FD rates in August 2024: These 20 banks offer 7.5 to 9% interest rates

FD rates in August 2024: Several banks revised their fixed deposit (FD) interest rates in August. Union Bank of India now offers 7.4% for a 333-day term. Punjab National Bank's rates range from 3.5% to 7.25% for those under 60. Federal Bank's rates start at 3% and go up to 7.4%. Karnataka Bank offers up to 7.25%. Bank of India's rates range from 3% to 7.3%, and HDFC Bank provides a 7.4% rate for a 55-month term.

Note: These rates are for deposits up to Rs 3 crore.

Fixed deposits: Benefits

Fixed Deposits are a safe investment avenue, providing guaranteed returns over a fixed period. They are an excellent option for individuals looking to preserve their capital while earning interest, especially in comparison to more volatile investment options like stocks or mutual funds.

 

Here's a breakdown of what all the banks (public, private and small finance banks are offering on their fixed deposit schemes for those under 60 years of age, according to Paisa Bazaar.

FD interest rates of small finance banks

Take a look at what small finance banks are offering:

1. AU Small Finance Bank

Highest Slab: 8%

Tenure (Highest Slab): 18 months

1-year tenure: 7.25%

3-year tenure: 7.5%

5-year tenure: 7.25%

2. Equitas Small Finance Bank

Highest Slab: 8.5%

Tenure (Highest Slab): 444 days

1-year tenure: 8.2%

3-year tenure: 8%

5-year tenure: 7.25%

3. ESAF Small Finance Bank

Highest Slab: 8.25%

Tenure (Highest Slab): 2 years to less than 3 years

1-year tenure: 6%

3-year tenure: 6.75%

5-year tenure: 6.25%

4. Jana Small Finance Bank

Highest Slab: 8.25%

Tenure (Highest Slab): 365 days to 1095 days

1-year tenure: 8.25%

3-year tenure: 8.25%

5-year tenure: 7.25%

5. NorthEast Small Finance Bank

Highest Slab: 9%

Tenure (Highest Slab): 546 days to 1111 days

1-year tenure: 7%

3-year tenure: 9%

5-year tenure: 6.25%

6. Suryoday Small Finance Bank

Highest Slab: 8.65%

Tenure (Highest Slab): 5 years

1-year tenure: 8.6%

3-year tenure: 8.6%

5-year tenure: 8.25%

7. Ujjivan Small Finance Bank

Highest Slab: 8.25%

Tenure (Highest Slab): 19 months

1-year tenure: 7.2%

3-year tenure: 7.2%

5-year tenure: 7.2%

8. Unity Small Finance Bank

Highest Slab: 9%

Tenure (Highest Slab): 501 days

1-year tenure: 8.15%

3-year tenure: 8.15%

5-year tenure: 8.15%

9. Utkarsh Small Finance Bank

Highest Slab: 8.5%

Tenure (Highest Slab): 700 days

1-year tenure: 8.5%

3-year tenure: 8.5%

5-year tenure: 7.75%

FD interest rates of private sector banks

Take a look at what private sector banks are offering:

1. Axis Bank

Highest Slab: 7.2%

Tenure (Highest Slab): 17 months to less than 18 months

1-year tenure: 6.7%

3-year tenure: 7.1%

5-year tenure: 7%

2. Bandhan Bank

Highest Slab: 8%

Tenure (Highest Slab): 1 year 9 months

1-year tenure: 7.25%

3-year tenure: 7.25%

5-year tenure: 5.85%

3. City Union Bank

Highest Slab: 7.25%

Tenure (Highest Slab): 400 days

1-year tenure: 7%

3-year tenure: 6.5%

5-year tenure: 6.25%

4. CSB Bank

Highest Slab: 7.75%

Tenure (Highest Slab): 401 days

1-year tenure: 5%

3-year tenure: 5.75%

5-year tenure: 5.75%

5. DBS Bank

Highest Slab: 7.5%

Tenure (Highest Slab): 376 days to 540 days

1-year tenure: 7%

3-year tenure: 6.5%

5-year tenure: 6.5%

6. DCB Bank

Highest Slab: 8.05%

Tenure (Highest Slab): 19 months to 20 months

1-year tenure: 7.1%

3-year tenure: 7.55%

5-year tenure: 7.4%

7. Federal Bank

Highest Slab: 7.4%

Tenure (Highest Slab): 50 months; 777 days

1-year tenure: 6.8%

3-year tenure: 7%

5-year tenure: 6.6%

8. HDFC Bank

Highest Slab: 7.4%

Tenure (Highest Slab): 4 years 7 months (55 months)

1-year tenure: 6.6%

3-year tenure: 7%

5-year tenure: 7%

9. ICICI Bank

Highest Slab: 7.25%

Tenure (Highest Slab): 15 months to 2 years

1-year tenure: 6.7%

3-year tenure: 7%

5-year tenure: 7%

10. IDFC First Bank

 Highest Slab: 7.75%

 Tenure (Highest Slab): 500 days

 1-year tenure: 6.5%

 3-year tenure: 7.25%

 5-year tenure: 7%

11. IndusInd Bank

 Highest Slab: 7.75%

 Tenure (Highest Slab): 1 year to 2 years

 1-year tenure: 7.75%

 3-year tenure: 7.25%

 5-year tenure: 7.25%

12. Jammu & Kashmir Bank

 Highest Slab: 7%

 Tenure (Highest Slab): 1 year to less than 3 years

 1-year tenure: 7%

 3-year tenure: 6.5%

 5-year tenure: 6.5%

13. Karur Vysya Bank

 Highest Slab: 7.6%

 Tenure (Highest Slab): 760 days

 1-year tenure: 7%

 3-year tenure: 7%

 5-year tenure: 7%

14. Karnataka Bank

 Highest Slab: 7.25%

 Tenure (Highest Slab): 375 days

 1-year tenure: 7.1%

 3-year tenure: 6.5%

 5-year tenure: 6.5%

15. Kotak Mahindra Bank

 Highest Slab: 7.4%

 Tenure (Highest Slab): 390 days to less than 23 months

 1-year tenure: 7.1%

 3-year tenure: 7%

 5-year tenure: 6.2%

16. RBL Bank

 Highest Slab: 8.1%

 Tenure (Highest Slab): 500 days

 1-year tenure: 7.5%

 3-year tenure: 7.5%

 5-year tenure: 7.1%

17. SBM Bank India

 Highest Slab: 8.25%

 Tenure (Highest Slab): 3 years 2 days

 1-year tenure: 7.05%

 3-year tenure: 7.3%

 5-year tenure: 7.75%

18. South Indian Bank

 Highest Slab: 7.25%

 Tenure (Highest Slab): 400 days

 1-year tenure: 6.7%

 3-year tenure: 6.7%

 5-year tenure: 6%

19. Tamilnad Mercantile Bank

 Highest Slab: 7.5%

 Tenure (Highest Slab): 400 days

 1-year tenure: 7%

 3-year tenure: 6.5%

 5-year tenure: 6.5%

20. YES Bank

 Highest Slab: 8%

 Tenure (Highest Slab): 18 months

 1-year tenure: 7.25%

 3-year tenure: 7.25%

 5-year tenure: 7.25%

FD interest rates of public sector banks

Take a look at what public sector banks are offering:

1. Bank of Baroda

Highest Slab: 7.25%

Tenure (Highest Slab): 399 days

1-year tenure: 6.85%

3-year tenure: 7.15%

5-year tenure: 6.5%

2. Bank of India

Highest Slab: 7.3%

Tenure (Highest Slab): 666 days

1-year tenure: 6.8%

3-year tenure: 6.5%

5-year tenure: 6%

3. Bank of Maharashtra

Highest Slab: 7.25%

Tenure (Highest Slab): 777 days

1-year tenure: 6.75%

3-year tenure: 6.5%

5-year tenure: 6.5%

4. Canara Bank

Highest Slab: 7.25%

Tenure (Highest Slab): 444 days

1-year tenure: 6.85%

3-year tenure: 6.8%

5-year tenure: 6.7%

5. Central Bank of India

Highest Slab: 7.3%

Tenure (Highest Slab): 444 days

1-year tenure: 6.85%

3-year tenure: 6.5%

5-year tenure: 6.5%

6. Indian Bank

Highest Slab: 7.25%

Tenure (Highest Slab): 400 days - IND SUPER

1-year tenure: 6.1%

3-year tenure: 6.25%

5-year tenure: 6.25%

7. Indian Overseas Bank

Highest Slab: 7.3%

Tenure (Highest Slab): 444 days

1-year tenure: 6.9%

3-year tenure: 6.5%

5-year tenure: 6.5%

8. Punjab National Bank

Highest Slab: 7.25%

Tenure (Highest Slab): 400 days

1-year tenure: 6.75%

3-year tenure: 7%

5-year tenure: 6.5%

9. Punjab & Sind Bank

Highest Slab: 7.3%

Tenure (Highest Slab): 666 days

1-year tenure: 6.3%

3-year tenure: 6%

5-year tenure: 6%

10. State Bank of India

 Highest Slab: 7.25%

 Tenure (Highest Slab): 444 days

 1-year tenure: 6.8%

 3-year tenure: 6.75%

 5-year tenure: 6.5%

11. Union Bank of India

 Highest Slab: 7.4%

 Tenure (Highest Slab): 333 days

 1-year tenure: 6.8%

 3-year tenure: 6.7%

 5-year tenure: 6.5%