Home / Industry / Banking /  RBL Bank revises FD rates, non-senior citizens can now earn up to 7.55% on tenors of 453 days to 725 days

RBL Bank, one of the major private sector lenders, has revised interest rates on fixed deposits under 2 crore. The new rates are in effect as of today, November 25, 2022, according to the bank's official website. Following the change, the bank is now providing interest rates on deposits maturing in 7 days to 240 months that range from 3.25% to 6.25% for the general public and 3.75% to 6.75% for senior citizens. The highest interest rate for deposits maturing in 453 days to 725 days is now 7.55%, while senior citizens can now earn up to 8.05% on the same tenor slab.

RBL Bank FD Rates

The bank now offers an interest rate of 3.25% on FDs that mature in the next 7 to 14 days, while RBL Bank now offers an interest rate of 3.75% on FDs that mature in the next 15 to 45 days. FDs maturing in 46 days to 90 days are presently being offered by RBL Bank at a rate of 4.00%, while those maturing in 91 days to 180 days are being offered at a rate of 4.50%.

Deposits maturing between 181 and 240 days from now on will earn interest at a rate of 5.00%, while deposits maturing between 241 and 364 days from now on will earn interest at a rate of 5.85%. On FDs maturing in 365 to 452 days (12 months to less than 15 months), the bank will offer an interest rate of 7.00%, and on those maturing in 453 days to 725 days, RBL Bank will now offer a maximum interest rate of 7.55%.

Deposits maturing in 726 days to less than 36 months will now fetch an interest rate of 7.00% and those maturing in 36 months to 60 months 1 day will now fetch an interest rate of 6.55%. RBL Bank is now promising an interest rate of 6.25% and 6.55% on FDs maturing in 60 months 2 days to 240 months and tax savings fixed deposits of 60 months, respectively.

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

Both new fixed deposits and renewals of existing fixed deposits are subject to updated rates. Simple interest will be used to determine interest at maturity for fixed deposits with terms shorter than 181 days. Senior Citizens who are 60 years old to under 80 years old are eligible for an additional 0.50% p.a. of interest, and Super Senior Citizens who are 80 years of age or above are entitled for an additional 0.75% p.a. of interest. Rates for senior citizens and super seniors do not apply to non-resident fixed deposits (NRE/NRO), according to RBL Bank.

RBL Bank has mentioned 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."

Meanwhile, Union Bank of India has also made interest rate revisions today on deposits of less than 2 Cr. As a consequence of the adjustment, the bank now provides interest rates on deposits with maturities ranging from 7 days to 10 years that vary from 3.00% to 6.70%. A maximum interest rate of 7.30% is currently being offered by Union Bank of India on deposits with maturities of 800 days and 3 years, respectively.

ABOUT THE AUTHOR

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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