Bank fixed deposits (FDs), the fixed income instruments that offer guaranteed returns, allow customers to make a lump sum investment and earn a fixed interest rate. In a FD account, money is deposited for a specific time, which varies from 7 days to ten years. Some fixed deposits come with a premature withdrawal facility while some require a compulsory lock-in period. The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act. FD interest rates, which are subject to change from time to time, vary according to the tenure of the fixed deposit and across banks.
Given below are the latest interest rates offered by State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda on fixed deposits (FDs) below 2 crore:
State Bank of India (SBI)
The following FD interest rates are applicable on deposits below Rs. 2 crore, according to the bank's website - sbi.co.in:
| Tenors | Revised For Public w.e.f. 22.02.2019 | Revised for Senior Citizens w.e.f. 22.02.2019 |
|---|---|---|
| 7 days to 45 days | 5.75% | 6.25% |
| 46 days to 179 days | 6.25% | 6.75% |
| 180 days to 210 days | 6.35% | 6.85% |
| 211 days to less than 1 year | 6.4% | 6.9% |
| 1 year to less than 2 year | 6.8% | 7.3% |
| 2 years to less than 3 years | 6.8% | 7.3% |
| 3 years to less than 5 years | 6.8% | 7.3% |
| 5 years and up to 10 years | 6.85% | 7.35% |
| (Source: sbi.co.in) | ||
Punjab National Bank (PNB)
The following FD interest rates are applicable on deposits below Rs. 2 crore with effect from March 1, 2019, according to the bank's website - pnbindia.in:
| Period | General public (% p.a.) | Senior citizen (% p.a.) |
|---|---|---|
| 7 to 14 days | 5.75 | 6.25 |
| 15 to 29 days | 5.75 | 6.25 |
| 30 to 45 days | 5.75 | 6.25 |
| 46 to 90 days | 6.35 | 6.85 |
| 91 to 179 days | 6.35 | 6.85 |
| 111 days | 6.5 | 7 |
| 180 days to 270 Days | 6.35 | 6.85 |
| 222 days | 6.6 | 7.1 |
| 271 days to less than 1 year | 6.35 | 6.85 |
| 333 days | 7.1 | 7.6 |
| 1 year | 6.75 | 7.25 |
| 555 days | 6.85 | 7.35 |
| above 1 year & up to 3 years | 6.75 | 7.25 |
| above 3 year & up to 5 years | 6.25 | 6.75 |
| above 5 years & up to 10 years | 6.25 | 6.75 |
Bank of Baroda
The following FD interest rates are applicable on deposits below Rs 2 crore with effect from March 13, 2019, according to the bank's website - bankofbaroda.com:
| Tenors | Below Rs 2 Cr. (w.e.f. 13.03.19) |
|---|---|
| 7 days to 14 days | 4.5 |
| 15 days to 45 days | 4.75 |
| 46 days to 90 days | 5 |
| 91 days to 180 days | 5.75 |
| 181 days to 270 days | 6.5 |
| 271 days & above and less than 1 year | 6.5 |
| 1 year | 6.7 |
| Above 1 year to 400 days | 6.85 |
| Above 400 days and upto 2 Years | 6.8 |
| Above 2 Years and upto 3 Years | 6.7 |
| Above 3 Years and upto 5 Years | 6.7 |
| Above 5 Years and upto 10 Years | 6.7 |
| 444 days (Only for Baroda Samriddhi Deposit Scheme) | 7 |
Bank pay an additional interest of 0.50 per cent on fixed deposits of less than Rs 2 crore to senior citizens for all tenors, according to Bank of Baroda's website.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
