Best fixed deposit rates in August 2024: Several banks have revised their fixed deposit (FD) rates across tenors in August 2024 despite the Reserve Bank maintaining the status quo for nearly 18 months.
Recently, top public and private sector banks have either launched new FD plans or raised their fixed deposit rates. Take a look at the comparison of the fixed deposit rates offered currently by these 7 banks – SBI, HDFC Bank, ICICI Bank, PNB, Bank of India, Federal Bank and Union Bank of India.
State Bank of India (SBI) FD rates
State Bank of India (SBI) has introduced a new special fixed deposit (FD) scheme called SBI Amrit Vrishti, which offers higher interest rates for a limited time. Under this scheme, general citizens can earn an interest rate of 7.25% for a 444-day tenure, while senior citizens can benefit from an interest rate of 7.75% for the same tenure. The scheme is available for investment from July 15, 2024, to March 31, 2025.
Senior Citizen Fixed Deposits offering up to 9.5% in Aug – Check latest interest rates after the recent hikes
Federal Bank announces special fixed deposit rates on specific tenors – Check new FD rates
Best Bank Fixed Deposit Interest Rates in August – Check the latest FD rates of 40 banks
Senior Citizen Fixed Deposits offering highest interest rates in August – Check the full list
SBI offers fixed deposit rates ranging from 3.50% to 7.00% for general customers, applicable across tenures from 7 days to 10 years. These rates are applicable from June 15. Senior citizens receive an additional 0.50% interest on these rates for all deposit tenures, resulting in a 0.50% higher rate than the standard rates for general customers.
Also read: Fixed Deposits: Which banks are offering highest fixed deposit rates in July?
HDFC Bank latest FD rates
HDFC Bank offers interest rates on deposits ranging from 3% to 7.4% for maturities between 7 days and 10 years. The highest rate of 7.4% is available for general customers, while senior citizens can earn up to 7.90%. These rates are applicable on deposits with a tenure of 4 years and 7 months to 55 months. These updated rates have been effective since July 24, 2024.
ICICI Bank latest FD rates
ICICI Bank offers fixed deposit rates for general customers ranging from 3% to 7.20%, applicable across various tenures from 7 days to 10 years. These rates have been effective since July 30, 2024.
Punjab National Bank (PNB) latest FD rates
Effective August 1, 2024, Punjab National Bank’s highest rate on FD is now 7.25% for a 400-day tenure. The 300-day FD offers 7.05%. For one-year and two-year FDs, the interest rate is 6.80%. The three-year FD yields 7.00%, whereas the four-year and five-year FDs provide 6.50%. For shorter durations, PNB offers 3.50% per annum for 7-45 days, 4.50% for 46-179 days, 6.25% for 180-270 days, and 6.50% for 271-299 days. Fixed deposits with a tenure of 301 days to one year also offer a rate of 6.50%.
Bank of India latest FD rates
Effective August 1, 2024, Bank of India has updated its fixed deposit (FD) rates for deposits under Rs 3 crore and those ranging from Rs 3 crore to Rs 10 crore. The revised rates span from 3% to 6% for deposit tenures ranging from 7 days to 10 years. The highest interest rate offered is 7.30% on deposits under Rs 3 crore with a tenure of 666 days.
Federal Bank FD rate
Federal Bank’s fixed deposit rates start from 3% for individuals below 60 years of age. The rate goes up to 7.4% for general customers. For senior citizens, the FD rates range from 3.5% to 7.9%. The FD rates are effective from August 2, 2024.
Union Bank of India FD rate
Union Bank of India is offering up to 7.4% interest rate on FDs to general customers. The FD rates are effective from August 2, 2024.
