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

Finance Minister Nirmala Sitharaman and Commerce Minister Piyush Goyal have urged the RBI to reconsider current interest rates.

Source : Pixabay

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.