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SUMMARY
Several banks have recently revised their fixed deposit (FD) interest rates, impacting both general citizens and senior citizens. With the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting scheduled from December 4, 2024, the repo rate cut is unlikely this time, signaling that interest rates may remain stable. Here’s a look at the latest FD rate changes:
1 / 5Canara Bank, effective December 1, 2024, updated its FD rates for amounts under ₹3 crore. The bank now offers rates ranging from 4% to 7.40% for the general public and 4% to 7.90% for senior citizens on callable deposits. For short-term deposits, Canara Bank offers 4% on terms ranging from 7 to 45 days, 5.25% for 46 to 90 days, and 5.5% for 91 to 179 days. Deposits maturing between 180 and 269 days earn 6.25%, while terms of 270 days to 1 year yield 6.25% as well. For longer tenures, Canara Bank offers 6.85% for 1-2 years, 7.30% for 2-3 years, and 7.40% for 3-5 years.
2 / 5YES Bank also revised its FD interest rates, effective November 5, 2024. General citizens can now earn between 3.25% and 7.75% annually, while senior citizens earn between 3.75% and 8.25%. The highest interest rates are available for deposits with an 18-month term, offering 7.75% for general citizens and 8.25% for senior citizens.
3 / 5IndusInd Bank also made changes to its FD rates, effective November 26, 2024. The new rates range from 3.50% to 7.99% for general citizens and 4% to 8.49% for senior citizens. The highest interest rate of 7.99% for general citizens and 8.49% for senior citizens is available on deposits with tenures ranging from one year to five months.
4 / 5Karur Vysya Bank updated its FD interest rates on November 22, 2024, with rates ranging from 4% to 7.60% for general citizens and 4% to 8.10% for senior citizens. The highest interest rate of 7.60% for general citizens and 8.10% for senior citizens is offered on special 760-day deposits.
5 / 5IDFC FIRST Bank revised its FD interest rates on November 26, 2024, offering rates from 3% to 7.90% for general citizens and 3.50% to 8.40% for senior citizens. The highest interest rates of 7.90% for general citizens and 8.40% for senior citizens apply to deposits maturing between 400 to 500 days.
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