Banks Revise Fixed Deposit Interest Rates: Here's What You Need To Know
FD Rates: Some banks have announced changes to their fixed deposit interest rates, offering competitive returns for general, senior, and super senior citizens
Several banks have announced changes to their fixed deposit (FD) interest rates, offering competitive returns for general, senior, and super senior citizens. Here's a detailed look at the revised rates from Punjab & Sind Bank, Bank of Maharashtra, and YES Bank.
Punjab & Sind Bank FD Rates Revised
Punjab & Sind Bank updated its FD rates, effective November 14, 2024, introducing attractive rates for both callable and non-callable deposits.
General Citizens:
Callable deposits: 4 per cent to 7.45 per cent per annum
Non-callable deposits: 4.25 per cent to 7.50 per cent per annum
Highest rate: 7.50 per cent for non-callable deposits with a tenure of 555 days
Senior Citizens:
Additional 0.50 per cent interest for deposits of 180 days or more
Highest rate: 8 per cent for 555-day non-callable deposits
Super Senior Citizens:
Special benefits are available for those aged 80 and above.
Non-callable deposits: 8.15 per cent for a 555-day tenure
Callable deposits: 8.10 per cent for a 555-day tenure
Bank of Maharashtra Updates FD Rates
Effective November 14, 2024, Bank of Maharashtra revised its FD rates, introducing rates that vary by tenure and target both general and senior citizens.
General Citizens:
Interest rates: 2.75 per cent to 7.35 per cent per annum
Special schemes:
6.90 per cent for 200-day tenure
7.35 per cent for 333-day tenure
7.10 per cent for 400-day tenure
7.75 per cent for 777-day tenure
Senior Citizens:
Interest rates: 2.75 per cent to 7.85 per cent per annum
Special schemes:
7.40 per cent for 200-day tenure
7.85 per cent for 333-day tenure
7.60 per cent for 400-day tenure
7.75 per cent for 777-day tenure
YES Bank Cuts FD Rates
YES Bank revised its FD interest rates for deposits below ₹3 crore, effective November 5, 2024. A notable change is a 25-basis-point reduction for the 18-month tenure.
General Citizens:
Interest rates: 3.25 per cent to 7.75 per cent per annum
Highest rate: 7.75 per cent for an 18-month FD
Senior Citizens:
Interest rates: 3.75 per cent to 8.25 per cent per annum
Highest rate: 8.25 per cent for an 18-month FD
Govt Calls for Interest Rate Review
Amid these revisions, Finance Minister Nirmala Sitharaman and Commerce Minister Piyush Goyal have urged the Reserve Bank of India (RBI) to reconsider current interest rates. Sitharaman highlighted the importance of affordable bank rates to foster economic growth, suggesting that food inflation alone should not dictate monetary policy decisions. These revisions reflect a dynamic banking environment where institutions are tailoring rates to cater to diverse customer segments. For depositors, this is an opportunity to maximise returns by choosing schemes that align with their financial goals.
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