After the Reserve Bank of India’s (RBI) monetary policy committee meeting (MPC) in June first week, banks have raised their bulk fixed deposit (FD) limit from Rs 2 crore to Rs 3 crore. This week, three banks have revised their FD rates. Here are the details:

IDBI Bank:

The bank revised rates on June 18, 2024, for FDs below Rs 3 crore. Senior citizens can avail themselves of the highest 7.75 per cent on specific FDs.

Its rates are as follows:

• 30 per cent for a year to two-year FDs, except for 375, 444, and 700 days FDs.
• 50 per cent for over two years to less than three years.
• 00 per cent for three years to five years.
• 75 per cent for over five years to 10 years.

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Its special or Utsav Callable FDs are valid until September 30, 2024. The rates for seniors and general public (others) on these FDs are: 

• 300-Day FD: 7.55 per cent for seniors and 7.05 per cent for others.
• 375-Day FD: 7.65 per cent for seniors and 7.15 per cent for others.
• 444-Day FD: 7.75 per cent for seniors and 7.25 per cent for others.
• 700-Day FD: 7.70 per cent for seniors and 7.20 per cent for others.

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Axis Bank: 

The private sector bank revised its FD rates on June 19, 2024; it offers a maximum of 7.85 per cent to senior citizens.

Seniors can avail of: 

• 50 per cent for tenures of one year to less than 15 months.
• 60 per cent for 15 months to less than 17 months.
• 85 per cent for 17 months to less than 18 months.
• 60 per cent for tenures between 18 months and less than five years.
• 75 per cent for five years to 10 years.

 These rates are applicable for FDs less than Rs 3 crore.

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Capital Small Finance Bank:

After the FD rate revision on June 20, 2024, this small finance bank offers a maximum of 8.05 per cent to people aged 60 years and above.

Senior citizens can avail of:

• 65 per cent for a year to less than five years.
• 60 per cent for five years and up to 10 years.

Its special category FD rates are: 

• 00 per cent for 12 months.
• 05 per cent for 400 days.
• 90 per cent for 600 days.
• 80 per cent for 900 days.

Small finance banks usually offer higher rates than their larger counterparts. However, deposits with them are secured up to Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation of India (DICGC), just like other public and private sector banks.