FD Interest Rates: Fixed deposits have always been one of the most reliable and popular options among investors. FDs not only provide security but also offer guaranteed returns at a fixed interest rate. If an investor is risk-averse or wants to earn a stable income on their savings, FDs are a safe bet. However, it is wise to compare FD rates across multiple banks before investing, as interest rates vary from bank to bank.
Interest rates changed after the RBI decision
In June, the Reserve Bank of India (RBI) reviewed its monetary policy and cut the repo rate by 50 basis points, reducing it from 6% to 5.5%. Following this, many banks revised their fixed deposit interest rates. Both public and private sector banks have reduced their rates. Public sector banks, including State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda, have implemented new rates, while private banks like HDFC Bank, ICICI Bank, and Axis Bank have also announced changes to their FD rates.
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New FD Rates of State Bank of India (SBI)
State Bank of India recently reduced its interest rates on short-term FDs. FDs with tenures of 180 to 210 days have now been reduced to 5.65% from 5.80%. FDs with tenures of 211 days to less than one year will now offer 5.90% interest, down from 6.05% previously. SBI has also slightly reduced rates on short-term FDs for senior citizens, although attractive interest rates are still offered on long-term deposits.
New Rates of Punjab National Bank (PNB)
Punjab National Bank has implemented its revised interest rates effective June 18. Now, ordinary citizens will receive interest rates ranging from 3.25% to 6.70% on FDs ranging from 7 days to 10 years. For senior citizens, the rates range from 3.75% to 7.20%. Super senior citizens are offered higher interest rates ranging from 4.05% to 7.50%. In this way, PNB has provided senior investors with additional benefits.
New HDFC Bank Interest Rates
Private sector giant HDFC Bank has also revised its fixed deposit rates. Currently, HDFC Bank offers annual interest rates ranging from 2.75% to 6.60% for general customers, while senior citizens receive interest rates ranging from 3.25% to 7.10%. These rates vary depending on the investment period.
Disclaimer: This article has been adapted from articles on various websites. If you are going to invest in a fixed deposit of any bank, then definitely get information from an expert.