With the recent announcement of a 50 basis points (bps) hike in the repo rate by the Reserve Bank of India during the monetary policy meeting held on September 30, 2022, most banks have increased their fixed deposit (FD) interest rates.
This hike adds to the investors' joy this festive season. Major public sector banks, including Punjab National Bank (PNB) and Union Bank of India, have announced FD interest rate hikes following the announcement by the RBI.
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Let's take a look at the latest FD interest rates offered by these two public sector banks.
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Union Bank of India FD Interest Rates 2022
The Union Bank FD rates have been hiked for fixed deposits of less than ₹2 Crore. The new FD interest rates are effective from October 17, 2022. Here are the details of the new Union Bank of India FD interest rates:
For fixed deposits with a maturity of 7-45 days, the bank will offer an interest rate of 3%.
For those maturating in 46-90 days, the new Union Bank FD interest rate is 4.05%.
For FDs with a tenure of 91-120 days, the new interest rate is 4.30%.
For deposits with a maturity of 121-180 days, the new FD interest rate is 4.40%.
For FDs maturing in 181 days to 1 year, the revised Union Bank FD interest rate is 5.25%.
For 1-year fixed deposit schemes, the new FD interest rate is 6.30%.
For schemes maturing in 1 year to 443 days, the public sector bank is offering an FD interest rate of 6.60%.
For FDs maturing in 44 days, the interest rate is 6.70%.
Fixed deposits of 445 days to 598 days will now get an interest rate of 6.60%.
The interest rate for fixed deposits of 599 days is 7%.
For FDs maturing in 600 days to 2 years, the new FD interest rate is 6.60%.
Fixed deposits maturing in 2-10 years will get an interest rate of 6.70%.
Union Bank of India will also offer an additional interest rate of 0.5% to senior citizens on all schemes.
Punjab National Bank FD Interest Rates 2022
The PNB FD rates have also been hiked for fixed deposits of less than ₹2 Crore. These new FD interest rates are effective from October 19, 2022. Here are the details of the new PNB FD interest rates:
PNB has increased the FD interest rate for deposits maturing in 7-45 days from 3% to 3.50%.
For deposits maturing in 46-90 days, the new PNB FD interest rate is 3.75%.
FDs with a maturity of 91-179 days will get an interest rate of 4.50%.
For FDs maturing in 180 days to 1 year, the new PNB FD interest rate is 5%.
Punjab National Bank will now offer an interest rate of 5.70% on FDs maturing in 1 year to 404 days.
For FDs with a tenure of 405 days, the new interest rate is 6.10%.
FDs of 406 to 599 days will get an interest of 5.70%.
On FDs maturing in 600 days, the bank will offer an interest of 6.50%.
For FDs maturing in 601 days to 2 years, the revised PNB FD interest rate will be 5.70%.
For deposits of 2-3 years, the new FD interest rate will be 5.80%.
The interest rate for deposits maturing in 3-5 years will get an interest rate of 5.80%.
Deposits maturing in 5-10 years will get an interest rate of 5.85%.
The bank will also offer an additional interest rate of 50 bps for senior citizens for deposits up to 5 years. Senior citizens with FDs for a term above 5 years will get an additional interest rate of 80 bps.
Super senior citizens over the age of 80 years will get an additional FD interest rate of 80 bps.
Also Read: SBI vs HDFC Bank vs ICICI Bank FD Interest Rates: Fixed Deposit Rates Hiked
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