Banks Update FD Rates Ahead of December 4 RBI Policy Meeting Stability in Interest Rates Expected

New Delhi (The Uttam Hindu): Several banks have recently revised their fixed deposit (FD) interest rates, affecting both regular and senior citizens. These changes come ahead of the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting, scheduled from December 4, 2024. With the likelihood of a repo rate cut low, interest rates are expected to remain steady. Below are the latest updates on FD rates from key banks:

Canara Bank

Effective December 1, 2024, Canara Bank updated its FD interest rates for deposits under ₹3 crore. For general citizens, the rates range from 4% to 7.40%, while senior citizens earn between 4% and 7.90% on callable deposits.

Short-term rates:

7-45 days: 4%

46-90 days: 5.25%

91-179 days: 5.5%

Medium-term rates:

180-269 days: 6.25%

270 days to 1 year: 6.25%

Long-term rates:

1-2 years: 6.85%

2-3 years: 7.30%

3-5 years: 7.40%

YES Bank

As of November 5, 2024, YES Bank offers rates between 3.25% and 7.75% for general citizens and 3.75% and 8.25% for senior citizens. The highest rates of 7.75% for general citizens and 8.25% for senior citizens are available on deposits with an 18-month term.

IndusInd Bank

IndusInd Bank revised its FD rates on November 26, 2024. For general citizens, rates range from 3.50% to 7.99%, while senior citizens earn between 4% and 8.49%. The top rate of 7.99% for general citizens and 8.49% for senior citizens applies to deposits maturing between one year and five months.

Karur Vysya Bank

Karur Vysya Bank updated its FD interest rates on November 22, 2024. Rates for general citizens range from 4% to 7.60%, and senior citizens earn between 4% and 8.10%. The highest rates are available for 760-day deposits, with 7.60% for general citizens and 8.10% for senior citizens.

IDFC FIRST Bank

Effective November 26, 2024, IDFC FIRST Bank revised its FD rates. For general citizens, rates range from 3% to 7.90%, while senior citizens earn between 3.50% and 8.40%. The highest rates of 7.90% for general citizens and 8.40% for senior citizens are offered on deposits maturing between 400 and 500 days.

These updates reflect a competitive push among banks to attract depositors, ensuring stable returns amid the upcoming monetary policy announcement.