RBL Bank hikes FD rates by up to 50 bps on short tenors of 7 days to 364 days
Premium- RBL Bank has hiked interest rates on fixed deposits of less than ₹2 Cr.
RBL Bank has hiked interest rates on fixed deposits of less than ₹2 Cr. This is the bank's second rate hike in January; the bank's previous hike took place on January 11. However, according to the bank's official website, the new fixed deposit interest rates are effective as of January 19, 2023. The bank increased interest rates on short-term deposits with terms ranging from 7 to 364 days by up to 50 bps in response to the most recent revision.
RBL Bank FD Rates
The bank increased interest rates on deposits maturing in the next 7 to 14 days by 25 basis points (bps), from 3.25% to 3.50%, and RBL Bank increased interest rates on deposits maturing in the next 15 to 45 days by 25 bps, from 3.75% to 4.00%. RBL Bank increased interest rates by 50 basis points (bps), from 4% to 4.50%, for deposits held for 46 days to 90 days, and by 25 bps, from 4.50% to 4.75%, for deposits held for 91 days to 180 days.
Deposits with maturities between 181 and 240 days will now earn interest at a rate of 5.50 per cent, up from 5% previously. Deposits maturing in 241 days to 364 days will now earn interest at a rate of 6.05%, up from 5.85% previously, a 20 basis point increase. The bank will continue to give an interest rate of 7.00% on deposits maturing in 365 to 452 days (12 months to less than 15 months), while RBL Bank will continue to offer an interest rate of 7.55% on deposits maturing in 453 to 725 days.
Deposits that mature in 726 days to 60 months and one day will continue to earn 7% interest, while those that mature in 60 months and two days to 240 months will continue to earn 6.25% interest. The interest rate on Tax Savings Fixed Deposits (60 months) will remain at 7.00% at RBL Bank. Super Senior Citizens (80 years and older) are entitled to an additional interest rate of 0.75% per annum, while senior citizens (60 to under 80 years old) are eligible for a rate of 0.50% per annum. The additional rates for senior citizens and super seniors do not apply to non-resident fixed deposits (NRE/NRO).
The meeting of the Board of Directors of RBL Bank Limited is scheduled to be held on Friday, January 20, 2023 to, inter-alia, consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2022.
