When comparing FDs for a tenure of 400 days in SBI and PNB, you should consider the interest rates offered by both banks
In the dynamic financial landscape, securing one’s savings through Fixed Deposits (FDs) remains a prudent choice for individuals seeking stability and assured returns. Among the leading options available in India, State Bank of India (SBI) and Punjab National Bank (PNB) stand out for their extensive reach and customer-friendly services. This analysis focuses on 400-day FDs offered by both banks, comparing their interest rates to help you make an informed decision.
Whether you are a conservative investor or a senior citizen looking to maximise your returns, understanding the nuances of these offerings can significantly impact your financial planning.
When comparing FDs for a tenure of 400 days in SBI and PNB, you should consider the interest rates offered by both banks, any minimum deposit requirements, and other features such as premature withdrawal penalties.
Interest Rates (as of recent data)
State Bank of India
Interest Rate for 400 Days FD: Generally, SBI offers around 7.10% for regular customers and 7.60% for senior citizens for tenures between 1 year and less than 2 years.
However, the bank is currently offering a special fixed deposit of 400 days.
SBI 400 Days FD Interest Rate
The specific tenure scheme of 400 days (Amrit Kalash) at a rate of interest of 7.10%. Senior Citizens are eligible for a rate of interest of 7.60%. The scheme is valid till March 31, 2025.
Punjab National Bank
PNB 400 Days FD Interest Rate
Interest Rate for 400 Days FD: Currently PNB offers interest rates of 7.30% for regular customers, 7.75% for senior citizens, and 8.05% for super senior citizens (aged 80 and above) for a FD of 400 days.
Key Features to Consider
- Minimum Deposit: Both SBI and PNB typically have a minimum deposit requirement of Rs 1,000 for FDs.
- Premature Withdrawal: Both banks charge a penalty for premature withdrawal, which typically results in a reduction in interest rates.
- Loan Against FD: Both banks allow customers to take loans against their FDs.
- Taxation: Interest earned on FDs is subject to TDS (Tax Deducted at Source) if it exceeds Rs 40,000 in a financial year (Rs 50,000 for senior citizens).
Read More: These banks offer above 9% FD interest rate to senior citizens
Which One Gives Higher Returns?
PNB tends to offer slightly better rates for both regular and senior citizens for a 400-day FD. However, you should check the latest rates directly from the banks, as they may vary and be subject to change based on the bank’s policies. Additionally, consider your specific financial needs and whether the features of one bank’s FD might be more beneficial for you than the others.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Readers are advised to check with certified experts before making any investment decisions.
