Interest Rates on Fixed Deposits Changed: A Breakdown of the Latest Updates from 5 Major Banks

Several Indian banks have updated their fixed deposit (FD) interest rates this month. The banks affected include Federal Bank, RBL Bank, Karnataka Bank, Bank of Maharashtra, and Equitas Small Finance Bank. The changes took effect at various dates between December 2 and December 16, 2024. RBL Bank offers interest rates ranging from 3.50% to 8% for regular customers, with higher rates for senior citizens and super senior citizens. Karnataka Bank offers rates from 3.5% to 7.5% for regular customers and 3.5% to 8% for senior citizens. Bank of Maharashtra offers rates from 2.75% to 7.85% for regular customers and senior citizens, while Equitas Small Finance Bank offers rates from 3.50% to 9% for senior citizens, with an extra 0.5% per annum for senior citizens on all tenures except for the 888-day term. Federal Bank offers rates from 3% to 7.4% for general public and 3.5% to 7.9% for senior citizens. The changes bring new opportunities for customers to earn higher interest rates on their fixed deposits.