In May 2024, several banks changed their fixed deposit (FD) rates, offering investors an opportunity to earn higher returns. The banks that have changed their rates include Utkarsh Small Finance Bank (SFB), City Union Bank, RBL Bank and Capital Small Finance Bank. According to an ET report, here’s everything you need to know about the new rates.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank changed its fixed deposit rates for amounts below Rs 2 crore. The new rates, which were applicable from May 1, 2024, range from 4% to 8.50% for regular customers. For senior citizens, the rates range from 4.60% to 9.10%. The highest rates, 8.50% for regular customers and 9.10% for senior citizens are applicable for deposits with a tenure of 2 to 3 years.
RBL Bank
RBL Bank has updated its fixed deposit rates for amounts below Rs 2 crore, with the changes coming into effect from May 1, 2024. The bank offers an interest rate of 8% for FDs with a tenure of 18 to 24 months. For senior citizens, the rate is 8.50%, which is 0.50% higher than regular customers. Super senior citizens (80 years and above) get a premium of 0.75%, making them get an interest rate of 8.75% for the same tenure.
Capital Small Finance Bank
Capital Small Finance Bank has updated its fixed deposit rates for amounts below Rs 2 crore, with the new rates coming into effect from May 6, 2024. General citizens can earn between 3.5% and 7.55%, while senior citizens can get interest rates between 4% and 8.05%. The highest interest rate is available for a fixed deposit of 400 days.
City Union Bank
City Union Bank has updated its fixed deposit rates for deposits below Rs 2 crore. The new rates came into effect from May 6, 2024. For common citizens, the interest rates range from 5% to 7.25%, while senior citizens can earn between 5% and 7.75%. The highest rates, 7.25% for general citizens and 7.75% for senior citizens are available on fixed deposits with a tenure of 400 days.
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