The Reserve Bank of India decided to keep the repo rate stable in the Monetary Policy Committee meeting held in August. However, since the beginning of this year, the repo rate has been cut by a total of 1 percent. This cut, made in three phases in February, April, and June, has also affected the fixed deposit rates of banks. Government bank Punjab National Bank has implemented new interest rates on the FD scheme for its customers, which range from 3.25 percent to 7.40 percent.
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Highest return on 390-day FD
Punjab National Bank is currently offering the facility of opening a fixed deposit account for a period of 7 days to 10 years. Among these, the most attractive interest rate is available on a 390-day FD. In this scheme, a 6.60 percent return is being given to general customers, 7.10 percent to senior citizens, and 7.40 percent to super senior citizens above 80 years.
Attractive interest on 2-year FD too
If you want to invest for a long period, then a 2-year FD scheme can prove to be beneficial for you. On this, general citizens are getting the benefit of 6.40 percent interest, senior citizens 6.90 percent, and super senior citizens 7.20 percent interest.
Guaranteed benefit on investment of 2 lakhs
If a person deposits Rs 2 lakh in PNB’s 2-year FD scheme, then he will get the following benefits in different categories.
General investors will get Rs 2,27,080, which includes interest of Rs 27,080.
Senior citizens will get Rs 2,29,325 on maturity, which will include interest of Rs 29,325.
At the same time, super senior citizens will get a total of Rs 2,30,681 back on this FD, to which a guaranteed interest of Rs 30,681 has been added.
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Why is PNB’s FD a better option?
PNB’s FD scheme gives safe and guaranteed returns to investors. In this, the benefit of additional interest has been made available for senior and super senior citizens, which makes this investment option even more attractive.