The Reserve Bank of India (RBI) has decided to keep the repo rate stable in the August MPC meeting. However, before this, the RBI had cut the repo rate by 1.00% (0.25% in February, 0.25% in April, and 0.50% in June). After this move, banks have also changed their FD (fixed deposit) interest rates. Punjab National Bank (PNB), a large public sector bank, is now offering attractive interest rates ranging from 3.25% to 7.40% on its FDs.
390 days FD is getting the highest interest
In Punjab National Bank (PNB), you can open a fixed deposit account for a period of 7 days to 10 years. But, if you want to get the highest interest, then keep an eye on the 390-day FD. This government bank is giving:
6.60% interest to general citizens
7.10% interest to senior citizens (60 to 80 years)
7.40% interest to super senior citizens (above 80 years)
For this special period. These rates can increase your savings rapidly.
2-year FD
If you want to invest for 2 years, PNB is still offering attractive rates:
6.40% for general citizens
6.90% for senior citizens
7.20% for super senior citizens
Let us understand with simple math how much you will earn in 2 years on an investment of ₹ 2 lakh. This is the return on an investment of ₹ 2 lakh on a 2-year FD of PNB. A general citizen will get a total of ₹2,27,080 on an investment of ₹2,00,000 at the rate of 6.40%. A senior citizen will get a total of ₹2,29,325 on an investment of ₹2,00,000 at the rate of 6.90%. Let us talk about super senior citizens, who will get a total of ₹2,30,681 on an investment of ₹2,00,000 at the rate of 7.20%.
Know these things before investing
Investing in PNB FD is a great way to keep your capital safe; it also gives regular and fixed returns. The additional interest rates given especially for senior and super senior citizens make their savings even stronger. However, before making any investment, do confirm the rates on the official website of the bank, as they may change according to market conditions.