Several banks, including Kotak Mahindra Bank, Punjab National Bank, and ICICI Bank, have increased their interest rates in order to make up for the higher marginal cost of funds
As the RBI’s Monetary Policy Committee has raised the repo rate by 90 basis points in two hikes within a month and is expected to do so in order to control inflation in the country, commercial banks are also raising their deposit and lending rates. Several banks, including Kotak Mahindra Bank, Punjab National Bank, and ICICI Bank, have increased their interest rates in order to make up for the higher marginal cost of funds. Here’s the comparison of fixed deposit rates of State Bank of India, ICICI Bank and Punjab National Bank:
Read More: ICICI Bank Hikes Lending Rates to 8.6%; Home Loans, Auto Loans to be Costlier; EMIs to Rise
State Bank of India’s FD Interest Rates (On Deposits Below Rs 2 Crore):
7 days to 14 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
15 days to 29 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
30 days to 45 days: For General Public – 2.90 per cent; For Senior Citizens – 3.40 per cent
46 days to 60 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
61 days to 90 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
91 days to 120 days: For General Public – 3.90 per cent; For Senior Citizens – 4.40 per cent
6 months 1 days to 9 months: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
9 months 1 day to less than a year: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
1 year: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
1 year 1 day to 2 years: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
2 years 1 day to 3 years: For General Public – 5.20 per cent; For Senior Citizens – 5.70 per cent
3 years 1 day to 5 years: For General Public – 5.45 per cent; For Senior Citizens – 5.95 per cent
5 years 1 day to 10 years: For General Public – 5.50 per cent; For Senior Citizens – 6.30 per cent
Read More: Home, auto loan EMIs set to increase! 5 banks increase lending rates after repo rate hike
Punjab National Bank’s FD Interest Rates (On Deposits Below Rs 2 Crore):
7 days to 14 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
15 days to 29 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
30 days to 45 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
46 days to 90 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent
91 days to 179 days: For General Public – 4.00 per cent; For Senior Citizens – 4.50 per cent
180 days to 270 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
271 days to less than 1 year: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
1 year: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
Above 1 year to 2 years: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
Above 2 Years to 3 Years: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
Above 3 years to 5 years: For General Public – 5.25 per cent; For Senior Citizens – 5.75 per cent
Above 5 years to 10 years: For General Public – 5.25 per cent; For Senior Citizens – 5.75 per cent.
ICICI Bank’s FD Interest Rates (On Deposits Below Rs 2 Crore):
7 days to 14 days: For General Public – 2.50 per cent; For Senior Citizens – 3.00 per cent
15 days to 29 days: For General Public – 2.50 per cent; For Senior Citizens – 3.00 per cent
30 days to 45 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
46 days to 60 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
61 days to 90 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
91 days to 184 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
185 days to 289 days: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
290 days to less than a year: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
1 year to 2 years: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
2 Years 1 Day to 3 Years: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
3 years 1 day to 5 years: For General Public – 5.60 per cent; For Senior Citizens – 6.10 per cent
5 years 1 day to 10 years: For General Public – 5.75 per cent; For Senior Citizens – 6.50 per cent.
