FD Rates: Despite the Reserve Bank of India (RBI) keeping interest rates unchanged for nearly 18 months, several banks have increased their Fixed Deposit (FD) interest rates.
Notable public and private sector banks like SBI, HDFC Bank, ICICI Bank, and Punjab National Bank (PNB) have introduced new FD schemes with attractive rates.
New FD Schemes and Rates
State Bank of India (SBI)
SBI has introduced a special FD scheme called ‘Amrit Vrishti’. Under this scheme, general customers can earn an interest rate of 7.25% for a period of 444 days, while senior citizens can get 7.75%.
This scheme is available from July 15, 2024, to March 31, 2025. For other FD periods ranging from 7 days to 10 years, SBI offers rates between 3.50% and 7.00%.
HDFC Bank
HDFC Bank’s revised FD rates, effective from July 24, 2024, range from 3% to 7.4% for terms between 7 days and 10 years.
The highest rate for general customers is 7.4%, while senior citizens can earn up to 7.90% for FDs of 4 years 7 months to 55 months.
ICICI Bank
ICICI Bank offers FD rates from 3% to 7.20% for terms ranging from 7 days to 10 years, with the new rates effective from July 30, 2024.
Punjab National Bank (PNB)
PNB is offering a maximum interest rate of 7.25% for a 400-day FD starting August 1, 2024.
For a 300-day FD, the rate is 7.05%. For one- and two-year FDs, the rate is 6.80%, while three-year FDs offer 7.00%. For terms of four and five years, the rate is 6.50%.
