Home / Industry / Banking /  RBL Bank hikes FD rates, senior citizens can earn up to 8.30% on these tenors

RBL Bank, a private sector lender, raises its interest rates on fixed deposits under 2 crore. According to the bank's official website, the new rates take effect on February 1st, 2023. After the adjustment, the bank is now promising interest rates ranging from 3.50% to 6.25% for the general public and 4.00% to 6.75% for senior citizens. RBL Bank will now provide a maximum return of 7.80% to non-senior residents and 8.30% to senior citizens on deposit tenors of 453 to 725 days.

RBL Bank FD Rates

The bank currently offers an interest rate of 3.50% on deposits that mature in the next 7 to 14 days, while RBL Bank now guarantees an interest rate of 4.00% on deposits that mature in the next 15 to 45 days. Currently, RBL Bank is offering an interest rate of 4.50% on a deposit tenor of 46 days to 90 days as well as an interest rate of 4.50% on a deposit tenor of 46 days to 90 days. Deposits maturing between 91 and 180 days from now on will earn interest at a rate of 4.75%, while deposits maturing between 181 and 240 days from now on will earn interest at a rate of 5.50%.

The bank currently promises an interest rate of 6.05% on deposits maturing in 241 days to 364 days and 7.00% on deposits maturing in 365 days to 452 days (12 months to less than 15 months). For deposit tenors between 453 and 725 days, RBL Bank will now give an interest rate of 7.80%, and for tenors between 726 days and 60 months 1 day, the bank will now guarantee an interest rate of 7.00%. Deposits maturing in 60 months 2 days to 240 months will earn interest at a rate of 6.25%, while the bank is now offering 7.00% on 60-month Tax Savings Fixed Deposits.

RBL Bank FD Rates
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RBL Bank FD Rates (rblbank.com)

“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)," said RBL Bank on its website.

The aforementioned rates also apply to NRO/NRE fixed deposits; however, senior citizens who are 60 years of age or older but under 80 years of age are eligible for an additional 0.50% p.a. in interest and super senior citizens who are 80 years of age or older are eligible for an additional 0.75% p.a. in interest. On non-resident fixed deposits (NRE/NRO), senior citizen rates are not applicable.

During the quarter that concluded in December 2022, RBL Bank said it had 516 bank branches and 1,168 business correspondent branches, of which 298 are banking units.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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