In the post-budget meeting of the Reserve Bank of India’s (RBI) Central Board of Directors on August 10, Union Finance Minister Nirmala Sitharaman asked banks to innovative deposit schemes. RBI Governor Shaktikanta Das highlighted a mismatch between deposits and lending and banks’ reliance on non-retail deposits in the short term to meet credit demand. He advised banks to focus on mobilising household savings through innovative products and services, leveraging their vast network of branches for better liquidity management. Following that crucial meeting, Bank of Baroda, J&K Bank, and IDBI Bank revised their fixed deposit rates this week, while RBL launched a 500-day special FD called Vijay Fixed Deposit. Let’s check the details.

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Bank Of Baroda (BOB):

The public sector bank revised its FD interest rates on August 13, 2024. It offers the highest 7.75 per cent to seniors. The FD rates for them are:

– 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 and 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 (bob360)

– 7.35 per cent from 1 year to up to three years (except 399 days)

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

– 7.65 per cent for above two years and up to three years

– 7.15 per cent for above three years and up to five years

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

J&K Bank:

Senior citizens can avail of the highest 7.00 per cent interest rate with the bank. It revised the rate for two tenures: ’91 days to 180 days’ and ‘Three years to less than five years’. Here are the latest FD rates:

– 5.50 per cent for 91 days to 180 days

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

– 7.00 per cent for one year to less than three years

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

– 6.50 per cent for five years to 10 years.

The bank revised the rates on August 11, 2024.

IDBI Bank:

It revised FD rates this week with effect from August 15, 2024. The maximum rate offered by the bank is 7.85 per cent. Here are the interest rates for senior citizens:

– 6.00 per cent for 91 days to six months

– 6.50 per cent for six months one day to 270 days

– 6.75 per cent for 271 days to less than one year (except 300 days)

– 7.30 per cent for one year to two years (except 375 days, 444 days, 700 days)

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

– 7.00 per cent for three years to five years

– 6.75 per cent for more than five years to 10 years.

Special FD rates are:

– 7.55 per cent for 300 days

– 7.75 per cent for 375 days

– 7.85 per cent for 444 days

– 7.70 per cent for 700 days.

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RBL Bank:

Commemorating Independence Day this week, the bank launched a new 500-day FD called the ‘Vijay Fixed Deposit.’ This special FD has been introduced as a ‘mark of respect and appreciation for our service members,’ the bank stated in its press release. The 500-day FD is available for deposits of less than Rs 3 crore.

The rate of interest on this FD is:

– 8.85 per cent for super senior citizens

– 8.60 per cent for senior citizens

– 8.10 per cent for regular fixed deposit.

The bank last revised its FD interest rates on July 29, 2024. The highest rate it offers to seniors is 8.60 per cent on ‘500 day’ FD.