Punjab National Bank has decided to hike its fixed deposit rates on amounts below ₹2 crore. The revised rates for domestic term deposits (below Rs. 2 crore) are effective from 01.01.2024.
The bank has revised the rates from 3.5% to 7.25% to general citizens on deposits maturing in 7 days. While the FD rates for the 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 and 4.3% to 8.05% for super seniors.
Fixed Deposit Rates of Different Indian Banks as of January 4, 2024
Here is a list of fixed deposit interest rates for various Indian banks as of January 4, 2024:
| Bank Name | Interest Rates (%) | Tenure (Days) |
|---|---|---|
| Canara Bank | 4% to 6.85% | – |
| Central Bank of India | 3.50% | – |
| Punjab National Bank (General) | 6.50% to 7.25% | 7 days to 444 days |
| Punjab National Bank (Senior Citizens) | 4.3% to 8.05% | – |
| Indian Bank | 6.3% to 6.8% | 1 year to 11 months |
| ICICI Bank | 5.00% to 7.25% | 301 days to 3 years |
| HDFC Bank | 5.00% to 7.25% | – |
| State Bank of India (SBI) | 5.75% to 7.25% | 1 year to 3 years |
| Bank of Baroda (BoB) | 5.75% to 7.25% | 1 year to 3 years |
Fixed deposits are a popular investment option in India, offering a fixed rate of return over a specified period. As of January 4, 2024, various Indian banks offer different interest rates on fixed deposits. Punjab National Bank (PNB) offers an interest rate of 6.50% to 7.25% for general citizens and 4.3% to 8.05% for senior citizens on deposits maturing in 7 days to 444 days.
The minimum deposit amount for PNB’s fixed deposit scheme is ₹1000, and in multiples of ₹1 thereafter. ICICI Bank offers an interest rate of 5.00% to 7.25% for deposits maturing in 301 days to 3 years.
The minimum deposit amount for ICICI Bank’s fixed deposit scheme is ₹10,000. State Bank of India (SBI) offers an interest rate of 5.75% to 7.25% for deposits maturing in 1 year to 3 years. The minimum deposit amount for SBI’s fixed deposit scheme is ₹1,000.
Bank of Baroda (BoB) offers an interest rate of 5.75% to 7.25% for deposits maturing in 1 year to 3 years. The minimum deposit amount for BoB’s fixed deposit scheme is ₹1,000.
It is important to note that these interest rates are subject to change and may vary depending on the account type and other factors.
It is advisable to check the respective bank’s website or contact them directly for the most up-to-date information on fixed deposit interest rates.
Sources:
- https://www.forbes.com/advisor/in/banking/fixed-deposit-interest-rates/
- https://www.indianbank.in/departments/deposit-rates/
- https://scripbox.com/fixed-deposit/indian-bank-fd-rates
- https://www.icicibank.com/personal-banking/deposits/fixed-deposit/fd-interest-rates
- https://www.pnbindia.in/Interest-Rates-Deposit.html
- https://www.paisabazaar.com/fixed-deposit/pnb-fd-rates/
- https://www.bankbazaar.com/fixed-deposit/punjab-national-bank-fixed-deposit-rate.html
- https://www.hindustantimes.com/business/pnb-hikes-fd-interest-rates-check-fixed-deposit-return-rates-for-sbi-icici-hdfc-and-more-101704346312373.html
- https://scripbox.com/fixed-deposit/pnb-fd-rates