Best FD Rates In Aug: List Of High-Return Schemes Ahead Of 78th Independence Day; SBI Vs HDFC Vs ICICI Vs PNB

Top private and PSU banks have increased their fixed deposit interest rates or introduced new special FD schemes in August ahead of the celebration of the 78th Independence Day in the country. The interest rate is as high as over 8% on these FDs. These top banks are SBI, ICICI Bank, HDFC Bank, and PNB among others.

Independence Day is a national holiday, commemorating India's independence from British rule on August 15, 1947. A national holiday means that every corporation irrespective of private or public sector, schools, institutions and others are closed to celebrate Independence Day. It is spread across the nation.

Before entering this holiday, let's check out the new high-return interest schemes that these banks have launched to secure hefty gains in the future.

SBI New Special FD Scheme:

The largest PSU bank in India has launched a new variant of the Retail Term Deposit Scheme ''AMRIT VRISHTI" for 444 days tenure, which offers a higher rate of interest of 7.25% per annum to general customers. Senior Citizens are being offered 50 basis points more, which is 7.75% per annum. Also, staff and staff pensioners are eligible for additional interest rates which apply to these categories.

The scheme is available from July 15, 2024, to March 31, 2025.

However, there is a penalty for pre-mature withdrawal in this scheme. For Retail Term Deposits up to Rs 5 lakh, the penalty for premature withdrawal will be 0.50%, while for above Rs 5 lakh but below Rs 3 crore FDs, the penalty is at 1% on pre-mature withdrawals.

HDFC Bank FD Rates:

HDFC Bank has revised its FD rates effective from July 24, 2024. The bank is offering the highest rate of return at 7.25% on 18 months to less than 21 months tenure to the general category, while the rate is at 7.75% to senior citizens on the same. Further, the rate is at 7.10% on 15 months to

In the case of senior citizens, they earn a 7.60% rate on 15 months to

From 7 days to 15 months tenure, the general category earns from 3% to 6.60%, and the senior citizens get 3.50% to 7.10%.

ICICI Bank FD Rates:

With effect from August 5, the bank has revised its FD rates. The highest rate offered is of 7.25% on tenures starting from 15 months to 2 years to the general category. While senior citizens get a 7.80% rate on 15 Months to

To the general category, ICICI Bank is offering 7% on 2 Years 1 Day to 5 Years and 6.90% on 5 Years 1 Day to 10 Years tenures. While the rate is at 7.50% and 7.40% for senior citizens.

PNB Special FD Rates:

This PSU lender has also revised its FD rates from August 1, 2024. The bank is offering the highest rate of 7.25% on 400 days tenure, 7.75% to senior citizens and 8.05% to super senior citizens.

On special tenures like 1204 days, the bank offers 6.45% to general individuals, 6.95% to senior citizens, and 7.25% to super seniors.

Additionally, the bank gives from 6.40% to 7.20% to these investors on 1,895 days of tenure.