RBL Bank has revised the fixed deposit rate with effect from December 15. Now interest rates are between 4 and 8.5 percent per year. The highest interest rate of 8 percent is offered on deposits with a maturity of 500 days to ordinary citizens, and 8.5 percent to senior citizens.
The bank also offers 7.8 percent interest to regular savers with three terms. These terms are 453 to 499 days, 501 to 545 days and finally 546 to 24 months. At the same time, seniors are offered an additional 50 basis points.
Special rates for selected terms
After this, general citizens are entitled to 7.80 percent for a term of office ranging from 453 days to 499 days and from 501 days to 24 months. General citizens are offered an interest rate of 7.5 percent over terms of 24 months, 1 day to 36 months, and for terms between 365 days and 452 days.
Meanwhile, RBL Bank is offering an interest rate of 7.10 percent on tenors of 36 months 1 day to 60 months and on tax-saving fixed deposits with tenors of 60 months. For a term between 60 months, two days and 120 months, the bank offers 7 percent. For short terms, i.e. for terms between seven days and one year, the bank offers an interest rate between 3.5 and 7.5 percent.
In addition, super seniors receive an additional interest of 75 basis points on all these terms.
Particularly for fixed deposits with a maturity of less than 181 days, the interest on maturity is calculated as simple interest. The minimum tenor for domestic and NRO fixed deposits is 7 days and no interest is payable on deposits withdrawn prematurely within the period of 7 days from the date of deposit.
