Private sector banks, IDFC FIRST Bank and City Union Bank, revised their fixed deposit (FD) interest rates in the week ended March 23, 2024. Senior citizens can earn up to a maximum of 8.50 per cent for certain FDs after the revision. Here are the details.

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IDFC First Bank:

This bank revised the FD rates for callable deposits of less than Rs 2 crore on March 21, 2024. After the revision, seniors can earn a maximum of 8.50 per cent on its 500-day FDs. For one-year FDs, the rate is 7.00 per cent; for one year 1 day to 499-day FDs, it is 8.00 per cent. Further, the rates are 8.00 per cent for 501 days to 548 days, 8.25 per cent for 549 days to two years, 7.75 per cent for two years one day to three years, and 7.50 per cent for three years one day to five years and five years one day to 10 years.

City Union Bank:

Seniors can receive up to 7.50 per cent interest on FDs from this bank, the highest for senior citizens. The bank revised rates on March 20, 2024.Its FD rates range from 5.00 per cent to 7.50 per cent for seniors and 5.00 per cent to 7.00 per cent for others. It provides 7.00 per cent interest for 365 days to 399 days, 7.50 per cent for 400 days, and 6.75 per cent for 401 to three years. Further, the rate is 6.50 per cent for any FDs above three years to up to 10 years.

Besides these FD rate revisions, a few other banks’ specials FDs will close on March 31, 2024.

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State Bank of India: 

SBI’s Amrit Kalash 400-dayFD offers 7.60 per cent to senior citizens, and SBI WeCare FD offers 7.5 per cent for five years to 10 years. Both these FDs will close on March 31, 2024.

For more details, please read here.

Punjab and Sind Bank:

The bank revised its FD rates on February 1, 2024. It offers the highest 7.90 per cent to senior citizens, including 0.50 per cent interest applicable to them. This rate is offered on its special 444-dayFDs, valid till March 31, 2024. Two other special FDs will close on March 31, 2024. These are 222-day and 333-dayFDs, offering 7.50 per cent and 7.65 per cent, respectively, to senior citizens.