List of Banks Hiked Fixed Deposit (FD) Rates In August Ahead of 78th Independence Day 2024

Updated: Tuesday, August 6, 2024, 13:27 [IST]

India will celebrate its 78th Independence Day on August 15, 2024. To encourage individuals to reach financial independence, a few banks including major players like PNB and ICICI Bank-have promised hikes in interest rates on fixed deposits of less than Rs 3 Cr. On the August policy, the RBI is anticipated to maintain key rates at 6.50 per cent for the ninth consecutive month, and ahead of this key event, notable banks hiked their fixed deposit rates. Because CPI inflation is still high at 5.08%, it is doubtful that the RBI will cut rates in August. When making an investment in a bank's fixed deposits, it is important for individual investors to conduct thorough research and compare interest rates. Here are the banks that raised their fixed deposit interest rates so far in August, well in advance of the 78th Independence Day.

List of Banks Hiked FD Rates In August Ahead of 78th Independence Day 2024

Punjab National Bank (PNB)

PNB began offering higher interest rates on fixed deposits of less than Rs 3 Cr on August 1st, with the general public receiving 7.25%, senior citizens receiving 7.75%, and super senior citizens receiving 8.05%.

Period	Revised Rates For Public w.e.f. 01.08.2024	Revised Rates for Senior Citizens w.e.f. 01.08.2024	Revised Rates for Super Senior Citizens w.e.f. 01.08.2024
7 to 14 Days	3.5	4	4.3
15 to 29 Days	3.5	4	4.3
30 to 45 Days	3.5	4	4.3
46 to 60 Days	4.5	5	5.3
61 to 90 Days	4.5	5	5.3
91 to 179 Days	4.5	5	5.3
180 to 270 Days	6.25	6.75	7.05
271 Days to 299 Days	6.5	7	7.3
300 Days	7.05	7.55	7.85
301 Days to 1 Year	6.5	7	7.3
1 Year	6.8	7.3	7.6
1 Year to 399 days	6.8	7.3	7.6
400 Days	7.25	7.75	8.05
401 Days to 2 Years	6.8	7.3	7.6
2 years to 3 years	7	7.5	7.8
3 years to 1203 days	6.5	7	7.3
1204 days**	6.4	6.9	7.2
1205 days to 5 years	6.5	7	7.3
5 years to 1894 days	6.5	7.3	7.3
1895 days**	6.35	7.15	7.15
1896 days to 10 years	6.5	7.3	7.3
Source: Bank Website

Union Bank of India

Union Bank of India increased interest rates on fixed deposits of less than Rs 3 Cr on August 2, 2024. The bank is currently providing a maximum rate of 7.40% on a 333-day tenure following the modification.

Period	Rates in % per annum
7-14 Days	3.5
15-30 Days	3.5
31-45 Days	3.5
46-90 Days	4.5
91-120 Days	4.8
121-180 Days	5
181 Days to 332 days	6.35
333 days	7.4
334 days to 1 year	6.35
1 year	6.8
1 year to 398 Days	6.8
399 Days	7.25
400 Days to 2 year	6.6
2 year to 996 days	6.6
997 days	6.4
998 days to less than 3 Years (except for 999 days @ 6.40)	6.6
3 years	6.7
3 Year to 5 years	6.5
5 Years to 10 Years	6.5
Source: Bank Website

Bank of India

Bank of India, a public sector institution, increased interest rates on fixed deposits of less than Rs 3 Cr on August 1. The maximum interest rate available after the change is 7.30% for a 666-day term.

Maturity	For deposits of less than Rs.3 Cr Revised w.e.f 01.08.2024	For deposits of Rs.3 Cr & above but less than Rs.10 Crs Revised w.e.f 01.08.2024
7 days to 14 days	3	4.5
15 days to 30 days	3	4.5
31 days to 45 days	3	4.5
46 days to 90 days	4.5	5.25
91 days to 179 days	4.5	6
180 days to 210 days	6	6.5
211 days to 269 days	6	6.75
270 days to less than 1 year	6	6.75
1 Year	6.8	7.25
Above 1 Year to less than 2 Years (except 666 Days)	6.8	6.75
666 Days	7.3	6.75
2 Years	6.8	6.5
Above 2 Years to less than 3 Years	6.75	6.5
3 Years to less than 5 Years	6.5	6
5 Years to less than 8 Years	6	6
8 years & above to 10 Years	6	6
Source: Bank Website

ICICI Bank

As per the official website of ICICI Bank, the latest applicable interest rates on fixed deposits of less than Rs 3 Cr are effective as of 6th August. Customers can get a maximum return of 7.25%, check details for more information.

Tenure	General Citizen	Senior Citizen
7 to 29 Days	3.00%	3.50%
30 to 45 Days	3.50%	4.00%
46 to 60 Days	4.25%	4.75%
61 to 90 Days	4.50%	5.00%
91 to 184 Days	4.75%	5.25%
185 to 270 Days	5.75%	6.25%
271 Days to 1 Year	6.00%	6.50%
1 Year to 15 Months	6.70%	7.20%
15 Months to 18 Months	7.25%	7.80%
18 Months to 2 Years	7.25%	7.75%
2 Years 1 Day to 5 Years	7.00%	7.50%
5 Years 1 Day to 10 Years	6.90%	7.40%
5Y (Tax Saver FD)	7.00%	7.50%
Source: Bank Website

Federal Bank

Interest rates offered by Federal Bank for resident term deposits are effective as of 02/08/2024. The bank is now providing a maximum interest rate of 7.40% for the general public and 7.90% for senior citizens on certain tenures.

Period	Single Deposit Less than Rs 300 Lakhs - General Public	Single Deposit Less than Rs 300 Lakhs - Senior Citizen
7 days to 29 days	3.00%	3.50%
30 days to 45 days	3.25%	3.75%
46 days to 60 days	4.00%	4.50%
61 days to 119 days	4.75%	5.25%
120 days to 180 days	5.00%	5.50%
181 days	6.50%	7.00%
182 days to 270 days	5.75%	6.25%
271 days to less than 1 year	6.00%	6.50%
1 year to 399 days	6.80%	7.30%
400 days	7.35%	7.85%
401 days to 776 days	7.05%	7.55%
777 days	7.40%	7.90%
778 days to less than 3 years	7.05%	7.55%
3 years to less than 50 months	7.00%	7.50%
50 Months	7.40%	7.90%
Above 50 months to less than 5 years	7.00%	7.50%
5 years and above	6.60%	7.25%
Source: Bank Website

Karnataka Bank

This private sector lender revised its fixed deposit interest rates on 2nd August. Resident senior citizens get an extra 0.40% above the general rate up to & inclusive of Rs 5 crore only under domestic FD and ACC schemes for a tenure of 1-5 years, and an additional 0.50% above the standard rate for a tenure of 5 to 10 years.

Maturity period	Interest rate (% p.a.) for deposits below Rs 3 crore
7 days to 45 days	3.5
46 days to 90 days	4
91 days to 179 days	5.25
180 days to below 1 year	6.75
250 days only	6.95
1 year to 2 years	7.1
375 days (FD & ACC)*	7.25
Above 2 years to 5 years	6.5
Above 5 years to 10 years	5.8
Source: Bank Website

Story first published: Tuesday, August 6, 2024, 13:01 [IST]