Business News : Banks have started increasing fixed deposit rates or new FD schemes to attract customers. Due to increasing investment in mutual funds and decline in bank deposits, FD rates of banks and NBFCs remain high. Let us tell you that RBL Bank, Federal Bank and IDBI Bank have started special FD schemes for both general customers and senior citizens. Let us know how much interest is being given in the special FD of these banks. 

RBL Bank FD 

RBL Bank has announced a special 500-day FD on the occasion of Independence Day, with rates starting from 8.1% to 8.85%. The private sector bank is offering 8.1% interest to normal FD customers booking a 500-day FD plan. Senior citizens (above 60 years of age but below 80 years of age) will get 8.6% and super senior citizens (above 80 years of age) will get 8.85% rate on FD. Customers can book fixed deposit plans both online and offline using the RBL Bank app or by visiting a bank branch.

Federal Bank FD

Federal Bank has also announced a special scheme on Independence Day, under which customers are being offered fixed deposit rates up to 8.05%. The bank has announced new rates for deposits with tenures of 400 days, 777 days and 50 months. General citizens will be offered FD rates of 7.35%, 7.40% and 7.40% respectively. Senior citizens will get interest rates of 7.85%, 7.90% and 7.90% respectively on FDs of these tenures. Under the non-callable category, the bank is offering interest rates of 7.5%, 7.55% and 7.55% respectively to general citizens on FDs of tenures of 400 days, 777 days and 50 months. Senior citizens will be offered interest rates of 8%, 8.05% and 8.05% respectively on FDs of these tenures. These rates are applicable on non-callable deposits above Rs 1 crore.

IDBI Bank FDs

IDBI Bank is offering an interest rate of 7.05% to general citizens on its special Utsav FD maturing in 300 days. Senior citizens are being offered an interest rate of 7.55% on Utsav FDs of 300 days duration. On a tenure of 700 days, the interest rate is 7.20% for general citizens and 7.70% for senior citizens. For Utsav FDs with a tenure of 375 days, the interest rates are up to 7.25% for general citizens and 7.75% for senior citizens. On FD schemes with a tenure of 444 days, the bank now offers an interest rate of 7.35% for general citizens and 7.85% for senior citizens. The new rates will be applicable from August 15, 2024.