The fixed deposit or FD rate have been increased by Punjab National Bank (PNB) for some of the maturity periods since 1 January 2019. Post this other banks also followed this hike in the rates such as ICICI, State Bank of India (SBI) and HDFC Bank. As per the revised and current rates, the interest rate offered by PNB currently stands at 5.75% on FD up to Rs 1 crore. The maturity period may include seven days to forty-five days as mentioned in the website of pnbindia.in
The interest rate for the fixed deposits has seen a hike of 5 points for three tenors. The interest in the maturity period of seven to fourteen days earlier stood at 5.70%. However, the interest rate has now been increased to 5.75%. Apart from that, such a hike in interest rates of fixed deposits is also noticed on 15 to 29 days and 30 to 45 days. However, the hike for senior citizens has been made from 6.20% to 6.25%.
The last revision of FD interest rates was done back in November 2018. The rate of interest for the 1-year maturity term is the same at 6.75% and the one for one year to less than three years is at 6.75%. However, the maturity period which is three years to 10 years, the rate of interest will be at 625%.
FD interest rates of SBI
The rate of interest has seen quite a variation in SBI. The rate of interest for the maturity of 7-45 days is 5.75% while that of 46-179 days is 6.25%. The interest for maturity for 180-210 days is 6.35% while that of 211-365 (1 year) days is 6.40%. The senior citizens can incur an additional 50 basis point for all the terms. The interest in the maturity of one to two years is 6.80%. The same interest is given for the maturing period of 2-3 years. The maturity of three to five years SBI is offering the same 6.80% rate of interest. However, if anyone has a maturity period of five to ten years, the rate of interest for them is 6.85%.
FD Interest Rates of HDFC
The interest rate for maturity of 7-90 day stands at 6.25% while that of 91 days to 1 year stands at 7.30%. HDFC interest rate for the maturity of one year and less than two years is 7.3% and that of 2-3 years stands at 7.4%. The interest rate for 3-5 years is 7.25% and that of 5-10 years is 6.5%.
FD Interest Rates of ICICI
The interest rate for maturity 7-45 days is 5.50% and that of 46-184 days is 6.25%. the one for 389 days to 2 years is 7.1%. the interest rate for 2-3 years is 7.5%. The interest rate for 3-5 years maturity is 7.25% and that for 5-10 years is 7%.
FD interest rates of Axis Bank
The interest for 46 days to 6 months is 6.25% and that of 9 months to 1 year is 7.1%. Axis bank interest rate for 1-2 years is 7.3% and that of 2-3 years is 7.50%. The interest rate for 3-5 years is 7.25% and that of 5-10 years is 7%.