Up to 8% FD interest: These two banks revise fixed deposit rates; know new rates 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
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%. .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:10px;font-weight:500;line-height:18px;} #sr_widget .sr_desc{margin:0 auto 0;} #sr_widget .sr_desc{color: #024d99;}
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TenureInterest rate7 days to 14 days4%15 days to 30 days4%31 days to 45 days5.25%46 days to 90 days5.25%91 days to 120 days6%121 days to 180 days6%181 days to 270 days6.25%271 days to 332 days6.50%333 days7.40%334 days to less than 1 year6.50%1 Year to 443 days 7%444 days7.50%445 days upto 2 years7%Above 2 years upto 3 years7%Above 3 years upto 5 years7%Above 5 years upto 6 years6.25%Above 6 years6.25%Source: Karur Vysya Bank website as of February 3, 2024
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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.TenureInterest rate333 days7.80%1 year to 443 days7.40%444 days8%445 days upto 2 years7.40%Above 2 years upto 3 years7.40%Above 3 years upto 5 years7.40%Above 5 years upto 6 years6.65%Above 6 years upto 10 years6.65%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%.
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TenureFD interest rate7 days to 45 days3.50%46 days to 90 days4%91 days to 179 days5.25%180 days6%181 days to 269 days6%270 days to below 1 year6.50%1 year to 2 years7.10%375 days7.40%444 days7.25%Above 2 year to 5 years6.50%Above 5 year to 10 years5.80%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.
This story originally appeared on: India Times - Author:Faqs of Insurances
