Best FD Rates: To welcome the new year, many banks including PSU and private bankers have revised their interest rates in December 2024, to make their fixed deposits attractive. FDs are traditional old investment schemes, backed by banks under RBI regulations, offering safety to money, risk-free and guaranteed returns. Here is the list of 5 best FD rates in December, offering the opportunity to earn as high as 8.30% returns on hard-earned money. Senior citizens are in for a big win!
1. Punjab & Sind Bank FD Rates:
The PSU bank has revised its bulk FD rates of Rs 3 crore and above with effect from December 19, 2024. The highest rate offered by the bank is 7.20% for 1-year to 2-year tenure on FDs from Rs 3 crore to Rs 5 crore. The bank offers a 7.05% rate on 271 days up to 364 days and a 7% rate on 181 days up to 270 days.
Also, the bank is rewarding 6% to 6.90% rates on tenures starting from 7 days to 180 days.
2. IDBI Bank FD Rates:
This LIC-backed bank has also revised its interest rates for FDs of Rs 3 crore and above with effect from December 19. The highest FD rate is 7.71% on Rs 3 crore to Rs 10 crore FDs, while 7.86% is offered on FDs of above Rs 500 crore, and 7.81% on FDs from above Rs 100 crore to Rs 500 crore. The FDs between over Rs 10 crore to Rs 100 crore attracts a rate of 7.76%. These rates are for tenures of 1 year and above 1 year to 1 year and 3 months.
Similarly, the rates vary from 7.21% to 7.66% on tenures from 7 days to less than 1 year.
3. RBL Bank FD Rates:
Also, private sector bank, RBL Bank has revised its FD rates on deposits below Rs 3 crore with effect from December 15. The highest rate is 8% for general individuals and 8.50% for senior citizens on a 500-day tenure. Further, the rates are at 7.80% and 8.30% for individuals and Indian senior citizens on tenures of 15 months to 16 months to 14 days, 16 months to 16 days to less than 18 months and 18 months to 24 months tenures.
The bank offers 7.50% to individuals and 8% to senior citizens on tenues of 12 months to less than 15 months, and 24 months 1 day to 36 months. While the rates are at 7.10% and 7.60% on 36 months 1 day to 60 months 1 day tenures. Further, the rates are at 7% and 7.50% for individuals and senior citizens on 60 months 2 days to 120 months tenures.
4. Canara Bank FD Rates:
Yet another PSU bank revised its FD rates in December 2024. Canara Bank is offering 7.40% to individuals and 7.90% to senior citizens on 3 Years & above to less than 5 Years tenure on FDs less than Rs 3 crore with effect from December 1, 2024. While the rates are at 7.30% and 7.80% on 2 Years & above to less than 3 Years tenures. The bank is offering 7.25% and 7.75% on 444-days tenure. While 1-year FD rates are 6.85% to individuals and 7.35% to senior citizens.
The rates vary from 4% to 7.90%.
5. Karnataka Bank FD Rates:
The bank has revised its FD rates on term deposits below Rs 3 crore and above. The highest rate is of 7.50% on 375 days (FD & ACC), while the bank offers 7.25% on 1 year to 2 years tenure, and 6.50% on Above 2 years to 5 years tenure.
Notably, the resident senior citizens have the benefit of extra 0.25% above general rate up to & inclusive of Rs 5 crore only under domestic FD and ACC Schemes (Not for deposit under NRE/NRO/FCNR(B) accounts) for a tenure of 7 days to below 1 years, and extra 0.50% above general rate for tenure 1 year to 10 years. These rates have come into effect from December 2.
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