Punjab National Bank (PNB) has once again increased its Fixed Deposit (FD) interest rates, marking the second hike within a span of 10 days.
This move follows a trend of several banks revising their FD rates in the past month. PNB has specifically raised the interest rate by 80 basis points under a special period scheme, focusing on the 300-day deposits.
Key Points:
PNB’s 300-day FD interest rate increased from 6.25% to 7.05% as of January 8, 2024.
Other existing interest rates for various durations remain unchanged.
PNB offers 6.75% interest on one-year deposits, 7.25% on 400-day deposits, and 7% on FDs ranging from 2 to 3 years.
SBI continues its special FD offer with an interest rate of 7.10% per annum for a 400-day tenure, extended until March 31, 2024.
Experts recommend exploring high-interest rates offered by banks for strategic investments.
Interest Rates from Other Banks:
SBI (State Bank of India): 6.80% per annum on one-year FD, 7% on FDs with a maturity of 2 to 3 years.
HDFC Bank: Offers interest rates from October 1, 2023, providing 6.6% on one-year FD and 7.15% on FDs between 2 years 11 months to 35 months.
Bank of Baroda: New interest rates implemented from December 29, 2023, offering 6.85% per annum on FDs between one and two years and 7.25% on FDs of 2 to 3 years.
Other FDs: Various maturities yield an annual interest of 7% at Bank of Baroda.
With changing FD interest rates, customers are advised to stay informed about the latest updates and consider investment options that align with their financial goals.
