FD Rates : The Reserve Bank of India (RBI) has not changed the interest rates for almost 18 months, but despite this, many banks have changed the Fixed Deposit interest rates.
These changes have been made on FDs of different periods. Public and private sector banks like SBI, HDFC Bank, ICICI Bank and Punjab National Bank (PNB) are offering many new FD schemes.
State Bank of India (SBI):
State Bank of India (SBI) has launched a new special FD scheme called ‘Amrit Vrishti’. Under this scheme, general customers can avail 7.25% interest rate for a period of 444 days, while for senior citizens the rate is 7.75%. This scheme is available for investment from 15 July 2024 to 31 March 2025. SBI FD rates on other periods including 7 days to 10 year FDs range from 3.50% to 7.00%.
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HDFC bank:
HDFC Bank is offering interest rates ranging from 3% to 7.4% for FDs of 7 days to 10 years. The maximum interest rate for general customers is 7.4%, while senior citizens are offering an interest rate of 7.90% for FDs of 4 years 7 months to 55 months. These revised rates are applicable from July 24, 2024.
ICICI Bank:
ICICI Bank is offering FD rates ranging from 3% to 7.20% for FDs of 7 days to 10 years. These rates are applicable from July 30, 2024.
Punjab National Bank (PNB):
Punjab National Bank (PNB) is offering a maximum interest rate of 7.25% for 400 days FD from August 1, 2024. For 300 days FD, the rate is 7.05%. For one and two year term FDs, the interest rate is 6.80%. For three-year FDs, the interest rate is 7.00% and for four and five-year FDs, the interest rate is 6.50%.
