Up to 8.75%: These 4 banks hike FD interest rates; all you need to know (2024)

Starting from July 1, 2024, several banks have revised their fixed deposit (FD) interest rates for amounts below Rs 3 crore. Ujjivan Small Finance Bank offers the highest rates at 8.75% for senior citizens and 8.25% for others. Axis, ICICI, Punjab and Sindh, and Bank of India also offer competitive rates.

Here's a quick look at the updated rates to help you find the best option for your savings:

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Axis Bank FD rates

Axis Bank has adjusted its FD interest rates from July 1, 2024. For deposits up to Rs 3 crore, senior citizens can earn the highest rate of 7.75% for tenures between 5 to 10 years. For others, the peak rate is 7.2% for tenures of 17 to 18 months.

Ujjivan Small Finance Bank FD rates

Effective July 1, 2024, Ujjivan Small Finance Bank has also revised its FD rates. The bank offers senior citizens a top rate of 8.75% for a 12-month tenure. For general customers, the highest rate is 8.25% for the same 12-month period.

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Here are the revised fixed deposit interest rates for Ujjivan Small Finance Bank, effective from July 1, 2024:

Tenure: 7 days to 29 days

Interest rate (p.a.): 3.75%

Tenure: 30 days to 89 days

Interest rate (p.a.): 4.25%

Tenure: 90 days to 179 days

Interest rate (p.a.): 4.75%

Tenure: 6 months to < 12 months

Interest rate (p.a.): 7.00%

Tenure: 12 months

Interest rate (p.a.): 8.25%

Tenure: 12 months 1 day to 560 days (80 weeks)

Interest rate (p.a.): 8.00%

Tenure: 561 days to 990 days

Interest rate (p.a.): 7.75%

Tenure: 991 days to 60 months

Interest rate (p.a.): 7.20%

Tenure: 60 months 1 day to 120 months

Interest rate (p.a.): 6.50%

Additional Interest rate for senior citizens: 0.50%

IICIC Bank FD rates

ICICI Bank has updated its FD rates from July 1, 2024. For deposits up to Rs 3 crore, senior citizens can get up to 7.75% for tenures between 15 to 18 months. For other customers, the highest rate is 7.2% for tenures from 15 months to 2 years.

Here are the revised fixed deposit interest rates for ICICI Bank, effective from July 1, 2024:

Tenure: 7 to 14 Days

General citizen: 3.00%

Senior citizen: 3.50%

Tenure: 15 to 29 Days

General citizen: 3.00%

Senior citizen: 3.50%

Tenure: 30 to 45 Days

General citizen: 3.50%

Senior citizen: 4.00%

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