Since the beginning of the new year, many banks have revised their fixed deposit interest rates and some banks have extended their special fixed deposit last date. PNB, BoB, Federal Bank and IDBI bank have revised their fixed deposit interest rates in January 2024.
PNB
Punjab National Bank reviewed fixed deposits twice this month. Punjab National Bank has raised FD interest rates for the second time in a month. This time, the bank increased rates by 80 basis points (bps) in a single tenure. The bank raised 80 bps for 300 days from 6.25% to 7.05% for general citizens, 7.55% for senior citizens, and 7.85% to super senior citizens.
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After review, the bank offers interest rates between 3.50% to 7.25% for regular citizens. For senior citizens, the bank offers between 4% to 7.75% and for super senior citizens, the bank offers between 4.30% to 8.05%.
Federal Bank
The interest rate for 500 days rose to 7.75% for residents and 8.25% for seniors, according to a press statement from the Federal Bank. The Federal Bank now provides resident senior citizens with a maximum return of 8.40% for 500-day tenures, while the interest rate for non-refundable fixed deposits has been raised to 7.90% for amounts between Rs 1 crore to Rs 2 crore.
Latest Federal Bank FD interest rates
Federal Bank after the review offers fixed deposit interest rates between 3% to 7.75% for general citizens in tenure from 7 days to 10 years. For senior citizens, the bank offers an interest rate between 3.50% to 8.25%. The rates are valid from January 17, 2024.
IDBI Bank
IDBI Bank has also revised FD interest rates. IDBI Bank after the revision offers fixed deposit interest rates between 3% to 7% (excluding special Utsav deposit) for general citizens on tenure of 7 days to 10 years. For senior citizens, the bank offers interest rates between 3.50% to 7.50%. The rates are valid from January 17, 2024.
Bank of Baroda
Bank of Baroda has launched a new special short-term deposit product with a new maturity bucket that offers a higher interest rate. These rates are applicable for deposits below Rs 2 crore and are effective from 15th January 2024.
The bank has introduced a new tenure called ‘360D (bob360)’ offering 7.10% and 7.60% interest rate to general citizens and senior citizens respectively.
Latest Bank of Baroda FD rates
After review, the bank offers an interest rate between 4.45% to 7.25% for a tenure ranging between 7 days to 10 years for general citizens. The bank offers an interest rate between 4.75% to 7.75% for a tenure ranging between 7 days to 10 years for senior citizens.