Fixed Deposits are an important financial option that allows for long term planning as they offer a dependable source of income and capital security. There are several benefits of investing like financial security, healthcare costs coverage, independence, beating inflation, maintaining purchasing power and a steady flow of returns.
Several banks have revised their Fixed Deposit (FD) interest rates for April 2024. Depending on the deposit plan, these banks offer varying interest rates on FDs. The banks periodically announce changes in their deposit interest rates to the public. Keeping this in mind here are 5 banks with a revised FD interest rates in the month of April.
Fincare Small Finance Bank:
Fincare Small Finance Bank (SFB) has revised interest rates on savings bank deposits and fixed deposit. As per the official website of the bank, the new rates are effective as of April 17, 2024. Following the modification, the bank will offer the highest interest rates on savings accounts up to 7.25% and on fixed deposits the bank will offer highest interest rate of 8% for general citizens and 8.50% for senior citizens.
IDBI Bank:
As per their website, IDBI Bank has revised the interest rates on its term deposits for amounts below Rs 2 crore and cut the fixed deposit interest rates of Utsav Callable FD on select tenure.
IDBI Bank provides interest rates ranging from 3% to 7% on FDs maturing in seven days to ten years to regular clients, and 35% to 75% to the senior citizens on callable deposits for amounts below Rs 2 crore. The new rates are effective from April 15, 2024. The bank offers senior citizens 7.55%. The bank gives regular, NRE, and NRO customers an interest rate of 7.05% under the Utsav FD of 300 days. The bank gives senior citizens 7.60%. The bank gives regular, NRE, and NRO customers an interest rate of 7.10% under FD scheme of 375 days.
The bank has cut 5 bps on fixed deposit interest rate from 7.25% to 7.20% and for senior citizens, the bank offers older citizens 7.70% from 7.75%
Federal Bank:
Federal Bank has revised fixed deposit interest rates for both resident and non-resident accounts, effective April 18, 2024. The bank offers FD interest rates between 3% to 7.40% for general citizens for tenures between 7 days to 10 years. After the revision, the highest interest rate for general citizens is 7.40% which is offered on a tenure of 400 days.
For senior citizens, the bank offers an interest rate between 3.50% to 7.90% for tenure between 7 days to 10 years. After the revision, the highest interest rate for senior citizens is 7.90% which is offered on a tenure of 400 days.
Bank of India:
Bank of India has revised fixed deposit interest rates for amounts below Rs 2 crore. After the revision, the bank offers interest rates between 3% and 7.25% for tenures ranging from 7 days to 10 years. The new rates are effective from April 1, 2024.
According to the Bank of India website, "The deposit under the specific maturity bucket of 175 days for amount bucket of "Rs.2 Cr & above but less than Rs.50 Cr" stands discontinued and the same will not be available from 01.04.2024."
Suryoday Small Finance Banks:
Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits. The new rates are effective from April 1, 2024.
After the revision, the bank is offering general public with interest at a rate of 4.00 percent to 9.01 percent, and senior citizens at a rate of 4.50 percent to 9.25percent for deposits less than Rs 2 crore with maturities ranging from 7 days to 10 years.