In August, several banks have updated their Fixed Deposit (FD) rates, introducing new special FD schemes.
Notable among these are RBL Bank, Federal Bank, and IDBI Bank, offering attractive interest rates up to 8.85%.
Here’s a look at these options and how long it will take for your investment to double.
RBL Bank: Vijay Fixed Deposits
RBL Bank has introduced the Vijay Fixed Deposit plan, named in honor of army personnel.
All Interest Rates:
- General public: 8.1%
- Senior citizens (60+ years): 8.60%
- Super senior citizens (80+ years): 8.85%
This FD scheme allows investments up to Rs 3 crore for a period of 500 days.
Federal Bank: Independence Day Offer
Federal Bank has launched a special Independence Day offer with varied interest rates for different tenures:
- 400 days: 7.35%
- 777 days: 7.40%
- 50 months: 7.40%
Above all are standard FDs. Senior Citizens to get an additional 0.50% interest.
Deposit Plus Plan: For FDs over Rs 1 crore with conditions:
- 400 days: 7.50%
- 777 days: 7.55%
Senior citizens receive an additional 0.50% interest.
IDBI Bank: Revised Special FDs
IDBI Bank has updated its special FD rates:
Utsav FD Rates:
- 300 days: 7.05% (7.55% for senior citizens)
- 700 days: 7.20% (7.70% for senior citizens)
For Utsav Deposits only. For Others, see below.
Other Revised Rates:
- 375 days: 7.25% (7.75% for senior citizens)
- 444 days: 7.35% (7.85% for senior citizens)
Investing in these FDs will provide returns that will double your money in approximately 8 years, depending on the interest rate and tenure.
