In August, many banks have changed the interest rate on their FDs. Apart from this, RBL Bank and Federal Bank have started a special type of FD scheme. The bank is giving more interest on these FDs. But this offer is for a limited period. IDBI Bank has also increased the interest rate on its special type of FD. Let’s see what are the details and interest rates of these special FDs.
RBL Bank
‘Vijay Fixed Deposits’ are a unique kind of FD that RBL Bank has introduced. There is a time limit on this promotion. In addition to providing them with fair pay, it honors the bravery and sacrifice of the nation’s warriors. In a statement released by RBL Bank, ‘Vijay Fixed Deposits’ has been created to show respect to our soldiers.
Interest rates available in Vijay Fixed Deposits
>> 8.85% p.a. for super senior citizens
>> 8.60% p.a. for senior citizens
>> 8.1% p.a. on regular fixed deposits
Federal Bank
Additionally, Federal Bank is offering a special deal in honor of Independence Day. In this case, FD deposits are offered competitive interest rates. “The new interest rates give customers different options to increase their money as much as possible,” the bank said in a press release. Federal Bank offers solutions for any type of requirement, whether you select a deposit with advance withdrawal or a Deposit Plus plan that offers higher returns on larger deposits. These interest rates are only going to be offered temporarily. For a 50-month FD, Federal Bank is offering 7.90 percent interest.
IDBI Bank
You will receive 7.05% interest if you take out an IDBI Bank Utsav FD for three hundred days. However, if you are a senior citizen, you will get 7.55% interest on the same FD. If you take Utsav FD for 700 days, you will get 7.20% interest, and senior citizens will get 7.70%. The interest for the general public on the 375-day Utsav FD has been increased from 7.15% to 7.25%, and senior citizens can now get 7.75% (earlier 7.65%) on it. The interest for the general public on the 444-day Utsav FD has been increased from 7.25% to 7.35%, and senior citizens can now get 7.85% (earlier 7.75%) on it.
The average person would now receive 7.35% interest if they take out a 444-day ‘Utsav FD’. It was 7.25 percent interest earlier. Previously, it was 7.75%, but now seniors can earn 7.85% on it. The revised prices will take effect on August 15, 2024.
Why is the interest rate more than that of the loan?
At the moment, 8.4% is the starting interest rate on house loans from several institutions. Banks and NBFCs, however, have requirements about your CIBIL score for this. You can claim that you are receiving a higher interest rate on your fixed deposit (FD) than what banks and NBFCs are offering if you invest in an FD that yields 8.85% or 8.60% annually.
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