As per the Reserve Bank of India’s (RBI) projection, the inflation is expected to ease from 5.4 per cent in 2023-24 to 4.5 per cent in 2024-25 and ease further to 4.1 per cent in 2025-26. So, the chances are least likely for any interest rate cut. Speaking at the “Future of Finance Forum 2024” in Singapore on September 13, RBI Governor Shaktikanta Das said the balance sheets of banks and non-banking financial intermediaries have strengthened which would give them the ability to maintain the liquidity requirement even under stressful situations. While RBI’s repo rate is a key factor that affects banks’ interest rates, banks can revise their rates independently to maintain their liquidity requirements. During the week ending September 14, 2024, five banks have revised their fixed deposit (FD) rates. Here are the details:

Bandhan Bank:

The bank revised the rates on September 13, 2024. It offers seniors the highest 8.55 per cent for one year tenure. For other tenures, the interest rates are:

· 5.25 per cent for six months to less than one year

· 8.55 per cent for one year

· 8.50 per cent for one year one day to one year nine months

· 7.75 per cent for one year nine months one day to less than five years

· 6.60 per cent for five years to up to 10 years.

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City Union Bank:

The bank revised rates for senior citizens last week on September 1, 2024, offering them a maximum of 8.00 per cent for ‘333 days’. However, it revised the rates for super senior citizens (80 years and above) this week on September 9, 2024, and offers them a maximum of 8.10 per cent. The revised rates for super seniors are:

· 6.50 per cent for 181 days to 270 days

· 6.75 per cent for 271 days to 332 days

· 8.10 per cent for 333 days

· 7.30 per cent for 334 days to 400 days

· 6.75 per cent for 401 days to three years

· 6.50 per cent for above three years up to 10 years.

IDFC First Bank:

This private sector bank revised its rates effective from September 13, 2024. The latest rates on FDs for seniors are:

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

· 7.00 per cent for one year

· 7.75 per cent for one year one day to 399 days

· 8.25 per cent for 400 days

· 7.30 per cent for 401 days to two years

· 7.50 per cent for two years one day to three years

· 7.25 per cent for three years one day to five years

· 7.00 per cent for five years one day to 10 years.

On its special ‘Green Deposit’ FD for ‘1000 days’, the interest rate is 7.00 per cent for the general public. The bank offers 0.50 per cent additional rates on its FDs for seniors.

IndusInd Bank:

Seniors can avail of the highest of 8.25 per cent with this bank’s FDs. After revising rates on September 11, 2024, the rates for senior citizens are:

· 6.35 per cent for 181 days to 210 days

· 6.60 per cent for 211 days to 269 days

· 6.85 per cent for 270 days to 354 days

· 7.00 per cent for 355 days to 364 days

· 8.25 per cent for one year to two years

· 7.75 per cent for above two years to below 61 months

· 7.50 per cent for 61 months and above.

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Ujjivan Small Finance Bank:

This small finance bank (SFB) revised FD rates on September 13, 2024. It offers 8.75 per cent, the maximum interest for seniors for ’12 months’ tenure, including 0.50 per cent additional interest available only for seniors. Its FD interest rates for seniors are:

· 7.50 per cent for six months to less than nine months

· 8.00 per cent for nine months

· 7.50 per cent for nine months one day to less than 12 months

· 8.75 per cent for 12 months

· 8.50 per cent for 12 months one day to 560 days (80 weeks)

· 8.25 per cent for 561 days to 990 days

· 7.70 per cent for 991 days to 60 months

· 7.00 per cent for 60 months one day to 120 months.