Some banks have recently revised their fixed deposit (FD) interest rates for deposits under Rs 3 crore, effective from September 2024. The latest banks to revise their FD rates are Bank of India, City Union Bank, and Karnataka Bank. Let’s take a look at the fixed deposit interest rates applicable to both general and senior citizens.
Bank of India
Bank of India has revised its fixed deposit (FD) interest rates for amounts less than Rs 3 crore and launched a new special fixed deposit tenure with higher interest rates. The revised FD rates are effective from September 1, 2024.
After the revision, the bank will offer FD interest rates between 3% and 7.25% for tenures between 7 days to 10 years for deposits of less than Rs 3 crore for general citizens. For senior citizens, the bank offers an interest rate between 3% to 7.75%. For super senior citizens (aged above 80 years), the bank offers interest rate between 3% to 7.90%.
Bank of India- Star Dhan Vriddhi details
The new tenure launched is 333 days fixed deposit dubbed as Star Dhan Vriddhi, it offers highest interest rate of 7.25%, 7.75% and 7.90% for general citizens, senior citizens, and super senior citizens respectively.
| Maturity (For NRE Rupee Term Deposits, | For deposits of less than Rs.3 Cr | For deposits of Rs.3 Cr & above but less than Rs.10 Crs |
| min. tenor is 1 Year and Max. 10 Years) | Revised w.e.f 01.09.2024 | 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 (except 333 Days) | 6 | 6.75 |
| 333 days (Star Dhan Vriddhi ) | 7.25 | 6.75 |
| 1 Year | 6.8 | 7.25 |
| Above 1 Year to less than 2 Years | 6.8 | 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 |
Karnataka Bank
Karnataka Bank has revised its fixed deposit interest rates for amounts below Rs 3 crore effective from September 3, 2024. After the revision, the bank offers interest rate between 3.50% to 7.50% for general citizens and for senior citizens the banks offers interest rate between 3.75% to 8%. The highest interest rate of 7.50% and 8% is offered on tenure of 375 days.
| Maturity period | Interest rate (% p.a.) for deposits below ₹ 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 | 6.25 |
| 250 days only (FD & ACC) | 6.75 |
| 1 year to 2 year | 7.35 |
| 375 days (FD & ACC)* | 7.5 |
| Above 2 years to 5 years | 6.5 |
| Above 5 years to 10 years | 5.8 |
Read More: PNB Revises Service Charges: Updates To Savings Account, Minimum Balance, Locker Fees, And More
City Union Bank
City Union Bank has revised its fixed deposit interest rates for amounts below Rs 3 crore effective from September 1, 2024. After the revision, the bank offers interest rate between 5% to 7.50% for general citizens and for senior citizens the banks offers interest rate between 5% to 8%. The highest interest rate of 7.50% and 8% is offered on tenure of 333 days.
For Super Senior citizens, the bank offers the highest interest rate of 8.10%.
| Period | Rate of Interest % p.a | |
| General | Senior Citizens | |
| 7 days to 14 days | 5.00% | 5.00% |
| 15 days to 45 days | 5.50% | 5.50% |
| 46 days to 90 days | 5.75% | 5.75% |
| 91 days to 180 days | 6.00% | 6.00% |
| 181 days to 270 days | 6.25% | 6.50% |
| 271 days to 332 days | 6.50% | 6.75% |
| 333 days | 7.50% | 8.00% |
| 334 days to 400 days | 7.00% | 7.25% |
| 401 days to 3 Years | 6.50% | 6.75% |
| Above 3 Years upto 10 Years | 6.25% | 6.50% |
| Tax Saver | 7.10% | 7.10% |
