Punjab National Bank (PNB) has revised its fixed deposit (FD) interest rates for amounts below ₹2 crore, introducing both hikes and reductions across different tenures. Effective January 1, 2024, the bank has increased rates by up to 50 basis points (bps) on select periods while decreasing them on specific buckets.
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For general citizens, fixed deposits spanning 180 to 270 days will now yield 6%, up by 50 bps.
Similarly, the bank has raised rates by 45 bps for tenures from 271 days to less than 1 year, offering 7.25% to general citizens.
Notably, on the 400-day maturity tenure, rates have ascended by 45 bps, escalating from 6.80% to 7.25%.
Following these adjustments, PNB's revised offerings for general citizens span a spectrum from 3.5% to 7.25% on deposits maturing in 7 days to ten years.
Concurrently, PNB has also reduced FD rates on the 444-day tenure by 45 bps, now standing at 6.8%.
For senior citizens and super seniors, the revised rates post January 1, 2024, range between 4% to 7.75% and 4.3% to 8.05%, respectively, on FDs maturing over seven days to a decade.
Here are the revised FD rates offered by PNB:
| Period | Revised rates for public | Revised rates for senior citizens |
| 7 to 14 Days | 3.5% | 4% |
| 15 to 29 Days | 3.5% | 4% |
| 30 to 45 Days | 3.5% | 4% |
| 46 to 60 Days | 4.5% | 5% |
| 61 to 90 Days | 4.5% | 5% |
| 91 to 179 Days | 4.5% | 5% |
| 180 to 270 Days | 6% | 6.5% |
| 271 Days to < 1 Year | 6.25% | 6.75% |
| 1 Year | 6.75% | 7.25% |
| >1Year to 399 Days | 6.8% | 7.3% |
| 400 Days | 7.25% | 7.75% |
| 401 Days to 443 days | 6.8% | 7.3% |
| 444 Days | 6.8% | 7.3% |
| 445 Days to 2 Years | 6.8% | 7.3% |
| above 2 years and up to 3 years | 7% | 7.5% |
| above 3 years and up to 5 years | 6.5% | 7% |
| above 5 years and up to 10 years | 6.5% | 7.3% |
(Source: PNB website)
On the other hand, State Bank of India (SBI) has also recently undergone alterations in its FD interest rates.
SBI, as of December 27, 2023, increased rates on deposits below ₹2 crore, offering 3.5% to 7% for tenures between seven and 10 years, with an additional 50 bps for senior citizens.
Here are the FD rates offered by SBI:
| Period | Revised rates for public | Revised rates for senior citizens |
| 7 days to 45 days | 3.5% | 4% |
| 46 days to 179 days | 4.75% | 5.25% |
| 180 days to 210 days | 5.75% | 6.25% |
| 211 days to less than 1 year | 6% | 6.5% |
| 1 Year to less than 2 years | 6.8% | 7.3% |
| 2 years to less than 3 years | 7% | 7.5% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years and up to 10 years | 6.5% | 7.50% |
(Source: SBI website)
Meanwhile, HDFC Bank offers interest rates ranging from 3% to 7% across maturity buckets. It offers 6.6% to its depositors on FDs of one year to 15 months duration. For 15 months to 18 months, the interest rate is 7.10%.
Here are the FD rates of HDFC Bank:
| Period | Rates for general citizens | Rates for senior citizens |
| 7 - 14 days | 3.00% | 3.50% |
| 15 - 29 days | 3.00% | 3.50% |
| 30 - 45 days | 3.50% | 4.00% |
| 46 - 60 days | 4.50% | 5.00% |
| 61 - 89 days | 4.50% | 5.00% |
| 90 days < = 6 months | 4.50% | 5.00% |
| 6 months 1 days < = 9 months | 5.75% | 6.25% |
| 9 months 1 day to < 1 year | 6.00% | 6.50% |
| 1 year to < 15 months | 6.60% | 7.10% |
| 15 months to < 18 months | 7.10% | 7.60% |
| 18 months to < 21 months | 7.00% | 7.50% |
| 21 months - 2 years | 7.00% | 7.50% |
| 2 Years 1 day to < 2 Year 11 Months | 7.00% | 7.50% |
| 2 Years 11 Months - 35 Months | 7.15% | 7.65% |
| 2 Years 11 Months 1 day < = 3 Year | 7.00% | 7.50% |
| 3 Years 1 day to < 4 Years 7 Months | 7.00% | 7.50% |
(Source: HDFC Bank website)
(Edited by : Amrita)
First Published: Jan 4, 2024 12:35 PM IST
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