Fixed Deposit Interest Rates: To control high inflation, Reserve Bank of India (RBI) monetary policy committee Interest rates were raised at an off-cycle monetary policy meeting last month. An increase in interest rates is also expected in the upcoming policy meeting during June 6-8. Amid this rate tightening environment, commercial banks are also following suit by raising their deposit and lending rates.
Several lenders including ICICI Bank, Kotak Mahindra Bank, HDFC Bank and Punjab National Bank have recently increased their interest rates for both deposits and loans. Here’s a comparison of the current Fixed Deposit (FD) Interest Rates Offered by three lenders Punjab National Bank (PNB), IDFC First Bank and HDFC Bank on deposits below Rs 2 crore:
Punjab National Bank FD interest rate (on deposits less than Rs 2 crore):
7 days to 14 days: for general public – 3.00 percent; For senior citizens – 3.50 percent
15 days to 29 days: for general public – 3.00 percent; For senior citizens – 3.50 percent
30 days to 45 days: for general public – 3.00 percent; For senior citizens – 3.50 percent
46 days to 90 days: for general public – 3.25 percent; For senior citizens – 3.75 percent
91 days to 179 days: for general public – 4.00 percent; For senior citizens – 4.50 percent
180 days to 270 days: for general public – 4.50 percent; For Senior Citizens – 5.00 percent
271 days to less than 1 year: For general public – 4.50 percent; For Senior Citizens – 5.00 percent
1 year: for general public – 5.10 percent; For senior citizens – 5.60 percent
1 year to more than 2 years: for general public – 5.10 percent; For senior citizens – 5.60 percent
2 years to more than 3 years: for general public – 5.10 percent; For senior citizens – 5.60 percent
3 years to more than 5 years: for general public – 5.25 percent; For senior citizens – 5.75 percent
5 years to more than 10 years: for general public – 5.25 percent; For senior citizens – 5.75 percent.
IDFC First Bank FD interest rates (on deposits below Rs 2 crore):
7 days to 14 days: for general public – 3.50 percent; For Senior Citizens – 4.00 percent
15 days to 29 days: for general public – 3.50 percent; For Senior Citizens – 4.00 percent
30 days to 45 days: for general public – 4.00 percent; For senior citizens – 4.50 percent
46 days to 90 days: for general public – 4.00 percent; For senior citizens – 4.50 percent
91 days to 180 days: for general public – 4.50 percent; For Senior Citizens – 5.00 percent
181 days to less than 1 year: for general public – 5.75 percent; For senior citizens – 6.25 percent
1 year-2 years: for general public – 6.00 percent; For Senior Citizens – 6.50 percent
2 years 1 day-3 years: For general public – 6.00 percent; For Senior Citizens – 6.50 percent
3 years 1 day-5 years: for general public – 6.25 percent; For senior citizens – 6.75 percent
5 years 1 day-10 years: for general public – 6.00 percent; For Senior Citizens – 6.50 percent
HDFC Bank FD interest rates (on deposits below Rs 2 crore):
7 days to 14 days: for general public – 2.50 percent; For Senior Citizens – 3.00 percent
15 days to 29 days: for general public – 2.50 percent; For senior citizens – 3.00 percent
30 days to 45 days: for general public – 3.00 percent; For senior citizens – 3.50 percent
46 days to 60 days: for general public – 3.00 percent; For senior citizens – 3.50 percent
61 days to 90 days: for general public – 3.00 percent; For senior citizens – 3.50 percent
91 days to 120 days: for general public – 3.50 percent; For Senior Citizens – 4.00 percent
6 months 1 day to 9 months: for general public – 4.40 percent; For senior citizens – 4.90 percent
9 months 1 day to less than one year: for general public – 4.45 percent; For Senior Citizens – 5.00 percent
1 year: for general public – 5.10 percent; For senior citizens – 5.60 percent
1 year 1 day to 2 years: for general public – 5.10 percent; For senior citizens – 5.60 percent
2 years 1 day to 3 years: for general public – 5.40 percent; For senior citizens – 5.90 percent
3 years 1 day to 5 years: for general public – 5.60 percent; For senior citizens – 6.10 percent
5 years 1 day to 10 years: for general public – 5.75 percent; For senior citizens – 6.50 percent.
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