As inflation rose from 4.75 per cent in May to 5.08 per cent in June, the possibility of a rate cut from the Reserve Bank of India (RBI) in the immediate future has made it unlikely. Amid the spike in inflation, the Bank of Maharashtra and J&K Bank have revised their fixed deposit (FD) rates, offering senior citizens up to 7.75 per cent interest. During its monetary policy meeting in June, RBI hiked the threshold limit for bulk bank deposits, making regular rates applicable to FDs of less than Rs 3 crore. Here are the interest rates of these banks for FDs below Rs 3 crore.

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Bank Of Maharashtra:

The public sector bank revised its FD rates on July 8, 2024. It offers seniors an additional 0.50 per cent on FDs of a minimum of 91 days and above. If withdrawn before maturity, the interest will be payable at the rate applicable for the period the FD was kept with the bank. The bank charges no penalty on premature withdrawal of FDs of less than one year of maturity. But if withdrawal is made prematurely for FDs above one year of maturity, the interest rate payable will be one per cent below the applicable rate. The interest rates offered to seniors are:

– 5.50 per cent for 91 to 119 days

– 5.75 per cent for 120 to 180 days

– 6.25 per cent from 181 days to 364 days

– 7.25 per cent for one year (365 days)

– 7.50 per cent from above one year to ten years

The bank also offers some special tenure FDs and offers:

– 7.40 per cent on 200 days FD

– 7.60 per cent on 400 days FD

– 7.65 per cent for 666 days FD; and

– 7.75 per cent for 777 days FD.

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J&K Bank:

J&K Bank offers senior citizens the highest 7.50 per cent after revising its FD interest rates on July 11, 2024. In the latest revision, the bank has increased the interest rate by 0.50 per cent to 6.75 per cent on 181 days to 270 days and by 0.25 per cent to 6.75 per cent on its ‘271 days to less than one year tenure FD for seniors. It includes 0.50 per cent additional interest the bank offers senior citizens across all tenures. Here are the interest rates:

– 5.50 per cent for 91 days to 180 days

– 6.75 per cent for 181 days to 270 days

– 6.75 per cent for 271 days to less than one year

– 7.50 per cent for one year to less than two years

– 7.50 per cent for two years to less than three years

– 7.00 per cent for three years to less than five years; and

– 7.00 per cent for five years to less than 10 years.