RBL Bank revises retail term deposit interest rates: now get up to 7.25%

RBL Bank, a private sector lender, has changed interest rates on term deposits under 2 crores. On October 1, 2022, the new rates will come into effect, according to the bank’s official website. The impact of the RBI’s repo rate hike to 5.90%, which was announced on Friday, led to RBL Bank’s interest rate hike today. RBL Bank will now offer a maximum interest rate of 7.75% for the elderly and 7.25% for the general public on deposits maturing in 725 days, which is above retail inflation by 7% determined by the consumer price index (CPI), which skyrocketed in August.

RBL Bank FD Rates

The bank will now offer an interest rate of 3.25% on deposits maturing in the next 7-14 days, while RBL Bank will now offer an interest rate of 3.75% on deposits maturing in the next 15 to 45 days. Term deposits with a maturity between 46 and 90 days now have an interest rate of 4.00%, while term deposits with a maturity between 91 and 180 days now have an interest rate of 4.00%. interest of 4.50%. On deposits with a maturity of 181 days to 240 days, RBL Bank will now pay an interest rate of 5.00%, and on deposits with a maturity of 241 days to 364 days, the bank will now pay an interest rate of 5.25%.

On retail term deposits with maturities of 365 to 452 days (12 months to less than 15 months), RBL Bank will now offer an interest rate of 6.50% and on term deposits with maturities of 453 to 459 days (15 months), the bank will offer an interest rate of 7.00%. Fixed deposits maturing in 460 to 724 days (15 months 1 day to less than 725 days) will now earn an interest rate of 7.00% and term deposits maturing in 725 days will now earn an interest rate of 7.00%. maximum interest of 7.25%.

RBL Bank will now offer an interest rate of 7.00% on deposits with a maturity between 726 days and less than 24 months and the bank will now offer an interest rate of 6.75% on deposits with the maturity is between 24 months and less than 36 months. Term deposits with a maturity of 36 months to 60 months and 1 day will now earn an interest rate of 6.55% and term deposits with a maturity of 60 months and 2 days to 240 months will now earn an interest rate 5.75%. On the fixed tax savings deposit (60 months), RBL Bank now offers an interest rate of 6.55%.

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RBL Bank FD Rates (rblbank.com)

Simple interest will be used to determine interest at maturity for term deposits with terms of less than 181 days. According to the bank, the revised rates are valid for both new term deposits and renewals of existing term deposits.

RBL Bank mentioned on its website that “In the event of full/partial premature withdrawal of the fixed deposit, interest will be paid at the rate which was applicable on the date the deposit was made and for the period during which the deposit is maintained with the Bank, subject to a penalty of 1% on this rate. However, there is no penalty for premature withdrawal of fixed deposits by seniors/super seniors.”

“Seniors (60 to under 80) are eligible for an additional interest rate of 0.50% per annum and super seniors (80 and over) are eligible for an additional interest rate of 0. 75% per annum Senior/super senior rates are not applicable on Non-Resident Fixed Term Deposits (NRE/NRO),” RBL Bank said on its website.

The RBI raised the repo rate again by 0.5% at its last monetary policy meeting on September 30, 2022, and there is no break in the rate hike cycle to 190 basis points. base that began in May 2022 and led banks to raise FD interest rates. Since most banks started raising interest rates on their fixed deposits to meet credit demand, the influence on the repo rate has been there since day one. Banks like ICICI Bank, Bank of India, Axis Bank and RBL Bank have started raising interest rates in response to the fourth consecutive increase in the current repo rate cycle. Other banks are expected to fall in line, which is a big deal for fixed deposit investors who want to outperform inflation in terms of yield.

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