FD interest rate up to 9.1%: 9 banks have revised fixed deposit terms, rates after new RBI rule

Many big banks have revised their fixed deposit interest rates and terms following the new rule set by the Reserve Bank of India (RBI) in its latest monetary policy meet.

The RBI announced a proposal to revise the definition of bulk fixed deposits. As per the proposal, banks' fixed deposits of Rs 3 crore and above will be considered bulk deposits. Currently, a bank FD of Rs 2 crore and above is considered a bulk FD.

Also read: This FD amount will soon be considered as retail FD; RBI to review bulk FD limits

What is a bulk deposit?

According to the RBI definitions, “ Single Rupee term deposits of Rupees three crore and above for Scheduled Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks”

This modification would classify individual deposits between Rs 2 crore and Rs 3 crore as retail fixed deposits. Note that interest rates on retail deposits and bulk deposits differ.

Here is a list of banks that have revised the date and updated their retail deposits from Rs 2 crore to Rs 3 crore.

Also read: FD rates up to 8%: These 3 banks special fixed deposits with higher interest rates will end on June 30

• State Bank of India (SBI)

SBI has not revised the FD interest rate date, however the bank has updated retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from May 15, 2024.

• HDFC Bank

HDFC Bank revised fixed deposit interest rates effective June 12 and updated the retail deposit amount from Rs 2 crore to Rs 3 crore.

• Utkarsh SFB

Utkarsh SFB has revised FD interest rate and updated the retail deposit amount from Rs 2 crore to Rs 3 crore effective June 7, 2024.

• Bank of Baroda

Bank of Baroda revised fixed deposit interest rates effective June 12 and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 12, 2024.

• PNB

Punjab National Bank revised fixed deposit interest rates and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 10, 2024.

• Axis Bank

Axis Bank revised fixed deposit interest rates and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 8, 2024.

• Yes Bank

Yes Bank revised fixed deposit interest rates and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 8, 2024.

• DCB Bank

DCB Bank revised fixed deposit interest rates and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 7, 2024.

• RBL Bank

RBL Bank revised fixed deposit interest rates and updated the retail deposit amount from Rs 2 crore to Rs 3 crore. The rates are effective from June 8, 2024.