Punjab National Bank has announced that it has hiked its fixed deposit (FD) interest rates on amounts below ₹2 crore. Now offering better returns on FD, the bank hiked up to 50 basis points (bps) on certain tenures.
Meanwhile, PNB has also announced the reduction of FD rates for some buckets. The new rates of the bank will be implemented from January 1, 2024. The bank has hiked interest rates on the tenure of 180 to 270 Days by 50 bps.
Through the new FD rates, general citizens will be able to get up to 6 percent returns. Meanwhile, PNB hiked the interest rates by 45 bps on 271 Days to less than 1 year tenure, fetching 7.25 percent returns for general citizens.
PNB has hiked rates by 45 bps from 6.80% to 7.25% for the 400 day maturity fixed deposit. Further, the bank has revised the rates from 3.5% to 7.25% to general citizens on deposits maturing in 7 days to ten years.
While the FD rates for majority of the tenures have been raised, PNB has also cut FD rates on 444 days by 45 bps from 7.25% to 6.8%. As per the revisions in rates, Punjab National Bank will be offering an interest rate ranging from 4% to 7.75% on FDs maturing in seven days to ten years for senior citizens, and 4.3% to 8.05% for super seniors.
Fixed deposit rates of ICICI, HDFC, SBI, BoB
The State Bank of India (SBI) hiked interest rates on fixed deposits on December 27,2023. For deposits below ₹2 crore, SBI offers rates ranging from 3.5 to 7% on deposits maturing in seven days to ten years, while senior citizens will get 50 bps extra.
Bank of Baroda has raised its interest rates by 125 bps in December 29 for deposits under ₹2 crore. General costumers will get an FD interest in the range of 4.25 % to 7.25%, while senior citizens will get an interest of 4.75% to 7.75% on deposits maturing in seven days to ten years.
HDFC Bank, which is the largest private lender in India, offers an interest in the range of 6.6 percent for fixed deposits of one year to 15 months duration. The interest rate is 7.10 percent for 15-18 months, 7 percent for 18-21 months and 7 percent for 21 months to two years.
ICICI Bank raised its interest rates for fixed deposits to 7.25 percent for the tenure of one year to 389 days, from January 3, 2024. The range is 4.5 percent to 6 percent for 61 to 90 days, 4.75 percent to 6.5 percent for 91 to 184 days, 5.75 to 6.75 percent for 185 to 270 days, 6.7 percent to 7.25 percent for 390 to 15 months and 6.9 to 7 percent for 5 to 10 years.
