Bank fixed deposit (FD) is one of the most popular investment product. All the major banks including State Bank of India (SBI), Punjab National Bank (PNB) and others have revised interest on fixed deposits after RBI repo rate cut. Banks have been lowering the interest rates on fixed deposits across various tenures in the past 2-3 months. Before investing in a bank FD, it’s always better to compare the rates offered by various banks.
Fixed deposit is one of the most popular investment product. State Bank of India (SBI), Punjab National Bank (PNB) and others have revised interest on fixed deposits after RBI repo rate cut. All banks have lowered the interest rate on fixed deposit across various tenure in the past 2-3 months.
Latest FD interest rates of SBI (below Rs 2 Cr) for the general public:
SBI Bank offers FDs with tenure 7 days and 10 years and the interest rate varies from 4.50% to 6.50%. For FDs maturing in 7 days to 45 days, SBI gives 4.50% interest, 46 days to 179 days 5.50%, 180 days to less than 1 year, 5.80%. SBI gives the highest interest rate of 6.50% on deposits maturing in 1 year to less than 2 years.SBI gives 6.25% interest on deposits maturing in 2 years to 10 years.
Latest FD interest rates of PNB (below Rs 2 Cr) for the general public:
PNB  Bank is offering an interest rate ranging between 4.5% and 6.5% on fixed deposits maturing in the range of 7 days to 10 years. PNB is offering an interest rate of 4.5% on 7-45 day fixed deposits, 5.5% on 46 to 179 day FDs. On 180 days to 270 days FDs, PNB is paying 6%. PNB is giving 6.00% interest on deposits maturing in 271 days to less than 1 year. Deposits maturing in 333 days and 1 year will fetch an interest rate of 6.1% and 6.5% respectively.
Highest interest rates:
1 year to less than 2 year— SBI 6.50%
1 year —PNB 6.50%
444 days—PNB 6.50%
555 days—PNB 6.50%
5 years and up to 10 years—PNB 6.50%
Read EquityPandit’s Nifty Bank Outlook for the Week