Fixed Deposit rates are dependent upon the Reserve Bank of India’s repo rate
Fixed Deposits are one of the most reliable investment options, especially for long-term returns. Fixed Deposit rates are dependent upon the Reserve Bank of India’s repo rate. Here are the FD existing rates by three public sector banks—State Bank of India, Bank Of Baroda and Punjab National Bank.
The State Bank of India has hiked the fixed deposit interest rates by 15 basis points with effect from August 13, 2022, for deposits below Rs 2 crore. With this, the FD rates for SBI account holders have changed. For the general public, the FD rates range from 2.90 per cent to 5.65 per cent, whereas for senior citizens, FD rates range from 3.40 per cent to 6.45 per cent.
For the amount maturing between 180 days to 210 days, the FD rate for the general public is 4.55 per cent, whereas the FD rate for senior citizens is 5.05 per cent. For the amount maturing between 211 days to less than 1 year, the FD rates have remained unchanged for the general public and senior citizens. For the amount maturing between 1 year to less than two years, FD rates for the general public and senior citizens stand at 5.45 per cent and 5.95 per cent.
For the amount maturing between two years to less than three years, the FD rates for the general public and senior citizens stand at 5.50 per cent and 6 per cent. For the amount maturing between 3 years to less than 5 years, the FD rates for the general public and senior citizens stand at 5.60 per cent and 6.10 per cent. For the amount maturing between 5 years and up to 10 years, the FD rates for the general public and senior citizens stand at 5.65 per cent and 6.45 per cent.
The Bank of Baroda has hiked FD interest rates by 35 basis points across all tenors with effect from July 28, for amounts less than Rs 2 crore. For deposits maturing between 7 days to 45 days, the bank has raised FD rates to 3 per cent. For deposits maturing between 46 days to 180 days, FD rates have been hiked by 4 per cent. For deposits maturing between 181 days to 270 days, the FD rates have been hiked to 4.65 per cent. For deposits maturing between 271 days and less than a year, the deposit rates have been hiked to 4.65 per cent.
The Punjab National Bank hiked the FD interest rates by upto 20 basis points for select tenors with effect from August 17.
The FD rates for above two years and upto three years stand at 5.75 per cent and 5.65 for the general public and senior citizens respectively. For above 3 years and upto 5 years, the FD rates for the general public and senior citizens stand at 6.25 per cent and 6.15 per cent. For above 5 years and upto 10 years, the FD rates for general public and senior citizens stand at 6.75 per cent and 6.65 per cent, respectively.