List of Banks Revised/Hiked Fixed Deposit (FD) Interest Rates In February 2024

Debt investors who are searching for a fixed-income investment with a higher interest rate become buzzy whenever a major financial institution increases or adjusts the interest rates on its fixed deposits (FDs). Not only can you enhance your return on investment by looking for higher FD interest rates, but you may also get closer to your financial objective sooner.

The list of banks (public and private) that revised their fixed deposit interest rates for deposits under Rs. 2 Cr in the month of February is the subject of this discussion here.

Bank of Maharashtra

On 28th February 2024, one of the leading PSU lenders of India, Bank of Maharashtra revised its interest rates on fixed deposits of less than Rs 2 Cr. Following the revision, the bank is now promising a maximum return of 7% on a tenure of 200 days.

Indian Overseas Bank

Another PSU lender, Indian Overseas Bank (IOB), raised interest rates on fixed deposits of less than Rs 2 Cr on February 10, 2024. After the modification, the bank is now providing a maximum return of 7.30 per cent across a 444-day term.

Punjab & Sind Bank

On February 1, 2024, Punjab & Sind Bank revised the interest rates on domestic term deposits under Rs 2 Cr. The bank is now providing a maximum return of 7.40% on a term of 444 days. This specific tenure is only valid till March 31, 2024.

Punjab National Bank

The interest rates on domestic term deposits of less than Rs 2 Cr have been raised by Punjab National Bank on February 1, 2024. The bank is now providing a maximum return of 7.25% on 400 days of tenure following the modification.

Axis Bank

Axis Bank increased the interest rates on fixed deposits of less than Rs 2 Cr on February 14, 2024. The highest possible return that the bank is now giving is 7.20% for a duration of 17 to 18 months.

Dhanlaxmi Bank

On February 1, 2024, the bank increased the interest rates on domestic term deposits under Rs 2 Cr. A maximum return of 7.25% is now being paid by the bank for a 555-day term (18 months and 7 days).

Federal Bank

Federal Bank revised its interest rates on domestic term deposits under Rs 2 Cr on February 06, 2024. The bank is now offering a maximum return of 7.50% on a 500-day tenure.

HDFC Bank

HDFC Bank modified its interest rates on domestic term deposits of less than Rs 2 Cr on February 9, 2024. As of right now, the bank is offering a maximum return of 7.25% on a term of 18 to 21 months.

ICICI Bank

On February 17, 2024, ICICI Bank raised the interest rates on domestic term deposits under Rs 2 Cr. The maximum return that the bank is now offering is 7.20% on a term of between 15 months and 2 years.

IDBI Bank

On February 15, 2024, IDBI Bank revised the interest rates on domestic term deposits under Rs 2 Cr. The maximum return that the bank is now offering is 7.00% on a two- or three-year term.

IndusInd Bank

On February 6, 2024, IndusInd Bank revised the interest rates on domestic term deposits under Rs 2 Cr. The highest potential return that the bank is now offering is 7.75% on a one- to two-year deposit term.

Karur Vysya Bank

Karur Vysya Bank modified the interest rates on domestic term deposits under Rs 2 Cr on February 1, 2024. The bank is now providing a maximum potential return of 7.50% on a 444-day tenure.

Kotak Mahindra Bank

Kotak Mahindra Bank raised the interest rates on domestic term deposits under Rs 2 Cr on February 27, 2024. The maximum possible return that the bank is now providing is 7.40% for terms ranging from 390 days to more than 23 months.

RBL Bank

On February 14, 2024, RBL Bank revised the interest rates on domestic term deposits under Rs 2 Cr. The highest potential return that the bank is now offering is 8.10% on 546 days to 24 months (18 months to 24 months) tenure.

South Indian Bank

South Indian Bank changed the interest rates on domestic term deposits under Rs. 2 Cr. on February 20, 2024. The bank is now providing a maximum possible return of 7.40% on a 400-day tenure.