PNB raises FD rate again: These are the fixed deposit rates offered by 5 major banks including HDFC Bank, SBI
raised interest rates across the tenures while in some cases, interest rates were raised for one tenure alone. Punjab National Bank, for instance, revised its interest rate within seven days of last revision on Jan 1, 2024 for a specific tenure (300 days). Meanwhile, the deadline of State Bank of India's (SBI’s) special tenure FD of 400 days wherein it offers 7.10 percent per annum rate has been extended by another three months until March 31, 2024.
No wonder then the investment advisors have been recommending investors to make use of the prevailing high rates and lock their savings in fixed deposits. Punjab National Bank: PNB recently raised interest rate on fixed deposits (FDs) of one specific tenure by as much as 80 basis points. It is interesting to note that this revision came within seven days of the last revision.
The bank raised the interest rate from 6.25 percent to 7.05 percent on deposits of 300 days with effect from Jan 8, 2024. The interest rates of other tenures continue to be the same. The bank gives 6.75 percent on one-year deposits.
On 400-days deposits, the bank offers 7.25 percent, while the FDs of tenure between 2 and 3 years, the interest rate will be 7 percent and the long duration FDs (three years and above) would earn an interest of 6.5 percent. State Bank of India (SBI): The largest state lender revised its FD rates in December after a gap of 10 months. On its one-year fixed deposits, SBI now offers 6.80 percent per annum rate.
The bank offers 7 percent on FDs of 2 to 3-year tenures. The long duration FDs (between 3 and 5 years) would stand to earn 6.75 percent. The specific scheme of 400 days offering an interest of 7.10 percent will remain in effect until March 31, 2024.
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