A fixed deposit is a type of savings account in which the account holder agrees to deposit a fixed sum of money for a certain period in exchange for income (i.e., interest) from the depositing bank.
It is a safe investment that in addition provides elderly citizens with access to interest rates that are more favorable. The length of a fixed deposit (FD) account may range anywhere from seven days to twenty years, depending on the requirements of the investor; the interest rate would also change proportionally.
The interest rates on fixed deposits at RBL Bank have been adjusted recently. The bank made this declaration on October 1, 2022, and as a consequence of the change, the bank is now providing interest rates on fixed deposits that range from 3.25% to 7.25% and 3.75% to 7.75% for senior people.
RBL Bank FD Rates
The bank will pay an interest rate on fixed deposits of 3.25 percent on deposits that have been made for 7 to 14 days, and it will pay an interest rate of 3.75 percent on deposits that have been placed for 15 to 45 days. The annual percentage yield (APY) on term deposits with maturities ranging from 46 days to 90 days is 4%, while the annual percentage yield (APY) on FD with maturities ranging from 91 days to 180 days is 4.5%.
RBL Bank is now providing an interest rate on fixed deposits of 5.00% on deposits that will mature between 181 and 240 days and an interest rate of 5.25 percent on deposits that will mature between 241 and 364 days.
Prior to the implementation of this new policy, the bank offered a rate of interest of 6.25% on deposits that had durations ranging from 12 months to less than 24 months.
The interest rate on bank deposits with maturation dates of 12 months or fewer will be 6.50 percent, the interest rate on bank deposits with maturation dates of 15 months or more will be 7.00 percent.
As a result of the adjustment, RBL Bank will now provide its regular clients with a maximum rate of 7.00 percent on deposits within a 15-month term.
FD with maturities ranging from 24 months to less than 36 months will continue to earn an interest rate of 6.75 percent from RBL Bank. RBL Bank offers a rate of 6.75% on deposits with terms between 36 months and less than 60 months.
You may now earn 6.55 percent on fixed deposits with maturities of 60 months to 60 months and 1 day, and 5.75 percent on those with maturities of 60 months 2 days to less than 120 months.
On their 60-month Tax Savings FD, People will now be eligible for an interest rate of 6.55 percent. Following the modification, the maximum rate for 15-month deposits for senior citizens will remain at 7.50 percent. This is a 0.50 percent premium over the standard rate.
|Period of Deposit||Domestic & Flexi FD Interest Rates p.a.||Senior Citizen Interest Rates p.a.|
|7 days to 14 days||3.25%||3.75%|
|15 days to 45 days||3.75%||4.25%|
|46 days to 90 days||4.00%||4.50%|
|91 days to 180 days||4.50%||5.00%|
|181 days to 240 days||5.00%||5.50%|
|241 days to 364 days||5.25%||5.75%|
|365 to 452 days (12 months to less than 15 months)||6.50%||7.00%|
|453 to 459 days (15 months)||7.00%||7.50%|
|460 to 724 days (15 months 1 day to less than 725 days)||7.00%||7.50%|
|726 days to less than 24 months||7.00%||7.50%|
|24 months to less than 36 months||6.75%||7.25%|
|36 months to 60 months 1 day||6.55%||7.05%|
|60 months 2 Days to 240 months||5.75%||6.25%|
|Tax Savings Fixed Deposit (60 months)||6.55%||7.05%|