New Delhi:
When it comes to reliable investment and savings avenues, Fixed Deposits (FDs) have stood the test of time. Their appeal lies in the assurance of risk-free returns.
In recent days, both public and private banks have been raising their FD interest rates, adding to the attractiveness of this investment option.
If you’re contemplating putting your funds in FDs, understanding the varying interest rates across different banks is crucial.
Let’s delve into the FD interest rates offered by HDFC Bank, ICICI Bank, and Punjab National Bank (PNB).
HDFC Bank FD Interest Rate
HDFC Bank, a leader in the private banking sector, presents an FD interest rate of 7.75% per annum to its customers. The bank offers a range between 3% and 7.75% in terms of interest rates. Elderly citizens enjoy an extra .50 bps interest.
For instance, on FDs from 9 months to 1 year, the bank offers 6% interest to customers and 6.50% to senior citizens.
Common citizens can enjoy 6.60% interest on FDs of less than 1 year to 15 months, while senior citizens receive 7.10% interest. On 15-month to 18-month FDs, common citizens benefit from 7.10% interest, whereas senior citizens receive 7.50%.
For FDs spanning 5 years, 1 day to 10 years, HDFC Bank offers 7% interest to common citizens and a rewarding 7.75% to senior citizens.
ICICI Bank FD Interest Rate
ICICI Bank follows suit, offering a range between 3% and 7.50% on FD interest rates. The bank provides a 6% interest rate to customers on FDs ranging from 290 days to less than 1 year.
Senior citizens, on the other hand, receive an advantageous 6.50% interest. For FDs of 1 year to 389 days, common citizens benefit from 6.70% interest, while senior citizens are entitled to 7.20%.
Exploring longer terms, ICICI Bank offers 7% interest to the general public and an attractive 7.50% to senior citizens on FDs from 2 years, 1 day to 3 years.
For tenures spanning 5 years, 1 day to 10 years, ICICI Bank provides interest at the rate of 6.90% to the general public and 7.50% to senior citizens.
Punjab National Bank FD Interest Rates
Punjab National Bank (PNB) extends a spectrum of interest rates, ranging from a minimum of 3.50% to a maximum of 7.75% per annum.
Catering to senior citizens, PNB offers enhanced interest rates. With FDs from 271 days to less than 1 year, PNB offers 5.80% interest to common citizens and 6% to senior citizens.
The bank’s 1-year FDs come with a 6.80% interest rate for common citizens and an appealing 7.30% for senior citizens.
Further, the 444-day FDs boast interest rates of 7.25% for common citizens and 7.75% for senior citizens.
As you consider investing in fixed deposits, a thorough understanding of these interest rates from HDFC, ICICI, and PNB can guide your decision-making process, helping you make the most of your investments.
