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Business News/ Money / Personal Finance/  Banks hike FD rates in India: PNB, Federal Bank among 7 banks that have revised fixed deposit interest rates this month
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Banks hike FD rates in India: PNB, Federal Bank among 7 banks that have revised fixed deposit interest rates this month

Several banks in India have hiked or revised 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

Several banks in India have hiked or revised interest rates on fixed deposits in January 2024, (iStock)Premium
Several banks in India have hiked or revised interest rates on fixed deposits in January 2024, (iStock)

Several banks in India have hiked or revised 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. 

Karnataka Bank latest FD rates

Karnataka Bank offers interest rates between 3.5% to 7.25% for amounts below 2 crore for general citizens. The new rates are effective from January 20.

Union Bank of India latest FD rates

Union Bank of India offers interest rates between 3.5% to 7.25% for amounts below 2 crore for general citizens. The new rates are effective from January 19. "The additional rate component, applicable to resident senior citizen deposits is 0.50% over and above the normal rates displayed above. The additional rate component applicable to resident super senior citizens is 0.75% over and above the normal rate displayed above (0.25% over and above rate applicable to resident senior citizens)," the bank mentioned on its website.

Federal Bank latest FD rates

Federal Bank offers fixed deposit interest rates between 3% to 7.75% for general citizens on tenure ranging from 7 days to 5 years and above. For senior citizens, the bank offers interest rates between 3.50% to 8.25%. The rates are effective from January 17.

IDBI Bank latest FD rates

IDBI Bank offers interest rates between 3% to 7% for general citizens, and 3.50% to 7.50% for elderly people on tenure ranging from 7 days to 10 years. The rates are effective from January 17.

Bank of Baroda latest FD rates

Bank Of Baroda offers an interest rate of 4.25% to 7.25% with effect from 15 January.

Punjab National Bank (PNB) latest FD rates

PNB hiked fixed deposit (FD) interest rates on amounts below 2 crore twice this month. After the revision, PNB offers general citizens 3.5% to 7.25% on deposits maturing in 7 days to 10 years. The bank offers an interest rate 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.

Kotak Mahindra Bank latest FD rates

Kotak Bank offers an interest rate of 2.75%  to 7.25% for general citizens and 3.25 % to 7.80% for senior citizens effective 4 January.

Note: The data is sourced from banks' respective websites

 

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 23 Jan 2024, 09:41 AM IST
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