Several banks revised their fixed deposit interest rates in August. Federal Bank, Punjab National Bank (PNB), Karnataka Bank, and Union Bank of India changed their FD rates on August 1 and 2, 2024. Below is a list of the five banks that have modified their fixed deposit rates in August so far.
(All the FD rates are for amounts up to Rs 3 crore and the rate information is taken from the respective bank websites as on August 2, 2024).
Latest Karnataka Bank FD rate
Karnataka Bank is offering up to 7.25% interest rate on FDs booked by individuals below 60 years of age. For senior citizens the bank offers an additional interest rate of 0.5%. The FD rates are effective from August 2, 2024.
Here’s a table showing the latest Karnataka Bank FD rates
| 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% |
Latest Punjab National Bank FD rate
For individuals below 60 years of age, the PNB FD interest rates start from 3.5% and go up to 7.25%. For senior citizens the lowest interest rate being offered is 4% and the highest FD interest rate is 7.75%. For super senior citizens the lowest interest rate on FDs is 4.3% and the highest rate is 8.05%. The FD rates are effective from August 1, 2024.
Read More: SIP Calculator: Rs 5,000 Monthly Investment In Mutual Funds Can Make You Crorepati In 26 Years
Latest Federal Bank FD rate
The interest rate for FDs in Federal Bank starts from 3% for individuals below 60 years of age and goes up to 7.4% for individuals below 60 years of age. For senior citizens the FD rate starts from 3.5% and goes up to 7.9%. The FD rates are effective from August 2, 2024.
Here’s a table showing the Federal Bank FD interest rates
| 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% | 3.5% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 4% | 4.5% |
| 61 days to 119 days | 4.75% | 5.25% |
| 120 days to 180 days | 5% | 5.5% |
| 181 days | 6.5% | 7% |
| 182 days to 270 days | 5.75% | 6.25% |
| 271 days to less than 1 year | 6% | 6.5% |
| 1 year to 399 days | 6.8% | 7.3% |
| 13 months to 399 days | 7.2% | 7.7% |
| 400 days | 7.35% | 7.85% |
| 401 days to 776 days | 7.05% | 7.55% |
| 777 days | 7.4% | 7.9% |
| 778 days to less than 3 years | 7.05% | 7.55% |
| 3 years to less than 50 months | 7% | 7.5% |
| 50 months | 7.4% | 7.9% |
| Above 50 months to less than 5 years | 7% | 7.5% |
| 5 years and above | 6.6% | 7.25% |
Latest Union Bank of India FD rate
Union Bank of India is offering up to 7.4% interest rate on FDs to individuals below 60 years of age.The FD rates are effective from August 2, 2024.
Here’s a table showing the FD interest rates being offered by Union Bank
| Period | Rate of interest |
| 7 to 14 days | 3.5% |
| 15 to 30 days | 3.5% |
| 31 to 45 days | 3.5% |
| 46 to 90 days | 4.5% |
| 91 to 120 days | 4.8% |
| 121 to 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% |
Latest Bank of India FD rate
State owned Bank of India is offering interest rate on its FDs starting from 3% and going up to 7.3% for individuals below 60 years of age. The FD rates are effective from August 1, 2024.
