Fifteen banks have revised their fixed deposit (FD) interest rates this year as of January 27. These banks may further revise their rates after the interim budget due on February 2, 2024, and the next Monetary Policy Meeting of the Reserve Bank of India (RBI) on February 6 to 8. Meanwhile, this week, the AU Finance Bank Revises Rates, joining 14 other banks which have updated their FD rates in January. Senior citizens can avail of a maximum of up to 8.50 per cent from AU Small Finance Bank, revised on January 24, 2024.

AU Small Finance Bank:

For fixed deposits of less than Rs 2 crore, interest rates of this small finance bank (SFB) range from 4.25 per cent to 8.50 per cent, with a period ranging from seven days to 120 months.

Although there are no compounding benefits on FDs of less than six months, the rate is still higher than a savings account. The bank offers 4.25 per cent for seven days to one month and 15-day FDs and 4.75 per cent for one month 16 days to three months. For three months one day to six months, the rate is 5.50 per cent, and for six months one day to 12 months, it is 7.25 per cent.

Seniors can get 8.25 per cent for 12 months one day to 15 months, 8.00 per cent for 15 months one day to less than 18 months, and the highest, 8.50 per cent, for 18 months. Furthermore, for 18 months one day to 24 months, it offers 8.25 per cent, for 24 months one day to 45 months, the rate is 8.00 per cent, and for 45 months one day to 120 months, it is 7.75 per cent for seniors.

Banks offer additional rates to seniors. SFB offers 0.50 per cent more than the general public.

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Other Developments:

Indian Bank has not revised its FD rates this week, but on its special FDs, ‘Ind Supreme 300 days’ and ‘Ind Super 400 days’, open for investment only up to February 2, 2024, it is offering seniors 7.55 per cent and 7.75 per cent, respectively. Super seniors can receive 7.80 per cent on ‘Ind Supreme 300 days’ FD, and 8.00 per cent for ‘Ind Super 400 days’ FD.

Other banks that revised their FD interest rates in January 2024 include: Punjab National Bank, Dhanlaxmi Bank, J&K Bank, Karnataka Bank, Kotak Mahindra Bank, Jana Small Finance Bank, ESAF Small Finance Bank, Bank of Baroda, Union Bank of India, IDBI Bank, Federal Bank, Central Bank of India, Bank of Maharashtra, and Shivalik Small Finance Bank.