Punjab national bank fd rates

Senior citizen fixed deposit interest rates; FD rates: Some of the biggest commercial banks in India, including SBI, HDFC Bank, ICICI Bank, Axis Bank and Bank of Baroda, pay annual interest to the tune of 3.5-7.75 per cent on fixed deposits to their senior citizen customers, and 3-7.25 per cent to other depositors. On June 8, the RBI kept the repo rate — the interest rate at which the central bank lends money to commercial banks — on hold at 6.5 per cent, following a similar move in its April review after raising the key lending rate by 250 basis points in six instalments starting May 2022. Will the status quo on the benchmark interest rate impact the interest you get on fixed deposits? Given this potential shift in interest rates, it is imperative that senior citizens and other FD investors revise their investment strategy carefully. While fixed deposits continue to be a safe investment option, diversifying the portfolio to include other financial instruments may be a smart move, say financial planners. Senior citizen FD interest rates With the RBI's decision to halt aggressive hikes in the key lending rate, it is anticipated that banks may refrain from raising the FD rates further. In fact, any reduction in the repo rate in the coming months may even prompt commercial banks to trim the returns offered to term depositors. Here's a quick comparison of the FD interest rates offered to senior citizens and other depositors, according to the banks' websites: Bank General publi...

SBI Amrit Kalash The country's largest lender State Bank of India (SBI) Amrit Kalash FD retail term deposit scheme is valid till June end. SBI Amrit Kalash FD Scheme comes with a special tenor of 400 days on which the general public will get an interest rate of 7.10% and senior citizens will get an interest rate of 7.60% which is 50 bps higher than the standard applicable rate. “The specific tenor scheme of “400 days" (Amrit Kalash) at a Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for a rate of interest of 7.60%. The Scheme will be valid till 30-June-2023," mentioned SBI on its website. Indian Bank special FD Indian Bank extended the "IND SUPER 400 DAYS" special fixed deposit to June 30, 2023. Indian Bank will now offer 7.25% interest rates to the general public, and 7.75% to senior citizens. SBI Wecare FD scheme is especially for senior citizens only and the scheme comes with a tenor of 5 years to 10 years. , SBI is offering an interest rate of 7.50% to senior citizens for a limited time period till June 30, 2023, under the SBI Wecare FD scheme. The SBI "WECARE" Senior Citizens' Term Deposit Program was launched in May 2020 . After multiple extensions, the programme was scheduled to expire on March 31, 2023, however, SBI has once again extended the validity term until June 30, 2023.

Senior citizen fixed deposit interest rates; FD rates: Some of the biggest commercial banks in India, including SBI, HDFC Bank, ICICI Bank, Axis Bank and Bank of Baroda, pay annual interest to the tune of 3.5-7.75 per cent on fixed deposits to their senior citizen customers, and 3-7.25 per cent to other depositors. On June 8, the RBI kept the repo rate — the interest rate at which the central bank lends money to commercial banks — on hold at 6.5 per cent, following a similar move in its April review after raising the key lending rate by 250 basis points in six instalments starting May 2022. Will the status quo on the benchmark interest rate impact the interest you get on fixed deposits? Given this potential shift in interest rates, it is imperative that senior citizens and other FD investors revise their investment strategy carefully. While fixed deposits continue to be a safe investment option, diversifying the portfolio to include other financial instruments may be a smart move, say financial planners. Senior citizen FD interest rates With the RBI's decision to halt aggressive hikes in the key lending rate, it is anticipated that banks may refrain from raising the FD rates further. In fact, any reduction in the repo rate in the coming months may even prompt commercial banks to trim the returns offered to term depositors. Here's a quick comparison of the FD interest rates offered to senior citizens and other depositors, according to the banks' websites: Bank General publi...

Fixed deposit rates: In a surprising turn of events, the Reserve Bank's decision to increase interest rates has caused a ripple effect on various financial fronts. Notably, the interest rates for bank schemes, including fixed deposits, have witnessed significant fluctuations. While the rates soared for a considerable period, certain banks have recently implemented cuts to their fixed deposit interest rates. Let's take a look into the specifics of these rate cuts, starting with Punjab National Bank, Axis Bank, and Union Bank of India. Punjab National Bank has initiated a reduction in interest rates for single tenures as of June 1. This adjustment primarily affects deposits under 2 crores. For instance, the interest rate on one-year tenure fixed deposits has decreased from 6.75% to 6.5% for regular citizens. Similarly, the interest rate for the 666-day tenure has declined from 7.25% to 7.05%. Moving on to Axis Bank, they have recently decreased the interest rate on single tenures of fixed deposits by 20 basis points. Following this update, fixed deposits with tenures ranging from 7 days to 10 years offer interest rates ranging from 3.5% to 7.10%. Additionally, the bank has reduced interest rates from 7.10% to 6.80% for tenures of fewer than five days to 13 months. Similarly, for tenures between 13 months and less than 3 years, the interest rate has been lowered from 7.15% to 7.10%. These revised rates became effective on May 18, 2023. Lastly, the Union Bank of India. In Nove...