Earn FD Interest Rates Up to 8.25%: 3 Banks Revise Rates in November 2024

November 2024 sees revised fixed deposit (FD) interest rates across three banks, offering both general and senior citizens attractive returns, with some rates as high as 8.25%.

Several banks in India have recently revised their fixed deposit interest rates, with the changes affecting both general and senior citizens. Fixed deposits remain a popular investment option due to their stability and predictable returns, especially when compared to more volatile assets like stocks.

These revised rates differ based on tenure, deposit amount, and whether the investor is a senior citizen or not. Here’s a closer look at the updated rates from three major banks:

YES Bank

Effective from November 5, 2024, YES Bank has lowered its FD interest rate for 18-month tenures from 8% to 7.75%, a reduction of 25 basis points. General citizens can now earn between 3.25% and 7.75% on FDs, while senior citizens will earn between 3.75% and 8.25%, with the highest rates offered on an 18-month FD.

Punjab & Sind Bank

From November 14, 2024, Punjab & Sind Bank has revised its FD rates and introduced limited-period deposits with higher returns. For general citizens, interest rates range from 4% to 7.45% across tenures from 7 days to 10 years. The highest rate of 7.50% is offered on non-callable deposits with a tenure of 555 days. Senior citizens are eligible for an additional 0.50% interest, with rates for them going up to 8% on non-callable deposits of 555 days. Super senior citizens (80 years and above) can earn up to 8.15% on the same tenure for non-callable deposits.

Bank of Maharashtra

Bank of Maharashtra, also revising its rates on November 14, 2024, now offers interest rates between 2.75% and 7.35% for general citizens, and between 2.75% and 7.85% for senior citizens, depending on the deposit amount and tenure.

Special FD schemes for general citizens offer the following interest rates per annum

• 6.90% for 200 days
• 7.35% for 333 days
• 7.10% for 400 days
• 7.75% for 777 days

Special FD schemes for senior citizens offer the following interest rates per annum

• 7.40% for 200 days
• 7.85% for 333 days
• 7.60% for 400 days
• 7.75% for 777 days

With inflation concerns and a potential rate cut on the horizon, experts suggest that now is a good time to lock in higher FD rates. Finance Minister Nirmala Sitharaman and Commerce Minister Piyush Goyal have advocated for a rate cut by the Reserve Bank of India (RBI), especially considering slowing economic growth. The RBI has maintained its key policy rate at 6.5% since early 2019, and many economists expect a 25 basis point cut to 6.25% in December 2024 to stimulate growth.

Adhil Shetty, CEO of Bankbazaar, advises that investors take advantage of the current high interest rates by locking in their FDs now. With the possibility of interest rates declining in the near future, securing deposits at today’s rates will ensure higher returns. As the RBI may reduce rates in December 2024 and February 2025, acting now will safeguard returns before the anticipated decline.