The Reserve Bank of India (RBI) on Friday kept the repo rate unchanged at 6.5 per cent for eight consecutive times following its bi-monthly monetary policy committee meeting. The repo rate is the rate at which the central bank lends money to commercial banks. Therefore, any change in the repo rate can impact bank rates, including fixed deposits.

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Five banks revised their FD rates in the week ending June 8, 2024. Meanwhile, the MPC meeting raised the bulk deposit limit from ‘single rupee term deposits of Rs 2 crore and above’ to ‘single rupee term deposits of Rs 3 crore and above’ for scheduled commercial and small finance banks. Here are the details of the rate change.

Indian Bank

Highest rate: 7.75 per cent

The bank revised the rates on June 3, 2024. It offers 7.60 per cent on FDsof over one year to less than two years. On special FDs. like “Ind Super 400-day”, it provides 7.75 per cent to senior citizens and 8.0 per cent to super senior citizens. For “Ind Supreme 300 days”, the rates are 7.55 per cent and 7.80 per cent for them, respectively. The special FDs are open only up to June 30.

Here are the rates for its regular FDs:

• 6.60 per cent for one year
• 7.60 per cent for above one year to less than two years
• 7.20 per cent for two years to less than three years
• 6.75 per cent for three years to five years
• 6.60 per cent for above five years.

DCB Bank

Highest rate: 8.55 per cent

Seniors can avail of a maximum of 8.55 per cent for FDs of 19 to 20 months. For deposits of less than Rs 3 crore, interest rates are:

• 7.60 per cent for 12 months
• 8.25 per cent for over 12 months to 12 months 10 days
• 7.65 per cent for 12 months 11 days to 17 months
• 7.60 per cent for 17 months one day to 18 months five days
• 7.90 per cent for 18 months six days to less than 19 months
• 8.55 per cent for 19 months to 20 months
• 7.90 per cent for 20 months one day to less than 700 days
• 8.00 per cent for 700 days to 26 months
• 8.05 per cent for over 26 months to less than 37 months
• 8.25 per cent for 37 months to 38 months
• 7.90 per cent for over 38 months to less than 61 months
• 8.15 per cent for 61 months, and
• 7.75 per cent for over 61 months to 120 months.

Axis Bank

Highest rate: 7.85 per cent

Axis revised the FD rates of less than Rs 3 croreon June 8, 2024.

Here are the current rates for seniors:

• 7.20 per cent for tenures less than one year to less than 15 months
• 7.60 per cent for tenures between 15 months and less than five years, except for 17 months to less than 18 months tenure
• 7.85 per cent for 17 months to less than 18 months (highest rate); and
• 7.75 per cent for five years to 10 years.

RBL Bank

Highest Rate: 8.50 per cent

The private sector bank offers 0.50 per cent additional rates to senior citizens across tenures. The current rates offered by the bank for deposits less than Rs 3 crore are:

• 8.00 per cent for 12 months to less than 15 months
• 8.30 per cent for 15 months to less than 18 months
• 8.50 per cent for 18 months to 24 months
• 8.00 per cent for 24 months one day to 36 months
• 7.60 per cent for 36 months one day to 60 months one day; and
• 7.60 per cent for 60 months two days to 120 months.

It revised the rates on June 8, 2020.

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AU Small Finance Bank

Highest rate: 8.50 per cent

The small finance bank revised the rates on June 7, 2024. AU Small Finance Bank merged with Fincare Small Finance Bank, effective April 1, 2024. It offers the following rates:

• 7.75 per cent for six months one day to 12 months
• 8.35 per cent for 12 months one day to 15 months
• 8.00 per cent for 15 months one day to less than 18 months
• 8.50 per cent for 18 months
• 8.25 per cent for 18 months one day to 24 months
• 8.00 per cent for tenure between 24 months and 45 months period; and
• 7.75 per cent for tenures between 45 months and 120 months.