Up to 8% interest: These two banks revise FD rates

Synopsis

Bank fixed deposit: Up to 8% interest rate is offered by some banks on select tenure of fixed deposit (FD). The rates are effective from February 1, 2024 and are for FDs of value less than Rs 2 crore. Read here to know the latest FD rate of Karur Vysya Bank and Karnataka Bank and what are interest rates offered.

Up to 8% FD interest rate: These two banks revise fixed deposit ratesGetty Images
Up to 8% FD interest rate: These two banks revise fixed deposit rates

Karur Vysya Bank, a private sector bank has recently revised its fixed deposit (FD) interest rates for less than Rs 2 crore. Another private-sector lender Karnataka Bank has changed its FD interest rates on select tenures. Revised rates of fixed deposits in both banks have been effective from February 1, 2024.

Karur Vysya Bank of India’s latest FD rates

According to the bank website as of February 3, 2024, Karur Vysya Bank is offering a 4% interest rate on FDs maturing between 7 days and 30 days. FDs maturing between 31 days and 90 days, will fetch you an interest rate of 5.25%.

For FDs maturing between 91 days and 180 days, the bank offers an interest rate of 6%. FDs maturing between 181 days to less than 270 days, will get you an interest rate of 6.25%. FDs maturing between 271 days and 332 days, will get you an interest rate of 6.5%. FDs maturing in 333 days, will get you an interest rate of 7.4%. FDs maturing between 334 days to less than one year will get you an interest rate of 6.5%. For FDs maturing between one year and 443 days, the interest rate will be 7%. FDs maturing in 444 days, will get you an interest rate of 7.5%. The bank is offering a 7% interest rate on FDs maturing between 445 days and less than five years. Tax-saving FDs that mature in five years, offer an interest rate of 5.9%.

For FDs maturing between five years and six years and above, the bank is offering an interest rate of 6.25%.


Tenure Interest rate
7 days to 14 days 4%
15 days to 30 days 4%
31 days to 45 days 5.25%
46 days to 90 days 5.25%
91 days to 120 days 6%
121 days to 180 days 6%
181 days to 270 days 6.25%
271 days to 332 days 6.50%
333 days 7.40%
334 days to less than 1 year 6.50%
1 Year to 443 days 7%
444 days 7.50%
445 days upto 2 years 7%
Above 2 years upto 3 years 7%
Above 3 years upto 5 years 7%
Above 5 years upto 6 years 6.25%
Above 6 years 6.25%

Source: Karur Vysya Bank website as of February 3, 2024


Karur Vysya Bank senior citizen FD rates: Latest rates

The bank offers increased interest rates on senior citizen fixed deposits only on specific tenures. As per the bank’s website, Karur Vysya Bank is offering senior citizens 7.8% interest on an FD maturing in 333 days. For an FD of tenure one year to 443 days the bank is offering an interest rate of 7.4%. FDs maturing in 444 days will fetch you an interest rate of 8%. FDs maturing between 445 days and five years will get an interest rate of 7.4%. Tax-saving FDs offer an interest rate of 5.90%. FDs maturing between five years and six years will get an interest rate of 6.65%. On deposits maturing between six years and 10 years, the interest will be the same.

Tenure Interest rate
333 days 7.80%
1 year to 443 days 7.40%
444 days 8%
445 days upto 2 years 7.40%
Above 2 years upto 3 years 7.40%
Above 3 years upto 5 years 7.40%
Above 5 years upto 6 years 6.65%
Above 6 years upto 10 years 6.65%

Source: Karur Vysya Bank website as of February 3, 2024

Karnataka Bank’s latest FD rates

According to the bank website, Karnataka Bank offers an interest rate of 3.5% on FDs maturing between 7 days and 45 days. For FDs maturing between 45 days and 90 days, the bank offers an interest rate of 4%. FDs maturing between 91 days and 179 days, will fetch an interest rate of 5.25%.

FDs maturing in 180 days and 269 days, will fetch an interest rate of 6%. FDs maturing between 270 days and less than 1 year will offer an interest rate of 6.5%. FDs maturing between 1 year and less than 2 years will fetch you an interest rate of 7.1%. FD maturing in 375 days will get an interest rate of 7.4%. FDs maturing in 444 days will get you an interest rate of 7.25%. FDs maturing between two years and less than 5 years, will get an interest of 6.5%. Tax-saving FDs that mature in five years, offer an interest rate of 6.5%.


Tenure FD interest rate
7 days to 45 days 3.50%
46 days to 90 days 4%
91 days to 179 days 5.25%
180 days 6%
181 days to 269 days 6%
270 days to below 1 year 6.50%
1 year to 2 years 7.10%
375 days 7.40%
444 days 7.25%
Above 2 year to 5 years 6.50%
Above 5 year to 10 years 5.80%

Source: Karnataka Bank website as of February 3, 2024

Karnataka Bank’s senior citizen FD: Latest rates

According to the Karnataka Bank website as of February 3, 2024, senior citizens will get “0.40% extra over the general rate up to inclusive of Rs 5 crore only under Domestic FD and ACC Schemes (Not for deposit under NRE/NRO/FCNR(B) accounts) for resident Senior Citizens only for tenure of 1 to 5 years and 0.50% extra over the general rate for tenure of 5 to 10 years w.e.f. 09.11.2020.”

The highest interest rate of 7.8% is offered on a senior citizen FD maturing in 375 days.

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Harry Byrne

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