Banks hike FD rates in India: Many banks in India have increased or reduced the interest rates on fixed deposits in January 2024, including Punjab National Bank (PNB), Bank of Baroda, Union Bank of India, Kotak Mahindra Bank. And Federal Bank is included.
Karnataka Bank’s Latest FD Rates
Karnataka Bank offers interest rates between 3.5% to 7.25% for general citizens on amounts less than ₹2 crore. The new rates are effective from January 20.
Latest FD Rates of Union Bank of India
Union Bank of India offers interest rates between 3.5% to 7.25% for amounts less than ₹2 crore for general citizens. The new rates are effective from January 19. The bank has mentioned on its website, ‘Indian senior citizens can avail the benefit of additional 0.50 percent on deposits.’
Latest FD Rates of Federal Bank
Federal Bank offers fixed deposit interest rates between 3% to 7.75% for general citizens for tenures ranging from 7 days to 5 years and above.
For senior citizens, the bank offers interest rates between 3.50% to 8.25%. Rates are effective from January 17.
Latest FD Rates of IDBI Bank
IDBI Bank offers interest rates between 3% to 7% for general citizens and 3.50% to 7.50% for senior citizens on tenures ranging from 7 days to 10 years. Rates are effective from January 17.
Latest FD Rates of Bank of Baroda
Bank of Baroda is offering interest rates of 4.25% to 7.25% from January 15.
Latest FD rates of Punjab National Bank (PNB)
PNB has increased the FD interest rates on amounts less than ₹ 2 crore twice this month. After the amendment, PNB offers a discount of 3.5% to 7.25% to common citizens on deposits maturing in 7 days to 10 years.
The bank offers interest rates ranging from 4% to 7.75% on FDs maturing in seven days to ten years, and 4.3% to 8.05% to super seniors. These rates are effective from January 8.
Latest FD Rates of Kotak Mahindra Bank
Kotak Bank offers interest rates of 2.75% to 7.25% for general citizens and 3.25% to 7.80% for senior citizens from January 4.
