Savers Rejoice: Top Indian Banks Revise Fixed Deposit Rates for 2024—Find Out Which Offers the Highest Returns!

Recent changes in fixed deposit (FD) rates by major Indian banks like ICICI Bank, HDFC Bank, Bank of India, and Punjab National Bank (PNB) have captured significant attention from savers. The State Bank of India (SBI) also adjusted its FD rates. The revised rates vary by bank and tenure, with some institutions offering rates as high as 7.40%. This shift reflects an evolving interest rate environment and impacts both short-term and long-term FD investments.

5 Major Key Points:

1. Punjab National Bank (PNB): Highest FD rate is now 7.25% for a 400-day tenure, with rates varying between 3.50% and 7.25% based on the deposit duration.
2. Bank of India: Offers rates between 3% and 7.30%, with the highest rate available for a 666-day deposit under ₹3 crore.
3. ICICI Bank: FD rates range from 3% to 7.20%, effective since July 30, 2024.
4. HDFC Bank: Provides rates from 3% to 7.40% for tenures up to 10 years, with senior citizens receiving a bonus rate of up to 7.90%.
5. State Bank of India (SBI): FD rates range from 3.50% to 7.00%, with an additional 0.50% interest for senior citizens, effective since June 15, 2024.