FD rates: Ahead of the Reserve Bank of India’s (RBI) six-member Monetary Policy Committee's (MPC) meeting this week, some of the public and private banks have revised their fixed deposit rates. The Repo Rate established by the Reserve Bank of India (RBI) plays a significant role in influencing Fixed Deposit (FD) rates. It dictates the interest rate that banks need to pay when obtaining funds from the RBI. The current repo rate is 6.50% and the current reverse repo rate is 3.35%.
The Reserve Bank of India lends money to Commercial Banks at the Repo rate, i.e. Reserve Bank of India (RBI) to maintain liquidity. On October 9, 2024, the RBI kept the Repo rate unchanged at 6.50% for the tenth time.
Revised FD rates
Karnataka Bank
Karnataka Bank has recently updated its fixed deposit interest rates for callable and non-callable deposits, effective as of December 2, 2024. The bank offers a range of interest rates from 3.5% to 7.50% for general citizens with deposit tenures ranging from 7 days to 10 years. The highest interest rate of 7.50% is offered for general citizens and 8% for senior citizens on a 375-day tenure.
Specifically, Karnataka Bank provides a 3.50% interest rate for general citizens on tenures between 7 days and 45 days, 4% on tenures between 46 days and 90 days, and 5.25% on tenures of 91 days to 179 days. For tenures of 180 days to below 1 year, the bank offers a 6.25% interest rate, and for tenures of 1 year to 2 years, a 7.25% interest rate. The highest interest rate of 7.50% is available on a 375-day tenure. Tenures above 2 years to 5 years come with a 6.50% interest rate, and tenures above 5 years to 10 years offer a 5.80% interest rate.
Canara Bank
Canara Bank has revised its Fixed Deposit rates for amounts below ₹3 crore, effective from December 1, 2024. The updated rates now offer a range of 4% to 7.40% for the general public and 4% to 7.90% for senior citizens on callable deposits.
For short-term deposits, Canara Bank provides 4% interest for terms between 7 to 45 days, 5.25% for 46 to 90 days, and 5.5% for 91 to 179 days. Deposits maturing between 180 and 269 days earn 6.25% interest, while terms of 270 days to 1 year yield the same rate.
For longer tenures, Canara Bank offers 6.85% for 1-2 years, 7.30% for 2-3 years, and 7.40% for 3-5 years. The fixed deposit with a tenure between three and five years now offers the highest interest rate of 7.40%.
Canara Bank offers interest rates for senior citizens ranging from 4% to 7.90% on callable deposits with maturities from seven days to 10 years. For deposits of less than Rs. 3 Cr and with a tenor of 180 Days and above, senior citizens can avail an additional interest of 0.50%. Super senior citizens (aged 80 years and above) can benefit from an extra 0.60% interest rate on the Canara-444 product, receiving a 7.85% interest rate for callable deposits and 8% for non-callable deposits.
YES Bank
YES Bank has recently adjusted the interest rates for fixed deposits below Rs 3 crore, with the new rates taking effect on November 5, 2024. The bank has decreased the interest rate on 18-month fixed deposits from 8% to 7.75% per annum, representing a reduction of 25 basis points.
Following this update, non-senior citizens will now receive interest rates ranging from 3.25% to 7.75% per annum on their fixed deposits, while senior citizens can expect rates between 3.75% and 8.25% per annum. The highest interest rates of 7.75% and 8.25% per annum are offered on 18-month fixed deposit tenures for regular and senior citizens, respectively.
IndusInd Bank
IndusInd Bank has recently updated the interest rates for fixed deposits (FDs) below Rs 3 crore. As indicated on the bank's official website, these new rates will be in effect starting from November 26, 2024.
For regular citizens, the bank provides fixed deposit interest rates ranging from 3.50% to 7.99% for FD terms lasting anywhere from 7 days to 10 years. Senior citizens, on the other hand, can enjoy fixed deposit interest rates between 4% and 8.49% for the same tenure range.
The highest interest rates of 7.99% for general citizens and 8.49% for senior citizens are applicable to FD terms ranging from one year and five months to less than one year and six months.
IDFC FIRST Bank
IDFC FIRST Bank has updated the fixed deposit interest rates for amounts below Rs 3 crore, as per the bank's official website. The new FD rates will be in effect starting from November 26, 2024.
For regular citizens, the bank provides interest rates ranging from 3% to 7.90% on deposits maturing in 7 days to 10 years. Senior citizens can avail of interest rates between 3.50% to 8.40%.
The highest interest rates of 7.90% for regular citizens and 8.40% for senior citizens are applicable for deposits with a tenure between 400 days and 500 days.