RBL Bank has changed the interest rates on FDs with deposits of less than Rs 2 crore. Now the bank will give a maximum interest of 7.25 percent to the customers of FD. At the same time, senior citizens will get an additional 0.50 percent interest. The new interest rates have come into effect from 1 October i.e. today.
It is worth noting that RBL has taken this step after the RBI increased the repo rate by 0.50 percent. Earlier, ICICI Bank had also launched a limited period FD after the announcement of RBI. It is expected that similar announcements will be heard from many banks in the coming days.
Interest rates on FDs of RBL Bank RBL Bank is now giving interest ranging from 3.25 percent to 6.55 percent on FDs of 7 days to 5 years. Bank customers will get 3.25 percent on 7-14 days FD, 3.75 percent on 15 to 45 days FD, 4 percent on 46-90 days FD, 4.50 percent on 91 to 180 days FD, 181 days to 240 days FD But 5 percent and FD of 241 days to 364 days will get 5.25 percent interest. After this, 6.50 percent interest will be available on FDs of 365 days to 452 days and 7 percent on FDs of 15 months and 15 months from 1 day to less than 725 days. The bank is giving the highest interest of 7.25 percent on 725 days FD.
Other interest rates are 7 per cent on FDs of 726 days to less than 24 months, 6.75 per cent on FDs of 24 months to less than 36 months, 6.55 per cent on FDs of 36 months to 60 months 1 day and 60 months to 2 days With this, customers will get 5.75 percent interest on FD of 240 days.
Additional interest to senior citizens The bank is giving an additional 0.50 percent interest on every tenor to senior citizens. On 725 days FD, the bank will give an interest of 7.75 percent to senior citizens. Apart from this, the bank will give an additional interest of 0.75 percent to very senior citizens (above 80 years).
RBI increased the interest rate for the fourth time The RBI has increased the repo rate four times since May and has reached 5.90 percent. After the meeting of the Monetary Policy Committee on 30 September, the RBI announced an increase of 50 basis points in policy rates. After this, banks are expected to increase loan and FDI interest rates.
