Banks keep changing fixed deposit interest rates from time to time. In August, many banks have changed their FD interest rates. These include Punjab National Bank (PNB), Bank of India, Union Bank of India, Federal Bank and Karnataka Bank. PNB and Bank of India changed their FD rates on August 1, while Union Bank of India, Federal Bank and Karnataka Bank’s FD rates changed from August 2. Let’s find out which bank is giving the best returns on FD after the changes in August.
Union Bank of India
Union Bank of India is offering interest rates up to 7.4% on FDs to individuals below 60 years of age. The FD rates are effective from August 2, 2024. Here is a table showing the FD interest rates offered by Union Bank.
| Effective interest rates (Rates in % per annum) from 02nd Aug 2024 | |||||||||||||||||||||||||||||||||||||||||
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Federal Reserve Bank
The interest rate on FD in Federal Bank starts from 3% for individuals below 60 years of age and goes up to 7.4% for individuals below 60 years of age. FD rates for senior citizens start from 3.5% and go up to 7.9%. FD rates are effective from August 2, 2024.
| Period | Single Deposit Less than ₹300 Lakhs – General Public | Single Deposit Less than ₹300 Lakhs – Senior Citizen |
|---|---|---|
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 4.00% | 4.50% |
| 61 days to 119 days | 4.75% | 5.25% |
| 120 days to 180 days | 5.00% | 5.50% |
| 181 days | 6.50% | 7.00% |
| 182 days to 270 days | 5.75% | 6.25% |
| 271 days less than 1 year | 6.00% | 6.50% |
| 1 year to 399 days | 6.80% | 7.30% |
| 400 days | 7.35% | 7.85% |
| 401 days to 776 days | 7.05% | 7.55% |
| 777 days | 7.40% | 7.90% |
| 778 days less than 3 years | 7.05% | 7.55% |
| 3 years to less than 50 months | 7.00% | 7.50% |
| 50 Months | 7.40% | 7.90% |
| Above 50 months to less than 5 years | 7.00% | 7.50% |
| 5 years and above | 6.60% | 7.25% |
Karnataka Bank
Karnataka Bank is offering interest rates up to 7.25% on FDs booked by individuals below 60 years of age. For senior citizens, the bank offers an additional interest rate of 0.5%. FD rates are effective from August 2, 2024.
| maturity period | Interest rate (% pa) for deposits below ₹ 3 crore | Interest rate (% pa) for deposits ₹3 crore up to ₹5 crore | Interest rate (% pa) for deposits above ₹5 crore up to ₹10 crore |
|---|---|---|---|
| 7 days to 45 days | 3.5 | 3.5 | 3.5 |
| 46 days to 90 days | 4 | 5.25 | 6.00 |
| 91 days to 179 days | 5.25 | 6.75 | 6.75 |
| 180 days to 1 year | 6.75 | 6.75 | 6.75 |
| 250 days only | 6.95 | 6.95 | 6.95 |
| 1 year to 2 years | 7.1 | 7.1 | 7.1 |
| 375 days (FD & ACC)* | 7.25 | 7.25 | 7.25 |
| Above 2 years to 5 years | 6.5 | 6.5 | 6.5 |
| Above 5 years to 10 years | 5.8 | 5.8 | 5.8 |
Punjab National Bank
For individuals below 60 years of age, PNB FD interest rates start from 3.5% and go up to 7.25%. For senior citizens, the lowest interest rate is 4% and the highest FD interest rate is 7.75%. For very senior citizens, the lowest interest rate on FD is 4.3% and the highest rate is 8.05%. FD rates are effective from August 1, 2024.
| Domestic/NRO $ Fixed Deposit Scheme | |||||||
|---|---|---|---|---|---|---|---|
| Sl.No | Period | Revised Rates For Public wef 01.08.2024 | *Revised Rates for Senior Citizens wef 01.08.2024 | #Revised Rates for Super Senior Citizens wef 01.08.2024 | |||
| 1 | 7 to 14 Days | 3.50 | 4.00 | 4.30 | |||
| 2 | 15 to 29 Days | 3.50 | 4.00 | 4.30 | |||
| 3 | 30 to 45 Days | 3.50 | 4.00 | 4.30 | |||
| 4 | 46 to 60 Days | 4.50 | 5.00 | 5.30 | |||
| 5 | 61 to 90 Days | 4.50 | 5.00 | 5.30 | |||
| 6 | 91 to 179 Days | 4.50 | 5.00 | 5.30 | |||
| 7 | 180 to 270 Days | 6.25 | 6.75 | 7.05 | |||
| 8 | 271 Days to 299 Days | 6.50 | 7.00 | 7.30 | |||
| 9 | 300 Days | 7.05 | 7.55 | 7.85 | |||
| 10 | 301 Days to < 1 Year | 6.50 | 7.00 | 7.30 | |||
| 11 | 1 Year | 6.80 | 7.30 | 7.60 | |||
| 12 | >1 Year to 399 days | 6.80 | 7.30 | 7.60 | |||
| 13 | 400 Days | 7.25 | 7.75 | 8.05 | |||
| 14 | 401 Days to 2 Years | 6.80 | 7.30 | 7.60 | |||
| 15 | >2 years to 3 years | 7.00 | 7.50 | 7.80 | |||
| 16 | >3 years to 1203 days | 6.50 | 7.00 | 7.30 | |||
| 17 | 1204 days** | 6.40 | 6.90 | 7.20 | |||
| 18 | 1205 days to 5 years | 6.50 | 7.00 | 7.30 | |||
| 19 | >5 years to 1894 days | 6.50 | 7.30 | 7.30 | |||
| 20 | 1895 days** | 6.35 | 7.15 | 7.15 | |||
| 21 | 1896 days to 10 years | 6.50 | 7.30 | 7.30 | |||
bank of india
Bank of India is offering interest rates starting from 3% to 7.3% on its FDs for individuals below 60 years of age. FD rates are effective from August 1, 2024.
| Maturity (For NRE Rupee Term Deposits, min. Tenor is 1 Year and Max. 10 Years) | For deposits of less than Rs.3 Cr Revised wef 01.08.2024 | For deposits of Rs.3 Cr & above but less than Rs.10 Crs Revised wef 01.08.2024 |
|---|---|---|
| 7 days to 14 days | 3.00 | 4.50 |
| 15 days to 30 days | 3.00 | 4.50 |
| 31 days to 45 days | 3.00 | 4.50 |
| 46 days to 90 days | 4.50 | 5.25 |
| 91 days to 179 days | 4.50 | 6.00 |
| 180 days to 210 days | 6.00 | 6.50 |
| 211 days to 269 days | 6.00 | 6.75 |
| 270 days less than 1 year | 6.00 | 6.75 |
| 1 Year | 6.80 | 7.25 |
| Above 1 Year to less than 2 Years (except 666 Days) | 6.80 | 6.75 |
| 666 Days | 7.30 | 6.75 |
| 2 Years | 6.80 | 6.50 |
| Above 2 Years to less than 3 Years | 6.75 | 6.50 |
| 3 Years to less than 5 Years | 6.50 | 6.00 |
| 5 Years to less than 8 Years | 6.00 | 6.00 |
| 8 years and above to 10 Years | 6.00 | 6.00 |
