IDBI, Axis And Capital Small Finance Bank Have Revised FD Rates; Know The Senior Citizen Rates
IDBI Bank, Axis Bank, and Capital Small Finance Bank have revised their fixed deposit (FD) rates in the week ending June 22, 2024.
IDBI Bank, Axis Bank, and Capital Small Finance Bank have revised their fixed deposit (FD) rates in the week ending June 22, 2024.
FD Rate revision In Three Banks
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:
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.
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Its rates are as follows:
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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:
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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:
These rates are applicable for FDs less than Rs 3 crore.
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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:
Its special category FD rates are:
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.
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ICICI, Axis, IDBI, and RBL bankshave revised their fixed deposit rates this week, offering senior citizensa maximum of 8.60 per cent.
The Reserve Bank of India (RBI) has maintained a cautious stance on inflation, keeping the repo rate unchanged at its five previous Monetary Policy Committee (MPC) meetings.
A senior citizen savings account may offer additional features like higher interest rate, premium debit card, free demat account, wealth management solution, doorstep banking facility, etc.
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