Numerous banks have changed the interest rates on their fixed deposits since the start of the new year 2024, and others have extended the deadline for their special fixed deposits. In January 2024, PNB, BoB, Federal Bank, and IDBI Bank updated their fixed deposit interest rates.
Hiked Bank’s Fixed Deposit Rates in India
1. Punjab National Bank
Punjab National Bank made two revisions to fixed deposits. The second increase in FD interest rates in a month came from Punjab National Bank. This time, the bank raised interest rates on a single tenure by 80 basis points (bps). For 300 days, the bank increased rates by 80 basis points for general people, 7.55% for senior citizens, and 7.85% for super senior citizens.
The bank provides general citizens interest rates ranging from 3.50% to 7.25%. The bank provides rates ranging from 4% to 7.75% for elderly persons and 4.30% to 8.05% for super senior citizens.
2. Federal Bank
According to a Federal Bank news release, the interest rate for 500 days has increased to 7.75% for residents and 8.25% for seniors. The interest rate on non-withdrawable fixed deposits has increased to 7.90% for balances between Rs 1 crore and Rs 2 crore, while the Federal Bank is now offering resident elderly people a maximum return of 8.40% for 500-day tenures.
The Federal Bank offers fixed deposit interest rates for common residents ranging from 3% to 7.75% with terms spanning from seven days to ten years. The bank provides elderly citizens interest rates ranging from 3.50% to 8.25%. The prices will be in force as of January 17, 2024.
3. IDBI Bank
IDBI Bank updated the FD interest rates. Following the adjustment, IDBI Bank provides fixed deposit interest rates for regular residents on terms ranging from seven days to ten years, with an exclusion for special Utsav deposits, of between 3% and 7%. The bank provides interest rates ranging from 3.50% to 7.50% for older persons. The prices will be in force as of January 17, 2024.
4. Bank Of Baroda
A new special short-term deposit product with a new maturity bucket and a higher interest rate has been introduced by the Bank of Baroda. These rates are in force as of January 15, 2024, and they apply to deposits less than Rs 2 crore. The bank has unveiled a brand-new term called “360D (bob360)” providing elderly people and ordinary residents with interest rates of 7.60% and 7.10%, respectively.
The bank provides common residents with an interest rate ranging from 4.45% to 7.25% for a duration of 7 days to 10 years. For older adults, the bank provides an interest rate ranging from 4.75% to 7.75% with a duration of 7 days to 10 years.
5. Union Bank
For sums under ₹2 crore, Union Bank of India provides interest rates ranging from 3.5% to 7.25% to ordinary persons. The revised prices go into effect on January 19. “In addition to the regular rates shown above, there is an extra rate component of 0.50% that applies to resident senior citizen deposits. The bank said on its website that the extra rate component for resident super senior citizens is 0.75% over and above the regular rate shown above (0.25% over and above the rate payable to resident senior citizens).
6. Karnataka Bank
For amounts under ₹2 crore, Karnataka Bank provides interest rates ranging from 3.5% to 7.25% to common people. The revised prices go into effect on January 20.
7. Kotak Mahindra Bank
Effective January 4, Kotak Bank is offering interest rates ranging from 2.75% to 7.25% for regular customers and from 3.25 per cent to 7.80% for senior customers.
