In the realm of financial dynamics, the Punjab National Bank has orchestrated a recalibration of interest rates associated with fixed deposits (FDs) holding amounts below the formidable ₹2 crore benchmark. This maneuver involves an upward adjustment of up to 50 basis points (bps) on select tenures. This financial symphony came into effect as of January 1, 2024. Concurrently, PNB has undertaken a reduction in FD rates within specific brackets.
Delving into the minutiae, the bank has elevated interest rates for the 180 to 270 Days tenure by a notable 50 bps. Consequently, these term deposits will now yield a return of 6% for the general populace. Further nuances reveal a 45 bps augmentation in FD rates for tenures spanning from 271 Days to less than 1 year. This adjustment propels the rate to an enticing 7.25% for the general populace. The 400 days maturity tenor has not escaped the tides of modification, witnessing a 45 bps surge from 6.80% to a more lucrative 7.25%. Post-revision, PNB extends a spectrum of 3.5% to 7.25% to general citizens on deposits maturing over durations ranging from 7 days to a decade.
For the esteemed category of senior citizens and super senior citizens, the latest rates unfurl an interest tapestry spanning from 4% to an alluring 7.75% on FDs reaching maturation between seven days and ten years. Super seniors, in particular, find themselves in a favorable bracket, securing rates ranging from 4.3% to an enticing 8.05%.
Shifting the spotlight to the financial landscape painted by the State Bank of India (SBI), an analogous dance of adjustments is witnessed. SBI, too, has seen fit to augment interest rates pertaining to fixed deposits below the ₹2 crore threshold. The inauguration of this new rate regime commenced on December 27, 2023. Following this latest rise, SBI extends a bouquet of rates varying from 3.5% to 7% on deposits maturing within durations spanning from seven days to a decade. Senior citizens bask in an additional 50 basis points (bps) on these deposits, enhancing their financial returns.
Venturing into the orbit of the Bank of Baroda (BoB), a comparable narrative unfolds. BoB has orchestrated a symphony of adjustments in interest rates for retail term deposits, fluctuating between 10 basis points and a substantial 125 basis points across diverse maturity brackets. These revised rates came into effect on December 29. Post these adjustments, BoB adorns a range of interest from 4.25% to 7.255% for the general clientele. The senior citizen demographic, too, reaps the rewards, with an interest spectrum extending from 4.75% to an enticing 7.75% on deposits maturing over durations spanning from seven days to a decade.
