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RBL Bank Vs Yes Bank Vs IndusInd Bank: Who Offers Highest Rates On FDs To Senior Citizens?
In recent times following the RBI's 5 consecutive repo rate hikes and unchanged Repo rate, the banks revised their FD rates. Now, the banks are offering high-interest rates on FD to customers. These interest rates look to be highly appealing, especially when coming from a large bank when compared to the FD rates of 6% or less from just a year ago. Here we have made a quick comparison of 3 leading private sector lenders' FD rates, which are RBL Bank, Yes Bank, and IndusInd Bank.
1. RBL Bank
FDs with Premature Withdrawal Allowed
RBL Bank on June 01, 2023, revised their interest rates on FDs. Following the revision, the bank now offers FDs below Rs. 2 Crore with Premature Withdrawal Facility up to 7.80% to regular customers including NRE and NRO. Whereas, it maximum 8.30% interest to senior citizens. These rates are applicable on the deposit period ranging between 7 days to 240 months.
Interest Rate on Domestic, NRO, NRE & Flexi Fixed Deposits Below Rs. 2 Cr.
| Period of Deposit | Domestic & Flexi FD Interest Rates p.a. | Senior Citizen Interest Rates p.a. | NRE Interest Rates p.a. | NRO Interest Rates p.a. |
|---|---|---|---|---|
| 7 days to 14 days | 3.50% | 4.00% | NA | 3.50% |
| 15 days to 45 days | 4.00% | 4.50% | NA | 4.00% |
| 46 days to 90 days | 4.50% | 5.00% | NA | 4.50% |
| 91 days to 180 days | 4.75% | 5.25% | NA | 4.75% |
| 181 days to 240 days | 5.50% | 6.00% | NA | 5.50% |
| 241 days to 364 days | 6.05% | 6.55% | NA | 6.05% |
| 365 to 452 days (12 months to less than 15 months) | 7.00% | 7.50% | 7.00% | 7.00% |
| 453 days to less than 24 months (15 months to less than 24 months) | 7.80% | 8.30% | 7.80% | 7.80% |
| 24 months to less than 36 months | 7.50% | 8.00% | 7.50% | 7.50% |
| 36 months to 60 months 1 day | 7.10% | 7.60% | 7.10% | 7.10% |
| 60 months 2 days to 240 months | 7.00% | 7.50% | 7.00% | 7.00% |
| Tax Savings Fixed Deposit (60 months) | 7.10% | 7.60% | NA | 7.10% |
FDs with Premature Withdrawal Not Allowed
Under these deposits, the bank is offering interest rates between 7.20% to 8% to Domestic, NRO, and NRE deposits and an interest rate of 7.70% to 8.50% to senior citizens p.a. These interest rates are applicable on the deposits period of 365 days to 240 months period. To book FDs under these rates, the amount required is between Rs. 50 lakhs to below Rs. 2 crore. These deposits don't come with Premature Withdrawal Facilities.
Interest Rate on Domestic, NRO, NRE Fixed Deposits Rs 50 Lakh to Below Rs 2 Cr
| Period of Deposit | Domestic FD Interest Rates p.a. | Senior Citizen Interest Rates p.a. | NRE Interest Rates p.a. | NRO Interest Rates p.a. |
|---|---|---|---|---|
| 365 days to 452 days (12 months to less than 15 months) | 7.20% | 7.70% | 7.20% | 7.20% |
| 453 days to less than 24 months (15 months to less than 24 months) | 8.00% | 8.50% | 8.00% | 8.00% |
| 24 months to less than 36 months | 7.70% | 8.20% | 7.70% | 7.70% |
| 36 months to 60 months 1 day | 7.30% | 7.80% | 7.30% | 7.30% |
| 60 months 2 days to 240 months | 7.20% | 7.70% | 7.20% | 7.20% |
Source - RBLbank.com
Note - Senior Citizens (60 years to less than 80 years) are eligible for additional interest rate of 0.50% p.a. and Super Senior Citizens (80 years and above) are eligible for additional interest rate of 0.75% p.a. Senior Citizens/Super Senior Citizens rates are not applicable on Non-Resident Fixed Deposits (NRE/NRO).
2. Yes Bank
For accounts under Rs 2 crore, Yes Bank offers interest rates on deposits below Rs. 2 crore with effect from 2nd May 20223. The bank provides regular citizens interest rates ranging from 3.25% to 7.75% and senior citizens with rates ranging from 3.75% to 8.25%.
Interest Rates On Fixed Deposits Below Rs. 2 Cr.
| Period | Regular Interest Rates | Senior Citizens*** Interest Rates |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.75% |
| 15 days to 45 days | 3.70% | 4.20% |
| 46 days to 90 days | 4.10% | 4.60% |
| 91 days to 180 days | 4.75% | 5.25% |
| 181 days to 271 days | 6.00% | 6.50% |
| 272 days to | 6.25% | 6.75% |
| 1 Year to | 7.50% | 8.00% |
| 18 Month | 7.75% | 8.25% |
| 36 months to | 7.00% | 7.75% |
Source - Yesbank.in
Note - *** Senior Citizen rates are applicable only for Domestic Deposits
3. IndusInd Bank
On fixed deposits under 2 crore rupees, IndusInd Bank has revised its rates with effect from June 02, 2023. Now, the bank provides interest rates for the general public that range from 3.50% to 7.50%. While for Senior Citizens, offers interest rates that range from 4% to 8.25%. The deposit tenure of FDs with the bank ranges between 7 days to 61 months. These deposits come with the Premature Withdrawal Facility.
Interest Rates On Fixed Deposit For Domestic/NRO/NRE/Senior Citizens
| Tenure | Domestic /NRO/NRE deposits Rate | Senior Citizen Rate |
|---|---|---|
| 7 days to 14 days | 3.5 | 4 |
| 15 days to 30 days | 3.5 | 4 |
| 31 days to 45 days | 4 | 4.5 |
| 46 days to 60 days | 4.5 | 5 |
| 61 days to 90 days | 4.6 | 5.1 |
| 91 days to 120 days | 4.75 | 5.25 |
| 121 days to 180 days | 5 | 5.5 |
| 181 days to 210 days | 5.85 | 6.35 |
| 211 days to 269 days | 6.1 | 6.6 |
| 270 days to 354 days | 6.35 | 6.85 |
| 355 days to 364 days | 6.35 | 6.85 |
| 1 Year to below 1 Year 6 Months | 7.75 | 8.25 |
| 1 Year 6 Months to below 1 Year 7 Months | 7.75 | 8.25 |
| 1 Year 7 months up to 2 Years | 7.75 | 8.25 |
| Above 2 Years up to 2 Years 1 Month | 7.5 | 8 |
| Above 2 Years 1 Month to below 2 years 6 Months | 7.5 | 8 |
| 2 years 6 Months to below 2 years 9 Months | 7.5 | 8 |
| 2 years 9 Months to 3 years 3 months | 7.5 | 8 |
| Above 3 years 3 months to below 61 month | 7.25 | 7.75 |
| 61 month and above | 7 | 7.5 |
| Indus Tax Saver Scheme (5 years) | 7.25 | 7.75 |
Source - indusind.com
Note - *Interest is compounded quarterly. Simple interest will be paid on maturity for deposit wherever the tenure is upto 180 days.
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