Karnataka Bank, Union Bank of India Announce New Fixed Deposit Interest Rates, Check New FD Rates Here

Two banks - Union Bank of India, and Karnataka Bank have recently revised their interest rates on fixed deposit (FD) or FD interest rates. The public sector bank Union Bank of India, has recently revised its FD rates for less than Rs 2 crore. The private-sector lender Karnataka Bank has also changed its FD interest rate with effect from January 20, 2024. The Union Bank of India is offering an interest rate of up to 8% to Super senior citizens on deposits maturing in 399 days.

As per the bank website, Karnataka Bank has introduced a new slab for 7 days to 14 days at 6.60% for domestic term deposits of Rs.15Cr up to Rs.25Cr and a new slab for 15 days to 30 days at 6.70% for domestic term deposit of Rs.15Cr up to Rs.30Cr, applicable for three days only i.e. from 20.01.2024 to 22.01.2024.

Meanwhile, a new slab has also been introduced for 100 days to 105 days at 7.00% for domestic term deposits of Rs.25Cr up to Rs.30Cr, applicable for three days i.e. from 20.01.2024 to 22.01.2024.

Union Bank of India's New FD Rates

Union Bank of India is offering an interest rate of 3.5% on Fixed Deposits maturing between 7 days and 14 days. For an FD of tenure between 15 days and 30 days, the public sector lender offers an interest rate of 3.5%. For FDs maturing between 31 days and 45 days, and FDs maturing between 46 days and 90 days the bank offers an interest rate of 3.5%, and 4.5% respectively.

Tenure	FD Interest Rate
91 days and 120 days	4.8%.
121 days and 180 days	4.9%.
181 days to less than one year	5.75%.
1-year tenure	6.75%
1 yr to less than 398 days	6.75%.
399	7.25%.
400 days to 2 year	6.50%

Union Bank of India senior citizen FD rates: Latest rates

The Union Bank of India's website says that senior citizens get an additional interest rate of 0.5% on FDs of any given tenure. The bank offers the highest interest rate to senior citizens on an FD maturing in 399 days at 7.75%. Super senior citizens (individuals aged more than 80 years), get an additional interest rate of 0.75% on any tenure of FDs. The highest FD interest rate offered to super senior citizens is 8% on deposits maturing in 399 days.

Karnataka Bank's Revised FD rates

Karnataka Bank provides an interest rate of 3.5% on Fixed Deposits maturing between 7 days and 45 days. For FDs maturing between 45 days and 90 days, the lender offers an interest rate of 3.5%. FDs maturing between 91 days and 179 days come with an interest rate of 5.25%. FDs maturing in 180 days will fetch you an interest rate of 6%.

Tenure	FD Interest Rate by Karnataka Bank
181 days and 269 days	6%
270 days to below 1 year	6.5%
1 year and less than 2 years	6.95%
375 Days	7.1%.
444 days	7.25%.
Above 2 years to 5 years	6.5%.

Karnataka Bank's Senior Citizen Latest FD Rates:

According to the Bank website, senior citizens will be offered "0.40% extra over the 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 resident Senior Citizens only for tenure of 1 to 5 years and 0.50% extra over the general rate for tenure of 5 to 10 years w.e.f. 09.11.2020."

For more information, users can visit the bank website at - https://karnatakabank.com/personal/term-deposits/interest-rates