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Investment
oi-Vipul Das
RBL Bank is the only leading private sector bank currently offering higher interest rates on savings accounts, up to 6.00%. The bank not only offers the best savings rates, but also offers attractive fixed deposit rates. Higher interest rates on term deposits are currently offered by RBL Bank, IndusInd Bank and DCB Bank among private sector banks. Regarding term deposits, RBL Bank recently revised its interest rates on term deposits. The bank’s new FD rates shown below are in effect from July 2, 2021 for a deposit amount of less than Rs 2 Cr.
RBL Bank FD rate
RBL Bank offers deposit products to both ordinary citizens and the elderly with periods ranging from 7 days to 20 years. FD interest rates vary from 3.25% per year to 6.50% per year for deposits with a term of 7 days to 20 years. RBL Bank now provides 3.25% on deposits maturing in 7-14 days, 3.75% on deposits maturing in 15-45 days and 4.00% on deposits maturing in 46-90 days due to the adjustment. FDs with a maturity of 91 days to 180 days earn 4.50% interest, while deposits with a maturity of 181 days to 240 days earn 5.00% interest. On deposits with a term of 241 to 364 days, the bank now promises an interest rate of 5.40%.
Long-term deposits with a term of two years or less than three years would pay an interest rate of 6.10%. RBL Bank offers an interest rate of 6.30% on three to five year FDs. The bank now offers an interest rate of 6.00 on FDs maturing 60 months 2 days to less than 120 months and 120 months to 240 months. RBL Bank offers senior citizens interest rates 0.50% higher than the general public. Seniors will now benefit from interest rates ranging from 3.75% to 7.00% following the bank’s latest adjustment.
| Mandate | Regular FD rates | FD senior rates |
|---|---|---|
| 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 | 5.40% | 5.90% |
| 12 months to less than 24 months | 6.10% | 6.60% |
| 24 months to less than 36 months | 6.10% | 6.60% |
| 36 months to less than 60 months | 6.30% | 6.80% |
| 60 months to 60 months 1 day | 6.50% | 7.00% |
| 60 months 2 days to less than 120 months | 6.00% | 6.50% |
| 120 months to 240 months | 6.00% | 6.50% |
| Fixed tax savings deposit (60 months) | 6.50% | 7.00% |
| Source: RBL Bank |
Article first published: Friday July 16, 2021, 1:27 PM [IST]
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