RBL Bank has increased special period fixed deposit (FD) rates with effect from November 25, with the maximum rate now capped at 8.05% for senior citizens. For non-senior citizens, the maximum FD rate is 7.55% for tenures of 453 to 459 days, 460 to 724 days and 725 days. However, for very senior citizens, the rates have been fixed at 8.30% for the same tenor.
A rate of 7.50 per cent has been fixed for senior citizens for a period of 365 to 452 days and 726 to 24 months. Similarly, for non-senior citizens, the FD rate is 7% for the same tenure.
For senior citizens, FDs with a tenure of more than 60 months will fetch a return of 6.75%, while for non-senior citizens, FDs will fetch a return of 6.25%. On the other hand, super-senior citizens will get 7% return. The company allows you to start FDs with tenures ranging from 7 days to 240 months.
Let’s take a look at the table
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*Senior Citizen and Super Citizen rates are applicable for domestic deposits only.
Besides this, on Tuesday, Bajaj Finance Ltd, a non-banking finance company (NBFC) introduced a new 39-month special term fixed deposit (FD) scheme for senior citizens with a rate of 7.85%. For non-senior citizens, the FD rate for a tenure of 39 months is 7.60%. However, the highest rate for senior citizens has been fixed at 7.95% for 44 months. For non-senior citizens, the highest FD rate for the same tenure (44 months) is 7.70%. Cumulative FDs of 12-23 months will fetch 6.80% interest, while special FDs of 15 months will fetch 6.95% (for non-senior citizens). On the other hand, 12-23 months cumulative FD for senior citizens will fetch 7.05% interest, while 15 months special FD will fetch 7.20% (for senior citizens). The company allows you to start FDs with tenures ranging from 12 to 60 months.