Bank FD Rates Over 8%: List Of 6 Banks That Revised FD Interest Rates In January 2024

The month of January is set to conclude, and a host of events have taken place. Surprisingly, in January 2024, despite RBI keeping the repo rate unchanged at 6.50%, a list of six banks revised their fixed deposit interest rates. The majority of the banks to revise their FDs belonged to the public sector.

FDs are one of the oldest and secure investment schemes offered by banks. The scheme is equipped with guaranteed returns, risk-free, long-term wealth creation and safe.

Here we have compiled a list of public and private sector banks that have revised their interest rates on fixed deposits of less than Rs 2 crore in January.

Punjab National Bank (PNB) FD Rates:

This leading PSU bank revised its FD rates for deposits below Rs 2 crore with effect from January 8, 2024.

The bank is offering as high as 7.25% to a general category on its 400 days tenure, followed by 7.05% for 300 days tenure, and 7% on above 2 years & up to 3 years tenure. The rest of the tenures from 7 days to 10 years, have interest rates ranging from 3.50% to 6.80%.

Meanwhile, senior citizens can earn as high as 7.75% on 400 days; 7.5% on 300 days; and 7.50% on above 2 years & up to 3 years. Other rates range from 4% to 7.30%.

PNB offers the highest FD rates to super senior citizens. The bank is giving more than 8%, at a staggering 8.05% on 400 days to super seniors, followed by 7.85% on 300 days, and 7.80% on above 2 years & up to 3 years tenure. Other rates range from 4.39% to 7.60%.

Federal Bank FD rates:

This private sector bank revised its FD rates with effect from January 17, 2024. It is offering as high as 7.75% to a general category on 500 days tenure, while senior citizens get to earn a massive 8.25% on the same tenure.

Federal Bank offers 7.30% each on 13 months to 499 days, and 501 days to 21 months tenure. While senior citizens get to earn up to 7.80% each on these maturities. The bank also offers 7.05% to the general category and 7.55% to senior citizens above 21 months to less than 3 years tenure.

The rest of the tenures' interest rates range from 3% to 7% for the general category, and from 3.50% to 7.50% for senior citizens.

IDBI BankFD Rates:

Just like the Federal Bank, LIC-backed IDBI Bank also revised its FD rates with effect from January 17, 2024.

General citizens get to 6% on over 2 years to less than 3 years tenure, while the bank offers between 3% to 6.80% on other tenures.

Senior citizens get to earn as high as 7.50% on tenure above 2 years but below 3 years. Other ranges range from 3.50% to 7.30%.

Bank of Baroda FD Rates:

With effect from January 15, this PSB is offering a maximum of up to 7.25% to the general category and 7.75% to senior citizens on tenures above 2 years to less than 3 years.

A 7.15% rate to general citizens and 7.65% to elderlies is offered on a special FD scheme, 399 Days (Baroda Tiranga Plus Deposit Scheme). The bank also offers 7.10% and 7.60% on the 360D (bob360) scheme.

The rest of the rates are in the range of 4.25% to 6.50% for the general category, and from 4.75% to 7.35%.

Karnataka Bank FD Rates:

For FDs below Rs 1 crore, Karnataka Bank is offering interest rates in the range of 3.50% to 7.10%. While FD rates are in the range of 3.5% to 7.25% on deposits between Rs 1 crore to Rs 2 crore.

The interest rates are lower on FDs between Rs 2 crore to Rs 5 crore, ranging from 3.50% to 7.20%. Further, on FDs between Rs 5 crore to Rs 10 crore, the rates range from 3.50% to 7.25%.

Senior citizens earn an extra 0.4% on these rates. The new FD rates came into effect on January 20, 2024.

Union Bank Of India FD Rates:

The bank is offering a 7.25% rate on 399 days, while its interest rate is 6.50% on tenures from 400 days to 10 years. Further, the bank is offering 6.75% from 1 year to 398 days. Below 1 year, the rates are from 3.50% to 5.75%.

Union Bank revised its FD rates effective from January 31, 2024.

Union Bank of India offers an additional rate component to resident senior and super senior citizens on term deposits up to Rs. 5.00 Crores in all of its domestic term deposits scheme. The additional rate component, applicable to resident senior citizen deposits is 0.50% over and above the normal rates displayed above.

Further, it said, 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 the rate applicable to resident senior citizens).