Latest Fixed Deposit Rates May 2024: Several banks have adjusted their fixed deposit interest rates in May, including SBI, DCB Bank, IDFC FIRST Bank, Utkarsh Small Finance Bank, City Union Bank, RBL, and Capital Bank Small Finance Bank.
According to an ET report, DCB Bank has updated its fixed deposit interest rates for amounts below Rs 2 crore, effective from May 22, 2024. The bank now provides the highest FD interest rate of 8% for general customers and 8.55% for senior citizens on tenures ranging from 19 to 20 months. The maximum savings account interest rate offered is 8%, the report said.
IDFC FIRST Bank has also revised its fixed deposit interest rates for amounts less than Rs 2 crore, with the new rates taking effect from May 15, 2024. The bank now offers interest rates ranging from 3% to 7.90% on deposits maturing in 7 days to 10 years for general citizens.
Senior citizens receive an additional spread of 0.50% p.a. over the standard rate, with interest rates varying from 3.50% to 8.40%. The highest interest rate of 8% for general customers and 8.40% for senior citizens is offered on a tenure of 500 days.
The State Bank of India (SBI) has increased its fixed deposit interest rates for specific tenures on retail deposits (up to Rs 2 crore) and bulk deposits (above Rs 2 crore). According to the SBI website, the new FD rates have been in effect since May 15, 2024.
Utkarsh Small Finance Bank has updated its fixed deposit interest rates for amounts under Rs 2 crore, effective from May 1, 2024. The bank now provides interest rates ranging from 4 percent to 8.50 percent for general citizens and 4.60 percent to 9.10 percent for senior citizens. The maximum interest rates of 8.50 percent and 9.10 percent are available on tenures spanning 2 years to 3 years.
Starting from May 1, 2024, RBL Bank has adjusted its fixed deposit interest rates for amounts less than Rs 2 crore. The bank offers the highest interest rate of 8% on FDs maturing between 18 and 24 months. On the same FD tenure, the senior citizen will earn 0.50% extra i.e., 8.50%, and super senior citizens (80 years and above) are eligible for an additional interest rate of 0.75% i,e., 8.75%.
Capital Small Finance Bank has modified its fixed deposit interest rates for amounts below Rs 2 crore, with the changes taking effect from May 6, 2024. The bank provides general citizens with interest rates ranging from 3.5 percent to 7.55 percent, while senior citizens can avail interest rates between 4 percent and 8.05 percent. The highest interest rate is offered on the tenure of 400 days.
City Union Bank has amended its fixed deposit interest rates for amounts under Rs 2 crore, effective from May 6, 2024. The bank offers interest rates between 5 percent and 7.25 percent for general citizens and between 5 percent and 7.75 percent for senior citizens. The maximum interest rates of 7.25 percent and 7.75 percent are available on the tenure of 400 days.
