Five banks have revised their fixed deposit (FD) interest rates in the week ending July 15, 2024. Of late, banks have been struggling to shore up depleting deposits—a concern that was highlighted by the Reserve Bank of India (RBI) Governor, Shaktikanta Das, during an event in Mumbai on July 19, where he urged them to devise strategies to attract more deposits. A recent RBI report also highlights the issue, which records a shift in household savings from deposits to equity investments. It noted that as banks’ credit growth depends on deposits, ensuring a reasonable balance between them is critical to maintaining liquidity and sustainable growth.

Possibly to attract more deposits, the State Bank of India (SBI) launched this week the 444-day “Amrit Vrishti” FD scheme for senior citizens, offering them 7.75 per cent.

Here are the latest FD rates of the five banks after their rate revision:

Bank Of Baroda (BOB):

The bank revised its FD rates on July 15, 2024, and also introduced special tenure FDs of ‘333 days’ and ‘390 days’, named as BOB Monsoon Dhamaka Deposit Scheme. It offers seniors the following rates:

– 6.25 per cent for 181 days to 210 days

– 6.65 per cent for 211 days to 270 days

– 6.75 per cent for 271 days & above and less than one year (except 333 days and 360 days)

– 7.65 per cent for 333 Days (BOB Monsoon Dhamaka Deposit Scheme)

– 7.60 per cent for 360 days

– 7.35 per cent for one year

– 7.75 per cent for 399 days (BOB Monsoon Dhamaka Deposit Scheme)

– 7.35 per cent for above one year to two years (Except 399 Days)

– 7.65 per cent for above two years to three years

– 7.15 per cent for above 3 Years to five years

– 7.50 per cent for over five years to 10 years.

Also Read: The Cost Of Do-It-Yourself In Retirement Planning And Investment Advisory

Indian Overseas Bank (IOB):

After revising its FD rates, IOB offers the highest 7.80 per cent interest to senior citizens. For other tenures, the interest rates for seniors are:

– 6.25 per cent for 180 days to less than a year

– 7.60 per cent for one year to less than two years (except 444 days)

– 7.80 per cent for 444 days

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

– 7.00 per cent for three years and above.

The rates were revised on July 15, 2024, for callable FDs of less than Rs 3 crore.

Dhanlaxmi Bank:

After revising rates on July 15, 2024, the bank offers the following interest rates to senior citizens:

– 5.00 for 180 days to less than one year

– 7.25 per cent for one year and above for up to two years

– 7.75 per cent for 555 days (18 months and seven days)

– 7.00 per cent for above two years to three years

– 7.75 per cent for above three years to five years

– 7.10 per cent for above five years to 10 years.

The bank offers 0.50 per cent additional interest to senior citizens only on FDs with one year or more tenure.

IDFC FIRST Bank:

This private sector bank revised interest rates on July 15, 2024. It offers 0.50 per cent additional rates to seniors on all tenures. Its senior citizens interest rates are:

– 6.25 per cent for 181 days to less than one year

– 7.00 per cent for one year

– 7.75 per cent for one year, one day to 499 days

– 8.25 per cent for 500 days

– 8.00 per cent for 501 days to two years

– 7.75 per cent for two years one day to three years

– 7.50 per cent for three years one day to 10 years.

On its Green Deposit FD of ‘1000 days’, it offers 7.75 per cent.

Also Read: Systematic Transfer Plan (STP) In Mutual Funds: Know How It Works And Taxed

Federal Bank:

It revised FD interest rates on July 18, 2024. Seniors can avail of the maximum of 7.75 per cent interest from an FD with the bank. Here are senior citizen’s rates:

– 7.00 per cent for 181 days

– 6.25 per cent for 182 days to 270 days

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

– 7.30 per cent for one year to less than 13 months

– 7.70 per cent for 13 months to 399 days

– 7.75 per cent for 400 days

– 7.50 per cent for 401 days to less than two years

– 755 per cent for two years to 776 days

– 7.75 per cent for 777 days

– 7.55 per cent for 778 days to less than three years

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

– 7.25 per cent for five years and above.