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HomeBusinessBanks revised FD interest rates this month: Check latest fixed deposit rates

Banks revised FD interest rates this month: Check latest fixed deposit rates


New Delhi: In February 2024, leading banks including Axis Bank, HDFC Bank, IndusInd Bank and Karnataka Bank made significant revisions to their fixed deposit interest rates, with an aim to offer competitive returns to their customers. The interest rates on a fixed deposit (FD) remain constant from the time the FD account is started, unlike market-driven investments where returns fluctuate over time.


banking axis

According to information on the Axis Bank website, the bank has adjusted its fixed deposit (FD) interest rates effective February 5, 2024. These revised rates apply to FDs valued at less than Rs 2 crore. Individuals can now enjoy the highest interest rate of up to 7.20%, while senior citizens can benefit from rates of up to 7.75% on Axis Bank FDs. (Also Read: Latest SBI FD Rates 2024: How Much Return Will You Get From Fixed Deposit? Check Here)

Additionally, Axis Bank has raised the fixed deposit interest rate for FDs spanning between 17 and less than 18 months by 10 basis points (bps), increasing it from 7.10% to 7.20% for general citizens . For seniors, the bank has raised the rate from 7.75% to 7.85%. (Read also: Subscription of sovereign gold bonds for Series IV opens on February 12)

HDFC Bank

As per the information available on the HDFC Bank website, the bank has updated its bulk fixed deposit interest rates for amounts ranging from over Rs. 2 crores to Rs. 5 crores for domestic, NRO and NRE customers. These revised rates are effective February 3, 2024.

HDFC Bank offers interest rates ranging from 4.75% to 7.40% for general citizens on bulk deposits, while for senior citizens, the rates range from 5.25% to 7.90 %. The highest interest rates of 7.40% and 7.90% apply for a term of 1 year to less than 15 months.

Industrial Bank

According to the official website of IndusInd Bank, the bank has adjusted the interest rates on fixed deposits valued at Rs. 2 crores. These updated rates came into effect from February 6, 2024. For general citizens, IndusInd Bank offers interest rates ranging from 3.50% to 7.75%. Meanwhile, seniors can benefit from interest rates ranging from 4% to 8.25% on various terms ranging from 7 days to 10 years.

The highest interest rate of 8.25% applies to terms ranging from 1 to 2 years. It is important for senior citizens to note that an additional 0.50% above the card rates is applied to senior citizen term deposits of amounts less than Rs. 2 crores (callable).

Bank of Karnataka

According to the information provided on the official website of Karnataka Bank, the bank has updated the interest rates on fixed deposits valued at Rs. 2 crore, effective February 1, 2024. For deposits less than Rs. 1 crore, Karnataka Bank offers interest rates ranging from 3.50% to 7.40% on various tenors ranging from 7 days to 10 years.

Resident senior citizens can avail an additional interest rate of 0.40% above the general rate for deposits up to Rs. 5 crore under the national FD and ACC schemes, according to information provided in the Karnataka Bank.

This benefit is applicable for tenures of 1 to 5 years, and an additional interest rate of 0.50% is offered for tenures of 5 to 10 years, effective November 9, 2020. However, the interest rate benefit Senior interest on term deposits less than 1 year has been discontinued effective June 6, 2019.



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