Bank FD Rates: Both private and public sector banks like Punjab National Bank, Bank of Baroda, Union Bank of India, Kotak Mahindra Bank have changed the interest rates. Banks try to attract customers by increasing interest rates on fixed deposits.
Bank FD Rates: Many banks of the country have increased the interest rates on fixed deposits in the first month of 2024 i.e. January. Both private and public sector banks like Punjab National Bank, Bank of Baroda, Union Bank of India, Kotak Mahindra Bank have changed the interest rates. Banks try to attract customers by increasing interest rates on fixed deposits. Banks have increased interest rates at a time when the Reserve Bank has kept the repo rate stable at 6.50 percent for a long time.
Punjab National Bank
PNB has increased the interest rates of fixed deposit schemes for amounts less than Rs 2 crore twice this month. After the change in interest rates, PNB is offering 3.5 percent to 7.25 percent interest to common citizens on FDs maturing in 7 days to 10 years. After increasing the interest rates for the second time, the bank is offering interest ranging from 4 percent to 7.75 percent on FDs maturing in 7 days to 10 years. The bank offers interest rates ranging from 4.3 percent to 8.05 percent to super seniors. These rates are effective from January 8.
Kotak Mahindra Bank
Kotak Bank offers interest rates ranging from 2.75 per cent to 7.25 per cent for general citizens and 3.25 per cent to 7.80 per cent for senior citizens from January 4.
Bank of Baroda
Bank of Baroda is offering interest rates ranging from 4.25 percent to 7.25 percent on fixed deposits from January 15.
IDBI Bank
IDBI Bank is offering interest at the rate of 3% to 7% to general citizens and 3.50% to 7.50% to senior citizens on FDs for tenure ranging from 7 days to 10 years. The new rates are effective from January 17.
