SBI revises fixed deposit (FD) rates. How they compare with Axis Bank, Punjab National Bank – Mint

State Bank of India (SBI), Punjab National Bank (PNB) and Axis Bank have revised their fixed deposit (FD) interest rates in January 2021. Bank fixed deposit (FD) is one of the most popular and preferred investment tools. The return earned from a bank FD is known at the time of investing. FDs are also known as term deposits.

SBI latest FD interest rates (below ₹2 crores) for general public effective 8 January 2021

After the latest revision, SBI FDs between 7 days to 45 days will now fetch 2.9%. Term deposits between 46 days to 179 days will give 3.9%. FDs of 180 days to less than one year will fetch 4.4%. Deposits with maturity between 1 year and up to less than 2 years will give 10 bps more now. These deposits will fetch an interest rate of 5% instead of 4.9%. FDs maturing in 2 years to less than 3 years will give 5.1%. FDs with 3 years to less than 5 years will offer 5.3% and term deposits maturing in 5 years and up to 10 years will continue giving 5.4%. SBI offers senior citizens’ an additional 50 bps interest rate across all tenors. After the latest revision, senior citizens will get 3.4% to 6.2% on FDs maturing in 7 days to 10 years.

7 days to 45 days – 2.9%

46 days to 179 days – 3.9%

180 days to 210 days – 4.4%

211 days to less than 1 year – 4.4%

1 year to less than 2 years – 5%

2 years to less than 3 years – 5.1%

3 years to less than 5 years – 5.3%

5 years and up to 10 years – 5.4%

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Axis Bank latest FD interest rates (below ₹2 crores) for the general public effective 4 January 2021

Axis Bank offers FDs across different tenures, ranging from 7 days to 10 years. The bank has revised the interest rate on FDs on 4 January 2021. For general customers, the bank gives interest on FDs ranging from 2.5% to 5.50%. Axis Bank offers a higher interest rate to senior citizens on select maturities. The bank offers interest ranging from 2.50% to 6% to senior citizens.

7 days to 14 days 2.50

15 days to 29 days 2.50

30 days to 45 days 3

46 days to 60 days 3

61 days < 3 months 3

3 months < 4 months 3.50

4 months < 5 months 3.75

5 months < 6 months 3.75

6 months < 7 months 4.40

7 months < 8 months 4.40

8 months < 9 months 4.40

9 months < 10 months 4.40

10 months < 11 months 4.40

11 months < 11 months 25 days 4.40

11 months 25 days < 1 year 5.15

1 year < 1 year 5 days 5.15

1 year 5 days < 1 year 11 days 5.10

1 year 11 days < 1 year 25 days 5.10

1 year 25 days < 13 months 5.10

13 months < 14 months 5.10

14 months < 15 months 5.10

15 months < 16 months 5.10

16 months < 17 months 5.10

17 months < 18 months 5.10

18 Months < 2 years 5.25

2 years < 30 months 5.40

30 months < 3 years 5.40

3 years < 5 years 5.40

5 years to 10 years 5.50

Punjab National Bank latest FD interest rates (below ₹2 crore) for the general public effective 1 January 2021

PNB is offering an interest rate ranging between 3% and 5.30% on fixed deposits maturing in the range of 7 days to 10 years. PNB is offering an interest rate of 3% on 7-45 day fixed deposits and it goes up 4.5% on less than 1 year FDs. On term deposits maturing in one year to up to 3 years, PNB gives 5.20% interest. PNB is offering 5.30 % interest on deposits maturing above 5 years to 10 years. These rates are with effect from 1 January 2021. The Senior citizens shall get an additional rate of interest of 50 bps over applicable card rates for all maturities on domestic deposits of less than ₹2 Crore.

7 to 14 days – 3%

15 to 29 days – 3%

30 to 45 days – 3%

46 to 90 days – 3.25%

91 to 179 days – 4%

180 days to 270 days – 4.4%

271 days to less than 1 year – 4.5%

1 year – 5.20%

Above 1 year & upto 2 years- 5.20%

Above 2 year & upto 3 years- 5.20%

Above 3 year & upto 5 years – 5.30%

Above 5 years & upto 10 years- 5.30%