Bank of Baroda (BoB), IDFC First Bank, Tamilnad Mercantile Bank, and Federal Bank revised their fixed deposit interest rates during the week ending October 19, 2024.

Bank of Baroda (BOB)

The bank revised the rates on October 14, 2024. Here are the details of the revised rates for seniors (60 years and above):

• 7.35 per cent for one year

• 7.50 per cent for above one year to two years (except 400 days)

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• 7.80 per cent for 400 days (Bob Utsav Deposit Scheme)

• 7.65 per cent for above two years to three years

• 7.40 per cent for above three years to five years

• 7.50 per cent for over 5 years to 10 years.

• For super senior citizens (80 years and above), the revised rates are:

• 7.35 per cent for one year

• 7.60 per cent for above one year to up to two years (except 400 days)

• 7.50 per cent for above three years to 10 years.

Also Read: How To Avoid Going Off Balance Between Festive Spending And Investing Routine

IDFC First Bank

The bank offers senior citizens the highest 8.25 per cent, including 0.50 per cent higher rates than general public rates. The rates available for them are:

• 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 to 500 days

• 7.75 per cent for 501 days to two years

• 7.30 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.

The rates were revised on October 16, 2024.

Tamilnad Mercantile Bank

After the FD rates revision on October 17, 2024, seniors are offered a maximum of 8.10 per cent on its special deposit scheme for 300 days (TMB300), valid for a limited period. The rates for seniors are:

• 6.50 per cent for 180 to 299 days

• 8.10 per cent for 300 days (TMB300) Special Deposit scheme

• 6.75 per cent for 301 days to less than one year

• 7.50 per cent for one year to less than 400 days

• 8.00 per cent for 400 days (TMB400) Special Deposit scheme

• 7.50 per cent for above 400 days to less than two years

• 7.25 per cent for two years to less than three years

• 7.00 per cent for three years to 10 years.

The bank offers an additional 0.50 per cent interest to seniors online on FDs for one year or longer, except for 300 days special FD.

Federal Bank

This private sector bank revised FD rates on October 16, 2024. It offers at least 0.50 per cent additional interest to seniors on all tenures starting from seven days. Here are the details of interest rates for seniors:

• 7.30 per cent for one year to 399 days

• 7.85 per cent for 400 days

• 7.55 per cent for 401 days to 776 days

• 7.90 per cent for 777 days

• 7.55 per cent for 778 days to less than three years

• 7.50 per cent for three years to less than 50 months

• 7.90 per cent for 50 months

• 7.50 per cent for above 50 months to less than five years

• 7.25 per cent for five years and above.

Also Read: How A Purpose In Life Can Never Let You Retire

RBI Urged To Enhance Bank Deposit Insurance Coverage

Banks have recently urged the Reserve Bank of India (RBI) to enhance senior citizens’ deposit insurance limit, which is currently Rs 5 lakh. It will help seniors who depend on fixed deposits for cash requirements after retirement. It will also help banks to boost customer deposits.