5 banks revise fixed deposit interest rates in August 2024, ET BFSI

Several banks revised their fixed deposit interest rates in August. Federal Bank, Punjab National Bank (PNB), Karnataka Bank, and Union Bank of India changed their FD rates on August 1 and 2, 2024. Below is a list of the five banks that have modified their fixed deposit rates in August so far.

(All the FD rates are for amounts up to Rs 3 crore and the rate information is taken from the respective bank websites as on August 2, 2024).

Karnataka Bank is offering up to 7.25% interest rate on FDs booked by individuals below 60 years of age. For senior citizens the bank offers an additional interest rate of 0.5%. The FD rates are effective from August 2, 2024.Here’s a table showing the latest Karnataka Bank FD rates

Maturity period	Interest rate (% p.a.) for deposits below Rs 3 crore
7 days to 45 days	3.5%
46 days to 90 days	4%
91 days to 179 days	5.25%
180 days to below 1 year	6.75%
250 days only	6.95%
1 year to 2 years	7.1%
375 days (FD & ACC)	7.25%
Above 2 years to 5 years	6.5%
Above 5 years to 10 years	5.8%

Latest Punjab National Bank FD rate

For individuals below 60 years of age, the PNB FD interest rates start from 3.5% and go up to 7.25%. For senior citizens the lowest interest rate being offered is 4% and the highest FD interest rate is 7.75%. For super senior citizens the lowest interest rate on FDs is 4.3% and the highest rate is 8.05%. The FD rates are effective from August 1, 2024.The interest rate for FDs 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. For senior citizens the FD rate starts from 3.5% and goes up to 7.9%. The FD rates are effective from August 2, 2024.Here’s a table showing the Federal Bank FD interest rates

Period	Single Deposit Less than Rs 300 Lakhs – General Public	Single Deposit Less than Rs 300 Lakhs – Senior Citizen
7 days to 29 days	3%	3.5%
30 days to 45 days	3.25%	3.75%
46 days to 60 days	4%	4.5%
61 days to 119 days	4.75%	5.25%
120 days to 180 days	5%	5.5%
181 days	6.5%	7%
182 days to 270 days	5.75%	6.25%
271 days to less than 1 year	6%	6.5%
1 year to 399 days	6.8%	7.3%
13 months to 399 days	7.2%	7.7%
400 days	7.35%	7.85%
401 days to 776 days	7.05%	7.55%
777 days	7.4%	7.9%
778 days to less than 3 years	7.05%	7.55%
3 years to less than 50 months	7%	7.5%
50 months	7.4%	7.9%
Above 50 months to less than 5 years	7%	7.5%
5 years and above	6.6%	7.25%

Union Bank of India is offering up to 7.4% interest rate on FDs to individuals below 60 years of age.The FD rates are effective from August 2, 2024.

Here’s a table showing the FD interest rates being offered by Union Bank

Period	Rate of interest
7 to 14 days	3.5%
15 to 30 days	3.5%
31 to 45 days	3.5%
46 to 90 days	4.5%
91 to 120 days	4.8%
121 to 180 days	5%
181 Days to	6.35%
333 days	7.4%
334 days to	6.35%
1 year	6.8%
>1 year to 398 Days	6.8%
399 Days	7.25%
400 Days to 2 year	6.6%
> 2 year to 996 days	6.6%
997 days	6.4%
>998 days to less than 3 Years (except for 999 days @ 6.40)	6.6%
3 years	6.7%
> 3 Year to 5 years	6.5%
>5 Years to 10 Years	6.5%

State owned Bank of India is offering interest rate on its FDs starting from 3% and going up to 7.3% for individuals below 60 years of age. The FD rates are effective from August 1, 2024.

Also read: Full list of interest rates offered on FDs by Bank of India.