New Delhi: Punjab National Bank (PNB) has increased fixed deposit or FD rates for some select maturity periods with effect from 1 January 2019. The move follows after rate hikes by other major banks, including State Bank of India (SBI), ICICI Bank and HDFC Bank. According to the revised rates, PNB is offering 5.75% interest rate on FDs up to 1 crore for maturity periods between seven days and 45 days, according to pnbindia.in.

The interest rate on three tenors fixed deposits have been hiked by 5 basis points. The interest rate on FDs maturing between 7 and 14 days period has been hiked to 5.75% from 5.70%. Rates for deposits of 15 to 29 days and 30 to 45 days have been hiked to 5.75% as well. For the same fixed deposits, the interest rate for senior citizens has been hiked from 6.20% to 6.25%

The bank had earlier revised FD interest rates in November 2018.

For the 1-year term, the rate of interest is unchanged at 6.75%. For the maturity term of more than 1 year but less than 3 years, the rate will be 6.75%. In the maturity buckets of 3 years to 10 years, the rate remains unchanged at 6.25%.

FD interest rates of SBI

For FDs with maturity period of 7-45 days, SBI is offering 5.75%, 46-179 days 6.25%, 180-210 days 6.35% and 211 days to less than 1 year 6.40%. SBI offers senior citizens’ an additional 50 basis point interest rate across all tenures. On FD maturity between one year and two years, SBI is offering 6.80% interest rate. On FD maturity of 2-3 years, the bank offers 6.80%. On maturity between three and five years, SBI is offering 6.80% interest rate. SBI offers an interest rate of 6.85% on FDs with maturity between five years and 10 years.

FD interest rates of ICICI

For FDs with maturity 7-45 days, ICICI is offering 5.50%, 46-184 days 6.25%, 185-289 days 6.50% and 290 days to less than 1 year 6.40%. On FD maturity of 389 days to two years, ICICI is offering 7.1% interest. On FD maturity of 2-3 years, ICICI is offering 7.5% interest rate. ICICI Bank is offering 7.25% interest rate on fixed deposit maturing between three and five years. ICICI offers interest rate of 7% on FDs with maturity between five years and 10 years.

FD interest rates of HDFC

For FDs with maturity 7-90 days, HDFC is offering 6.25%, 91 days to 1 year 7.30%. HDFC Bank is offering 7.3% on FD maturity of one year to less than two years. HDFC Bank is offering 7.4 % interest rate on FD maturing in 2-3 years. HDFC Bank is offering 7.25% interest rate on FDs maturing between three and five years. The bank offers interest rate of 6.5% on FDs with maturity between five years and 10 years.

FD interest rates of Axis Bank

Axis Bank is offering an interest rate of 6.25% for FDs with maturity between 46 days and 6 months and 7.1% for between 9 months and 1 year. Axis Bank is also offering the same rate of interest as HDFC (7.3%) for fixed deposits maturing in one and two years. The bank is offering 7.50% for FDs maturing in 2 years but not more than 3 years and 7.25% interest rate on FDs maturing between three and less than five years. For FDs with maturity between five years and 10 years, Axis Bank offers an interest rate of 7%.

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