Ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee meeting, some public and private banks have revised their fixed deposit (FD) rates. The RBI’s repo rate, currently at 6.50%, influences FD rates. Karnataka Bank, Canara Bank, YES Bank, IndusInd Bank, and IDFC FIRST Bank have updated their FD rates.
Karnataka Bank offers interest rates ranging from 3.50% to 7.50% for general citizens and 8% for senior citizens. Canara Bank provides rates from 4% to 7.40% for the general public and 4% to 7.90% for senior citizens. YES Bank has reduced its interest rate on 18-month FDs from 8% to 7.75%. IndusInd Bank offers rates from 3.50% to 7.99% for general citizens and 4% to 8.49% for senior citizens. IDFC FIRST Bank provides rates from 3% to 7.90% for general citizens and 3.50% to 8.40% for senior citizens.
The revised FD rates vary by tenure, with some banks offering higher rates for shorter or longer terms. Senior citizens may be eligible for additional interest rates or discounts. These revised rates will be effective from December 1, 2024, or later, depending on the bank.