New Delhi:
Since the start of the new year, several government banks have made adjustments to their Fixed Deposit (FD) interest rates.
Punjab National Bank (PNB), Bank of Baroda (BOB), Federal Bank, and IDBI Bank have revised their FD rates in January 2024.
Here’s a summary of the changes:
Punjab National Bank (PNB)
PNB increased the interest rate on its 300-day FD by 80 basis points, from 6.25% to 7.05% for general customers.
Senior citizens now receive 7.55% interest, while super senior citizens enjoy 7.85%.
PNB offers FD interest rates between 3.50% to 7.25% for regular customers and 4% to 7.75% for senior citizens after the changes.
Federal Bank
Federal Bank raised the interest rate for its 500-day FD to 7.75% and to 8.25% for senior citizens.
Senior citizens can now earn a maximum return of 8.40% for a 500-day period.
FD interest rates for regular customers range from 3% to 7.75%, while senior citizens enjoy rates between 3.50% to 8.25%.
IDBI Bank
IDBI Bank adjusted FD interest rates between 3% to 7% for regular customers and 3.50% to 7.50% for senior citizens. These rates became effective from January 17, 2024.
Bank of Baroda (BOB)
BOB introduced a special short-term FD named 360D (bob360), offering 7.10% interest to general customers and 7.60% to senior citizens.
Interest rates for normal customers range from 4.45% to 7.25%,
with senior citizens receiving an additional 50 basis points.
