days to 45 days	3.75%	4.25%
46 days to 90 days	4.00%	4.50%
91 days to 180 days	4.50%	5.00%
181 days to 240 days	5.00%	5.50%
241 days to 364 days	5.85%	6.35%
365 to 452 days (12 months to less than 15 months)	7.00%	7.50%
453 to 459 days (15 months)	7.55%	8.05%
460 to 724 days (15 months 1 day to less than 725 days)	7.55%	8.05%
725 days	7.55%	8.05%
726 days to less than 24 months	7.00%	7.50%
24 months to less than 36 months	7.00%	7.50%
36 months to 60 months 1 day	7.00%	7.50%
60 months 2 days to 240 months	6.25%	6.75%
Tax Savings Fixed Deposit (60 months)	7.00%	7.50%