PNB has increased the bank FD rates by half a percent. Those customers who have made FD of less than Rs 2 crore will get the benefit of this. The new rates of bank FD have come into effect from November 1.

How much interest is the common citizen getting?

Punjab National Bank customers are getting interest at the rate of 3.5 percent on FD of 7 to 45 days, 4.5 percent on FD of 46 to 179 days, 5.5 percent on FD of 180 days to 270 days.

Senior and Super Senior Citizens

PNB Senior Citizens are getting 50 basis points more interest. Apart from this, super senior citizens are getting 80 basis points more interest. 

For which period is the highest interest available?

The highest interest is being given by the bank on FD of 444 days. In this, interest of 7.25 percent is being given to ordinary citizens, 7.75 percent to senior investors and 8.05 percent to super-senior investors. Let us tell you, additional interest is being given by the bank to the customers between 60 years to less than 80 years. At the same time, the bank is giving 0.80 percent interest to very senior citizens.

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Recently, the facility of PPF account has been started by the State Bank of India for the people of the country. If you want to secure your future completely, then SBI PPF Account is the best option for you. By opening this account, you also get many benefits, about which we will know in detail further.

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SBI PPF Account is very beneficial for the future

SBI PPF Account is a very good option for any person in the country who wants to secure his future completely. The full form of PPF is Public Provident Fund. When you open a PPF account, you get interest at the rate of 7.1%. Not only this, you also get the benefit of compound power by investing in PPF account.

In PPF account, you do not have to pay any kind of tax on Maturity Amount, earned returns and overall interest. When you invest 1.50 lakh in SBI PPF account, you are also given tax exemption. Next, we also explain you the process of opening SBI PPF account so that you can secure your future by opening this account.

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You can start a PPF account with just Rs 500.

The minimum amount required to open a PPF account is only Rs 500 while the maximum investment limit has been kept at Rs 1.50 lakh per annum. Remember that your SBI savings account should be linked to your Aadhaar card number. To open a PPF account, OTP comes only on the number linked to the Aadhaar card.

SBI PPF account matures in 15 years

SBI PPF account matures in 15 years. Along with this, you also get the facility that when your PPF account is about to mature, you can also extend it for 5 years. For this, the account has to be increased 1 year before the completion of maturity.

When you open a PPF account, you cannot withdraw money from it until the account is 5 years old. If you withdraw money before 15 years, then 1% is also deducted from your fund.

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This is the second time that the private sector bank has increased the interest rate of RD account this month. The last time the bank increased the RD interest rate on December 9, 2022. After the change, the private sector bank is offering an interest rate of 7 per cent per annum on RD tenure between 15 months to 21 months.

How much has been increased

The interest rate on RD account has been increased by 75 basis points (100 basis points/bps = 1%) for certain tenures. The bank has increased the interest rate on RDs for 6 months, 12 months, 15 months, 18 months and 21 months. The interest rate offered on RD account opened by senior citizens has also been increased. The revision in RD account interest rate is only for fixed tenure and up to 50 bps. RD account interest rate has been increased for 6 months, 12 months, 15 months, 18 months and 21 months.

General Recurring Deposit Interest Rate

Senior citizens get more interest

Senior citizens planning to open a Recurring Deposit account will be eligible for higher interest rates in Kotak Mahindra Bank. The highest interest rate offered on Senior Citizens RD accounts is 7.50 per cent per annum for a tenure between 15 months to 21 months. Kotak Mahindra Bank is offering an RD tenure of minimum 6 months and maximum 10 years.

Senior Citizen Recurring Deposit Interest Rate

Penalty on RD account

If there is a delay in the scheduled RD installment payment or premature closure of the RD account, then a fine is imposed on the RD account holder. As per the website of Kotak Mahindra Bank, late payment of RD installment will attract a fine. The applicable interest rate on Fine RD account will be 2% per annum. The penalty for premature withdrawal of RD depends on when it is withdrawn. If the RD account is closed prematurely within one month of deposit, no interest will be charged.

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Now the bank is giving interest ranging from 4.50% to a maximum of 7.15% to the common people on bulk FDs.

The country’s largest private sector bank HDFC has increased the interest rates on its bulk FD. Bulk FD includes FD ranging from Rs 2 crore to Rs 5 crore. These new rates have come into effect from today, December 27.

Now the bank is giving interest ranging from 4.50 per cent to a maximum of 7.15 per cent to the common people on bulk FDs. At the same time, senior citizens are being given interest ranging from 5 percent to a maximum of 7.75 percent. The bank is offering FDs ranging from 7 days to 10 years. RBI has increased interest rates in the last few months to control inflation. After increasing the repo rate of RBI, many banks have increased their interest rates. Many big banks of the country are included in this list.

HDFC Bank interest rates on FDs above Rs 2 crore and up to Rs 5 crore

7 days to 14 days: For general public – 4.50 per cent; For Senior Citizen – 5.00 percent

15 days to 29 days: For general public – 4.50 per cent; For Senior Citizen – 5.00 percent

30 days to 45 days: For general public – 5.25 per cent; For Senior Citizen – 5.75 percent

46 days to 60 days: For general public – 5.50 per cent; For Senior Citizen – 6.00 percent

61 days to 89 days: For general public – 5.75 per cent; For Senior Citizen – 6.25 percent

less than 90 days equal to 6 months: for general public – 6.10 per cent; For Senior Citizen – 6.60 percent

6 months 1 day to less than 9 months: For general public – 6.35 per cent; For Senior Citizen – 6.85 percent

9 months 1 day to less than 1 year: For general public – 6.50 per cent; For Senior Citizen – 7.00 percent

1 year to less than 15 months: For general public – 6.75 per cent; For Senior Citizen – 7.25 percent

15 months to less than 18 months: For general public – 7.15 per cent; For Senior Citizen – 7.65 percent

18 months 1 day to less than 21 months: For general public – 7.15 per cent; For Senior Citizen – 7.65 percent

21 months to 2 years: For general public – 7.15 per cent; For Senior Citizen – 7.65 percent

2 years 1 day to 3 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

3 years 1 day to 5 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

5 years 1 day to 10 years: For general public – 7.00 per cent; For Senior Citizen – 7.75 percent.

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