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Bandhan Bank, J&K And 2 Other Banks Revise FD Rates This Week: Know Details

Four banks, including Bandhan Bank and J&K Bank, have revised their fixed deposit rates in the week ended April 13, 2024, offering senior citizens a maximum of 8.35 per cent.

April 13, 2024
April 13, 2024
FD interest rates

FD interest rates

Bandhan Bank, J&K Bank, South Indian Bank, and Tamilnad Mercantile Bank Ltd revised their fixed deposit (FD) rates in the week ending April 13, 2024. Banks offer an additional 0.50 per cent to senior citizens aged 60 and above and up to 1.0 per cent to super senior citizens aged 80 and above on FDs than the general public. Here are the details of the revised rates.

Bandhan Bank:

Highest rate: 8.35 per cent

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This private-sector bank revised its FD rates on April 8, 2024. It offers 8.35 per cent to senior citizens for a one-year FD, the highest interest rate provided by the bank. The bank offers 7.75 per for one-year one-day to less than two-year FDs, two-year to less than three-year FDs, and three-year to less than five years. For five years to up to 10 years, the interest rate is 6.60 per cent. For tax-saving FDs with a lock-in of five years, the interest rate is 7.50 per cent for seniors.

J&K Bank:

Highest rate: 7.55 per cent

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J&K Bank revised its FD rates on April 11, 2024. Seniors can avail of a maximum of 7.55 per cent for one- to less-than-two-year FDs. For two years to less than three years, the rate is 7.50 per cent, and for three years to less than five years and five years to 10 years, it is 7.00 per cent.

Also Read: SBI Extends Deadline For Amrit Kalash And WeCare FDs: Know The Interest Rate For Senior Citizens

South Indian Bank:

Highest rate: 7.75 per cent

It revised FD rates on April 11, 2024. It offers seniors a maximum of 7.75 per cent interest on FDs. For one year FDs, the interest is 7.20 per cent; for one year one day, it is 7.50 per cent, and for one year two days to 399 days, it is 7.00 per cent. It offers the highest 7.75 per cent for 400-day special FDs. Further, the rate is 7.00 per cent for 401 days to less than 30 months, 7.50 per cent for 30 months, and 7.20 per cent for more than 30 months to less than five years.

For five years to less than 66 months, seniors can receive 6.50 per cent; for 66 months (Green deposit), it is 7.00 per cent; and for above 66 months to up to 10 years, it is 6.50 per cent.

Also Read: Beware! SIPs Could Be Cancelled If You Violate New ECS Rules Effective April 1

Tamilnad Mercantile Bank Ltd:

Highest rate: 8.0 per cent

After the rate revision FD on April 10, 2024, Tamilnad Mercantile Bank (TMB) offers a maximum of 8.00 per cent to senior citizens. It offers 7.50 per cent for one year to less than 400 days and 8.00 per cent for 400 days. For more than 400 days to less than two years, it is 7.50 percent, 7.25 percent for two years to less than three years, and 7.00 percent for three years to 10 years.

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Maximise Your Savings With Senior Citizen FD Rates

Fixed deposits are a secure investment option with attractive interest rates for senior citizens. Explore the highest FD rates across government banks, private banks, small finance banks, and corporate FDs to maximise your savings. However, also consider factors, such as tenure, credibility, premature withdrawal, senior citizen premium, and tax implications for an informed decision.

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