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RBL Bank revises FD interest rates, senior citizens get additional benefits

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Mumbai-based RBL Bank has revised the interest rates on fixed deposits below 2 crore across the customers’ category. Senior citizens are the biggest beneficiaries as they earn additional rates between 0.5-0.75% on these FDs. The new rates have come into effect from November 1, 2022. The new rates vary from 3.25% to 7.25% for the general category, while the rates range from 3.75% to a whopping 7.75% for senior citizens.

Here are the latest interest rates on FDs below 2 crore:

General category:

The bank is offering the highest rate of 7.25% on 725 days of tenure. While the rate is 7% from 453 days to 724 days, and 726 days to less than 24 months. The rate is 6.75% on 24 months to less than 36 months, while the rate is 6.55% on 36 months to 60 months 1 day.

The tax-saving FDs (60 months) have an interest rate of 6.55%.

RBL Bank offers 6.50% on 365 to 452 days (12 months to less than 15 months) tenures, and 5.75% on 60 months 2 Days to 240 months tenures.

Further, the bank is offering between 3.25% to 5.25% on tenures from 7 days to 364 days.

Senior citizens:

To elderlies, RBL Bank is giving the highest rate of 7.75% on 725 days. While the rate is 7.50% on tenures from 453 days to 724 days and 726 days to less than 24 months.

The interest rate is at 7.25% on 24 months to less than 36 months, 7.05% on 36 months to 60 months 1 day, and 6.25% on 60 months 2 Days to 240 months tenures. The tax saving FD scheme having a tenure of 60 months has an interest rate of 7.05%.

RBL Bank also offers a 7% rate on tenures from 365 days to 452 days (12 months to less than 15 months). Meanwhile, the rates range from 3.75% to 5.75% on tenures from 7 days to 364 days.

According to the RBL Bank website, Senior Citizens (60 years to less than 80 years) are eligible for an additional interest rate of 0.50% p.a. and Super Senior Citizens (80 years and above) are eligible for an additional interest rate of 0.75% p.a. Senior Citizens/Super Senior Citizens rates are not applicable on Non-Resident Fixed Deposits (NRE/NRO).

Notably, the interest rates are subject to change from time to time. The deposit will be booked upon the availability of clear funds with the bank at an applicable interest rate as on the date of receipt of the funds by the bank.

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