As banks are increasing their interest rates on fixed deposits (FDs) after the Reserve Bank of India (RBI) has hiked its key repo rate to control inflation, Punjab National Bank (PNB) is the latest lender to join the list. It raised its interest rates on fixed deposits below Rs 2 crore, which will become effective from Monday, July 4.
Recently, several lenders, including ICICI Bank, State Bank of India and HDFC Bank, increased their interest rates for both deposits as well as loans. Here’s the comparison of the current fixed deposit (FD) interest rates offered by three lenders Punjab National Bank (PNB), HDFC Bank, and State Bank of India (SBI) on deposits below Rs 2 crore:
Punjab National Bank’s FD Interest Rate (On Deposits Below Rs 2 Crore):
7 days to 14 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
15 days to 29 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
30 days to 45 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
46 days to 90 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent
91 days to 179 days: For General Public – 4.00 per cent; For Senior Citizens – 4.50 per cent
180 days to 270 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
271 days to less than 1 year: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
1 year: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent
Above 1 year to 2 years: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent
Above 2 Years to 3 Years: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent
Above 3 years to 5 years: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent
Above 5 years to 10 years: For General Public – 5.60 per cent; For Senior Citizens – 6.10 per cent
1111 days: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent.
HDFC Bank’s FD Interest Rate (On Deposits Below Rs 2 Crore):
7 days to 14 days: For General Public – 2.75 per cent; For Senior Citizens – 3.25 per cent
15 days to 29 days: For General Public – 2.75 per cent; For Senior Citizens – 3.25 per cent
30 days to 45 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent
46 days to 60 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent
61 days to 90 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent
91 days to 6 months: For General Public – 3.75 per cent; For Senior Citizens – 4.25 per cent
6 months 1 days to 9 months: For General Public – 4.65 per cent; For Senior Citizens – 5.15 per cent
9 months 1 day to 9 months: For General Public – 4.65 per cent; For Senior Citizens – 5.15 per cent
1 year: For General Public – 5.35 per cent; For Senior Citizens – 5.85 per cent
1 year 1 day to 2 years: For General Public – 5.35 per cent; For Senior Citizens – 5.85 per cent
2 years 1 day to 3 years: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent
3 years 1 day to 5 years: For General Public – 5.70 per cent; For Senior Citizens – 6.20 per cent
5 years 1 day to 10 years: For General Public – 5.75 per cent; For Senior Citizens – 6.50 per cent.
State Bank of India’s FD Interest Rate (On Deposits Below Rs 2 Crore):
7 days to 45 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
46 days to 179 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
180 days to 210 days: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
211 days to less than 1 years: For General Public – 4.60 per cent; For Senior Citizens – 5.10 per cent
1 year to less than 2 years: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent
2 years to less than 3 years: For General Public – 5.35 per cent; For Senior Citizens – 5.85 per cent
3 years to less than 5 year: For General Public – 5.45 per cent; For Senior Citizens – 5.95 per cent
5 years to up to 10 years: For General Public – 5.50 per cent; For Senior Citizens – 6.30 per cent.
To control inflation, the Reserve Bank of India (RBI) in early June raised the key repo rate by 50 basis points (bps), which was the second hike within almost as month after the central bank’s Monetary Policy Committee increased 40 basis points in off-cycle policy review in May. The retail inflation in May stood at 7.04 per cent, which is higher than the RBI’s target limit of 2-6 per cent.
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