Some banks have recently revised their fixed deposit (FD) interest rates for deposits under Rs 3 crore, effective from September 2024. The latest banks to revise their FD rates are Bank of India, City Union Bank, Bank of Baroda and Karnataka Bank. Let’s take a look at the fixed deposit interest rates applicable to both general and senior citizens.
Bank of Baroda
Bank of Baroda has revised fixed deposit interest rates for amounts below Rs 3 crore. The new rates are effective from September 5, 2024, as per the Bank of Baroda website.After the revision, the bank will offer FD interest rates between 4.25% and 7.30% for general citizens on tenures between 7 days to 10 years for amounts below Rs 3 crore for callable deposits. For senior citizens, the bank offers an interest rate between 4.75% to 7.80%.FD interest rate up to 7.8%: Bank of Baroda revises fixed deposit rates
Bank of India
Bank of India has revised its fixed deposit (FD) interest rates for amounts less than Rs 3 crore and launched a new special fixed deposit tenure with higher interest rates. The revised FD rates are effective from September 1, 2024.
After the revision, the bank will offer FD interest rates between 3% and 7.25% for tenures between 7 days to 10 years for deposits of less than Rs 3 crore for general citizens. For senior citizens, the bank offers an interest rate between 3% to 7.75%. For super senior citizens (aged above 80 years), the bank offers interest rate between 3% to 7.90%.
Bank of India- Star Dhan Vriddhi details
The new tenure launched is 333 days fixed deposit dubbed as Star Dhan Vriddhi, it offers highest interest rate of 7.25%, 7.75% and 7.90% for general citizens, senior citizens, and super senior citizens respectively.
| Maturity (For NRE Rupee Term Deposits, | For deposits of less than Rs.3 Cr | For deposits of Rs.3 Cr & above but less than Rs.10 Crs |
| min. tenor is 1 Year and Max. 10 Years) | Revised w.e.f 01.09.2024 | Revised w.e.f 01.08.2024 |
| 7 days to 14 days | 3 | 4.5 |
| 15 days to 30 days | 3 | 4.5 |
| 31 days to 45 days | 3 | 4.5 |
| 46 days to 90 days | 4.5 | 5.25 |
| 91 days to 179 days | 4.5 | 6 |
| 180 days to 210 days | 6 | 6.5 |
| 211 days to 269 days | 6 | 6.75 |
| 270 days to less than 1 Year (except 333 Days) | 6 | 6.75 |
| 333 days (Star Dhan Vriddhi ) | 7.25 | 6.75 |
| 1 Year | 6.8 | 7.25 |
| Above 1 Year to less than 2 Years | 6.8 | 6.75 |
| 2 Years | 6.8 | 6.5 |
| Above 2 Years to less than 3 Years | 6.75 | 6.5 |
| 3 Years to less than 5 Years | 6.5 | 6 |
| 5 Years to less than 8 Years | 6 | 6 |
| 8 years & above to 10 Years | 6 | 6 |
Karnataka Bank
Karnataka Bank has revised its fixed deposit interest rates for amounts below Rs 3 crore effective from September 3, 2024. After the revision, the bank offers interest rate between 3.50% to 7.50% for general citizens and for senior citizens the banks offers interest rate between 3.75% to 8%. The highest interest rate of 7.50% and 8% is offered on tenure of 375 days.
| Maturity period | Interest rate (% p.a.) for deposits below ₹ 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 | 6.25 |
| 250 days only (FD & ACC) | 6.75 |
| 1 year to 2 year | 7.35 |
| 375 days (FD & ACC)* | 7.5 |
| Above 2 years to 5 years | 6.5 |
| Above 5 years to 10 years | 5.8 |
City Union Bank
City Union Bank has revised its fixed deposit interest rates for amounts below Rs 3 crore effective from September 1, 2024. After the revision, the bank offers interest rate between 5% to 7.50% for general citizens and for senior citizens the banks offers interest rate between 5% to 8%. The highest interest rate of 7.50% and 8% is offered on tenure of 333 days.
For Super Senior citizens, the bank offers the highest interest rate of 8.10%.
| Period | Rate of Interest % p.a | |
| General | Senior Citizens | |
| 7 days to 14 days | 5.00% | 5.00% |
| 15 days to 45 days | 5.50% | 5.50% |
| 46 days to 90 days | 5.75% | 5.75% |
| 91 days to 180 days | 6.00% | 6.00% |
| 181 days to 270 days | 6.25% | 6.50% |
| 271 days to 332 days | 6.50% | 6.75% |
| 333 days | 7.50% | 8.00% |
| 334 days to 400 days | 7.00% | 7.25% |
| 401 days to 3 Years | 6.50% | 6.75% |
| Above 3 Years upto 10 Years | 6.25% | 6.50% |
| Tax Saver | 7.10% | 7.10% |
