This Article is From Nov 11, 2018

PNB Revises Fixed Deposit (FD) Interest Rates; What Other Lenders Pay

FD interest rates vary from one bank to another, depending on factors such as the term of the fixed deposit.

PNB Revises Fixed Deposit (FD) Interest Rates; What Other Lenders Pay

Banks offer a slightly higher interest rate on FDs to senior citizens.

Public sector lender Punjab National Bank (PNB) has revised its fixed deposit (FD) rates with effect from November 1, 2018. Fixed deposits (FDs), also known as term deposits, are secure financial instruments, which offer guaranteed returns. PNB has introduced a special fixed deposit scheme for 555 days effective for a period of November 2018 to March 2019, the lender noted on it's official website- pnbindia.in. Recently, private lenders such as HDFC Bank and Canara Bank also revised their fixed deposit rates.

In a FD account, an investor can park a lump sum amount and avail features like guaranteed returns and choice of interest payout. FD interest rates vary from one bank to another, depending on factors such as the term of the fixed deposit. It may be noted that banks offer a slightly higher interest rate on FDs to senior citizens. 

Here's a comparison of interest rates offered by PNB Bank, SBI, HDFC Bank and ICICI Bank on fixed deposits up to Rs 1 crore:

PNB Bank

The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - pnbindia.in:

Domestic FD Less Than Rs1 Cr 
(W.E.F. 01.11.2018)
Sl. NoPeriodGeneral public (% p.a.)For Senior Citizen (% p.a.)
17 to 14 days5.76.2
215 to 29days5.76.2
330 to 45 days5.76.2
446 to 90 days6.356.85
591 to 179 days6.356.85
6180 days to 270 Days6.356.85
7271 days to less than 1 year6.356.85
81 year6.757.25
9555 days**6.857.35
10above 1 year & upto 3 years6.757.25
11above 3 year & upto 5 years6.256.75
12above 5 years & upto 10 years6.256.75

 

State Bank of India (SBI)

The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website - sbi.co.in:

Maturity period (term)Interest rate with effect from July 30, 2018
General publicSenior citizen
7 days to 45 days5.756.25
46 days to 179 days6.256.75
180 days to 210 days6.356.85
211 days to less than 1 year6.46.9
1 year to less than 2 year6.77.2
2 years to less than 3 years6.757.25
3 years to less than 5 years6.87.3
5 years and up to 10 years6.857.35
(Source: sbi.co.in)

 

HDFC Bank:

The following FD interest rates are applicable on deposits below Rs. 1 crore from November 6, 2018, according to the bank's website - hdfcbank.com:

Period< 1 Crore
Interest Rate (per annum)**Senior Citizen Rates (per annum)
7 - 14 days3.50%4.00%
15 - 29 days4.25%4.75%
30 - 45 days5.75%6.25%
46 - 60 days6.25%6.75%
61 - 90 days6.25%6.75%
91 days - 6 months6.25%6.75%
6 mnths 1 day- 6 mnths 3 days6.75%7.25%
6 mnths 4 days6.75%7.25%
6 mnths 5 days- 9 mnths6.75%7.25%
9 mnths 1 day- 9 mnths 3 days7.10%7.60%
9 mnths 4 days7.10%7.60%
9 months 5 days - 9 months 15 days7.10%7.60%
9 months 16 days7.10%7.60%
9 months 17 days < 1 Year7.10%7.60%
1 Year7.30%7.80%
1 year 1 day - 1 year 3 days7.30%7.80%
1 year 4 days7.30%7.80%
1 year 5 days - 1 Year 15 Days7.30%7.80%
1 Year 16 days7.30%7.80%
1 year 17 days - 2 Years7.30%7.80%
2 years 1day - 2 Years 15 days7.40%7.90%
2 Years 16 days7.40%7.90%
2 years 17 days - 3 Years7.40%7.90%
3 years 1day - 5 years7.25%7.75%
5 Years 1 Day - 8 Years6.50%7.00%
8 Years 1 Day - 10 Years6.50%7.00%

 

ICICI Bank

The following FD interest rates are applicable on deposits below Rs. 1 crore, according to the bank's website- icicibank.com:

Maturity period (term)Interest rate with effect from August 14, 2018
General publicSenior citizen
7 days to 14 days44.5
15 days to 29 days4.254.75
30 days to 45 days5.56
46 days to 60 days5.756.25
61 days to 90 days66.5
91 days to 120 days66.5
121 days to 184 days66.5
185 days to 289 days6.57
290 days to less than 1 year6.757.25
1 year to 389 days6.757.25
390 days to 2 years77.5
2 years 1 day up to 5 years7.257.75
5 years 1 day up to 10 years77.5
5 Years Tax saver FD (Max up to Rs. 1.50 lac)7.257.75
(Source: icicibank.com)

Besides banks, post offices and companies also offer fixed deposits. However, corporate fixed deposits do not guarantee an assured interest income.

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