Several Indian banks have recently changed their fixed deposit (FD) interest rates. The banks that have made changes include Federal Bank, Karnataka Bank, Equitas Small Finance Bank, RBL Bank, and Bank of Maharashtra. The changes are designed to benefit common people and senior citizens in savings.
The interest rates offered by each bank vary depending on the deposit period and customer category. For example, Federal Bank offers interest rates ranging from 3% to 7.4% for general citizens and 3.5% to 7.9% for senior citizens. RBL Bank offers interest rates ranging from 3.50% to 8% for general citizens and up to 8.75% for super senior citizens.
Karnataka Bank offers interest rates ranging from 3.50% to 7.5% for general citizens and 3.5% to 8% for senior citizens. Bank of Maharashtra offers interest rates ranging from 2.75% to 7.35% for general citizens and 2.75% to 7.85% for senior citizens. Equitas Small Finance Bank offers interest rates ranging from 3.50% to 8.25% for general citizens and 2.75% to 9% for senior citizens.
These changes are designed to provide better returns to customers and are effective from December 2, 2024, onwards, depending on the bank.