Want higher FD returns? This bank is offering 8.5% interest
What's the story
RBL Bank and Union Bank of India have revised their fixed deposit (FD) interest rates for deposits below ₹3 crore.
Union Bank's revised rates came into effect from April 25, while RBL Bank will make the changes from May 1.
Union Bank's new FD interest rates range between 3% to 7.15%, depending on the tenure of the deposit, which can range from seven days to 10 years.
Meanwhile, RBL Bank's interest rates fall within 3.5-8.5%.
Numbers
Revised FD interest rates by Union Bank
Union Bank provides higher FD interest rates for senior (60 and above) and super senior citizens (80 and above).
Regular customers can earn between 3% and 7.15%, depending on the deposit tenure (seven days-10 years).
For short tenures, between seven days and 45 days, the bank offers an interest rate of 3.5%.
Deposits held for more than a year up to three years will earn an interest rate in the range of 6.6% to 6.7%.
Benefits
A look at the figures
Super senior citizens can earn between 3.75% and 7.85%.
For tenures between over one year and up to three years, the interest rates range between 6.6% to 6.7%.
Deposits for more than three years and up to 10 years will earn an interest rate of 6.5%.
The highest interest rate of 7.15% is offered on a 456-day deposit.
Interest
RBL Bank's revised interest rates
RBL Bank has also revised its FD interest rates. Regular customers can earn 3.5%-7.75% for deposits under ₹3 crore, with tenures of seven days to 10 years. Senior citizens are offered interest rates of 4%-8.25%, while super senior citizens can enjoy higher returns of 4.25%-8.5%.