Latest Fixed Deposit rates: SBI vs Axis Bank vs PNB
Fixed deposit or FD has been a popular financial instrument for the traditional and old-generation savers for security and safe returns.
Fixed deposit or FD has been a popular financial instrument for the traditional and old-generation savers for security and safe returns. Though younger generations are moving toward the newer avenues of investments, FD has not yet lost its popularity. People still prefer to keep some money in a fixed deposit account as a safe investment avenue. FD rates vary from bank to bank and the rates may go up or down with the change in RBI policy rate changes. Several banks recently revised their FD rates following the 35 basis points cut in repo rate. Here are the rates of interest offered by various banks:
SBI revised FD rates:
The country's largest lender SBI revised interest rates on its deposits from August 1, 2019. If offers different rates for varied tenures. For the investment for a period between 3 years and five years, the bank offers an interest of 6.6 percent, while for the deposits maturing between 5 years and up to 10 years, it offers an interest of 6.5 percent. SBI offers an interest of 6.7 percent for the fixed deposits for a period between 1 year and 2 years. For the FDs of 2-3 years duration, it is 6.70 percent. A deposit of 180days-1-year, the rate gets 6.25 percent, according to the information available on the bank's website.
Axis Bank revised FD rates:
Axis Bank revised its FD rates for varied tenures of investments on August 10, 2019. You can open a fixed deposit account for the period as short as 7 days and up to 10 years with the bank. For different tenure deposits, the bank offers varied rates. If a customer invests in a fixed deposit for a period between 7 days and 14 days, the investment may attract 4.7 percent interest, while for the period of 1 year 25 days to over 13 months, an investor may earn 7.5 per cent interest. A deposit for a period between 5 years and 10 years may attract an interest rate of 6.75 percent yearly, according to the information available on the bank's website.
PNB revised FD rates:
The bank offers different rates for varied ternure fixed deposits. One can invest for a period as short as 7 days and the fixed investment tenure can be up to 10 years. Interest rates also vary for the different tenure of investments. If you invest for the FD tenure between 7 days and 14 days then you may earn up to 5 percent, while for a period between 5 years and up to 10 years, it is 6.5 percent. An investment for a period between 1 year and 555 days attracts an yearly interest rate of 6.75 percent yearly, according to the information available on the bank's website. Here is the complete list of Axis Bank FD rates: