Government Banks raise FD Interest Rates in January, Offering Up to 8.40%

New Delhi:

Since the start of the new year, several government banks have made adjustments to their Fixed Deposit (FD) interest rates.

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Punjab National Bank (PNB), Bank of Baroda (BOB), Federal Bank, and IDBI Bank have revised their FD rates in January 2024.

Here’s a summary of the changes:

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Punjab National Bank (PNB)

PNB increased the interest rate on its 300-day FD by 80 basis points, from 6.25% to 7.05% for general customers.

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Senior citizens now receive 7.55% interest, while super senior citizens enjoy 7.85%.

PNB offers FD interest rates between 3.50% to 7.25% for regular customers and 4% to 7.75% for senior citizens after the changes.

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Federal Bank

Federal Bank raised the interest rate for its 500-day FD to 7.75% and to 8.25% for senior citizens.


Senior citizens can now earn a maximum return of 8.40% for a 500-day period.

FD interest rates for regular customers range from 3% to 7.75%, while senior citizens enjoy rates between 3.50% to 8.25%.



IDBI Bank adjusted FD interest rates between 3% to 7% for regular customers and 3.50% to 7.50% for senior citizens. These rates became effective from January 17, 2024.

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Bank of Baroda (BOB)

BOB introduced a special short-term FD named 360D (bob360), offering 7.10% interest to general customers and 7.60% to senior citizens.

Interest rates for normal customers range from 4.45% to 7.25%,

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with senior citizens receiving an additional 50 basis points.


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