New Delhi:
If you are looking to earn more from Fixed Deposits (FDs), here is some crucial news. Fixed Deposits are often a go-to option for investors due to their safety and guaranteed returns.
In May, several Indian banks have revised their FD interest rates.
These banks include State Bank of India (SBI), DCB Bank, IDFC FIRST Bank, Utkarsh Small Finance Bank, City Union Bank, RBL Bank, and Capital Small Finance Bank.
Changes in FD Interest Rates
In total, seven banks have updated their FD interest rates in May 2024.
Here are the specific changes made by each bank:
State Bank of India (SBI)
India’s largest public sector bank, SBI, has increased its FD rates for specific periods.
The new rates, effective from May 15, apply to both retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore).
IDFC FIRST Bank
IDFC FIRST Bank has revised its FD interest rates for amounts less than Rs 2 crore, effective May 15, 2024.
The bank now offers 3% to 7.90% interest on deposits maturing in 7 days to 10 years. Senior citizens receive an additional 0.50% interest, with the highest rate of 8.4% for a 500-day FD.
DCB Bank
DCB Bank has adjusted its FD interest rates for amounts below Rs 2 crore, effective May 22, 2024.
The highest interest is offered on FDs maturing in 19 to 20 months, with rates of 8.05% for the general public and 8.55% for senior citizens.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank’s new FD rates, effective from May 1, 2024, range from 4% to 8.50% for general citizens and 4.60% to 9.10% for senior citizens.
For a 2-3 year period, common citizens earn 8.50% and senior citizens 9.10%.
City Union Bank
City Union Bank has updated its FD rates for deposits up to Rs 2 crore.
The rates range from 5% to 7.25%, with the highest rate of 7.25% for 400-day FDs.
RBL Bank
RBL Bank has revised its FD rates for deposits up to Rs 2 crore,
offering a maximum of 8% interest for FDs of 18-24 months.
Capital Small Finance Bank
Capital Small Finance Bank has also updated its FD rates for deposits up to Rs 2 crore, offering 3.5% to 7.55% interest.
The highest rate is 7.55% for a 400-day FD.
