Punjab National bank has revised its rate of interest for fixed deposit on select maturities from July 1. Recently, the Reserve Bank of India (RBI) lowered its lending rate (repo rate) for the third time in a calendar year. Accordingly, PNB has revised its interest rates on deposits. According to PNB's official website, the bank has lowered the interest rate on maturities with tenure of 7-14 days and 15 to 29 days. The bank is offering 5.5 per cent interest rate to general customers and 6 per cent to senior citizens for 7-14 days and 15-29 days. Previously, the bank paid interest rates of 5.75 per cent and 6.25 per cent on these FD maturities, respectively.
For one-year FDs, PNB is offering 7 per cent rate of interest. For maturity term of 1-3 years, PNB offering 6.75 per cent interest rate. On FDs maturing between three years and 10 years, PNB is offering 6.25% interest rate. Senior citizens will continue to get an additional rate of interest of 0.5 per cent on their deposits. Fixed deposits (FDs) are considered a preferred mode of investment for those who want guaranteed returns and safety of their money.
Other banks that have revised their fixed deposit rates:
SBI
The country's largest lender is offering an interest rate of 6.4 per cent for a maturity period between seven days up to one year. On deposits which are between one to two year, the rate of interest has been increased to 7 per cent from the previous 6.8 per cent.
Deposits which are three year to less than five years, the rate of interest has been decreased from 6.8 per cent to 6.70 per cent. Deposits which are for two years and less than three years, the interest rate is 6.8 per cent. For five to ten years, the rate of interest is 6.6- per cent.
ICICI Bank
ICICI bank has also revised its fixed deposit interest rates. For FDs maturity of 46-184 days, the bank has increased interest rate from 6.25 per cent to 6.60 per cent. For FDs maturing two-three years, the bank is offering interest rate of 7.5 per cent.
For long term fixed deposit, the bank has kept interest rates unchanged. On FDs maturing between five years and 10 years, ICICI Bank offers an interest rate of 7 per cent. ICICI Bank revised interest rate on maturities from June 17.
HDFC Bank
HDFC Bank has revised the interest rate on fixed deposit on June 24, 2019. The bank is currently offering interest rates in the range of 3.5 per cent to 7.40 per cent for deposits up to Rs 2 crore. HDFC Bank is offering 7.4 per cent interest rate on FD maturing in 2-3 years, 7.25 per cent interest rate on FDs maturing between 3-5 years, and 6.5 per cent on FDs with maturity between 5-10 years.
Also read: SBI rate cuts: Lending rate lowered by 5 bps, fixed deposit rates revised