Bank of India and RBL Bank Revise FD Interest Rates: Check Latest Rates

RBL Bank and Bank of India have revised the interest rate on fixed deposits (FD) following the latest hike in the Reserve Bank of India’s repo rate. To rein in soaring inflation, India’s central bank raised repo rates by 50 basis points on September 30, 2022.

RBL Bank revises FD interest rates

RBL Bank has changed its interest rates for fixed deposits below Rs 2 crore. The revised rates come into effect on October 1, 2022. Fixed deposits maturing between 7 and 24 days earn an interest rate of 3.25%. The interest rate for DFs maturing between 15 and 45 days is 3.75%. FDs maturing between 46 and 90 days earn an interest rate of 4%, according to the bank’s website.

For term deposits with a maturity between 91 and 180 days, the interest rate is 4.50%. For FDs maturing between 181 and 240 days, the bank offers an interest rate of 5%. RBL Bank offers an interest rate of 5.25% on term deposits with terms ranging from 241 days to 364 days. For FDs maturing between 12 months and 15 months, the bank offers an interest rate of 6.50%.

FDs with a term ranging from 15 months to less than 725 days earn an interest rate of 7%. The bank offers an interest rate of 7.25% on FDs maturing in 725 days. Term deposits with maturities between 726 days and less than 24 months earn an interest rate of 7%.

RBL Bank FDs with a term of 24 months to less than 36 months, earn an interest rate of 6.75%. The bank offers an interest rate of 6.55 on fixed deposits with a term of 36 months to 60 months 1 day. Fixed deposits with a term of 60 months to 2 days 240 months earn an interest rate of 5.75%.

Tax-saving term deposits with a term of 60 months earn an interest rate of 6.55%.

Bank of India revised FD interest rates

Bank of India has revised interest rates for fixed deposits below Rs 2 crore. The modified rates will be effective from October 1, 2022.

Bank of India said: “An additional premium of 25 basis points, on top of the existing 50 basis points, will be paid to senior citizens on their retail TD (less than Rs. 2 Cr) for all durations of 3 years and plus, i.e. 75 basis points.”

“The deposit period must be 6 months and above, to qualify for the additional senior/staff/former staff rate. The Senior Citizen/Senior Citizen Staff/Ex-staff must be the primary account holder and must be over 60 years of age at the time the deposit is made,” according to the BOI website.

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