Mumbai-based RBL Bank revises its fixed deposit rates 2 crores for both general public and senior citizens. Initially, a senior can earn between 3.75% to a maximum of 8.05% on FDs below 2 crores. These interest rates have come into effect from November 25, 2022. However, there is a certain age group of senior citizens who are eligible to earn an additional interest rate of 0.75% per annum over normal FD rates, which take the rate higher. As in a whopping 8.3% per annum. Every bank gives the benefit of additional interest rate to the elderly on opening a fixed deposit account.
According to RBL Bankwebsite, from November 25, a senior citizen can earn a rate of 8.05% per annum FD Maturing in 453 days to 725 days. While the bank is offering a rate of 7.50% for tenors from 12 months to less than 15 months and 1 day tenure from 726 days to 60 months. However, for a tenure of 60 months 2 days to 240 months, the interest rate is 6.75%.
7.50% interest rate is also applicable on tax saving FD with maturity period of 60 months.
The above interest rates are inflation-beating. India’s Consumer Price Index (CPI) came in at 6.77% in October – down from its five-month high of 7.41% in September 2022.
For tenure less than 1 year, RBL Bank is offering 6.35% from 241 days to 364 days; 5.50% on 181 days to 240 days; 5% on days 91 to 180; and 4.50% for tenure of 46 days to 90 days. In addition, the bank is offering senior citizens an interest of 4.25% for tenure of 15 days to 45 days and 3.75% for tenure of 7 days to 14 days.
Meanwhile, ultra senior citizens earn higher interest rates than other senior citizens. For very senior citizens, the maximum rate is 8.30% for a period of 453 days to 725 days.
Senior Citizens are depositors above the age of 60 years but less than 80 years. It is being said that very senior citizens are 80 years and above.
In addition, the bank offers 7.75% on FDs of less than 12 months tenure to 15% to senior citizens aged 80 years and above; and from 726 days to less than 36 months. The rate is 7.30% for 36 months to 60 months 1 day and 7% for 60 months 2 days to 240 months. RBL Bank is offering 6.60% to very senior citizens for a tenure of less than 1 year, from 241 days to 364 days; 5.75% on 181 days to 240 days; 5.25% on 91 days to 180 days; 4.75% on 46 days to 90 days; 15 days to 45 days 4.50%; and 4% from 7 days to 14 days.
Notably, the Senior Citizen/Very Senior Citizen rates are not applicable on Non-Resident Fixed Deposits (NRE/NRO).
In RBL Bank, interest rates are subject to change from time to time. The deposit will be booked on the availability of clear funds with the bank at the rate of interest applicable as on the date of receipt of funds by the bank.
Also, in RBL Bank, the maximum total amount that can be invested in Tax Saving Fixed Deposit (80C FD) under a single PAN is 1.5 lakh and it cannot be prematurely closed before the expiry of the lock-in period of 5 years. Tax Saving Fixed Deposit is applicable for Domestic/NRO (Not applicable for NRE Fixed Deposit).
On the other hand, the general public gets interest rates on FDs ranging between 3.25% to 7.55% below 2 crores in RBL Bank.
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