Read this news immediately if you are a Punjab National Bank (PNB) customer as well. For the second time in ten days, PNB has raised the interest rate on FDs. Several banks have raised FD interest rates in the past month. Certain banks have raised interest rates for varying lengths of time. PNB has now raised the interest rate on 300-day fixed-rate deposits. The bank has raised interest rates once more.
In the meantime,
SBI is offering its special fixed-term deposit (FD) at a rate of 7.10 percent annually for 400 days. This FD offer has been renewed by the bank to March 31, 2024. Investing in the high-interest rates that banks give is advised by experts.
Under the special time arrangement,
Punjab National Bank has raised the interest rate by 80 basis points. Beginning on January 8, 2024, the bank will be charging a higher interest rate of 7.05 percent on 300-day deposits instead of 6.25 percent. The bank’s remaining interest rates will stay at their current level. 6.75 the bank offers percent interest on deposits made for a year. For a 400-day deposit, the bank is offering interest at a rate of 7.25 percent. For a two- to three-year FD, the interest rate is seven percent.
SBI adjusted the FD interest rate
after ten months in December. For a one-year FD, the bank offers interest at a rate of 6.80% annually. In addition, the interest rate on FD with maturity of 2 to 3 years is available at 7 percent. The interest rate on FD of 3 to 5 years is 6.75 percent.
Only the interest rate that
will be in effect on October 1, 2023, is being offered by HDFC Bank. For a one-year FD, the bank offers an interest rate of 6.6% annually. For a term of two years and eleven months to thirty-five months, FD is offering 7.15 percent interest. A 7% annual interest rate is being paid on the remaining FDs with varying maturities.
The new interest rate
will only be available from the Bank of Baroda on December 29, 2023. FDs with terms ranging from one to two years are offered at an annual interest rate of 6.85%. For a two- to three-year FD, the interest rate is 7.25 percent. An annual interest rate of 7.15 percent is being provided on a 399-day special FD.
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