PNB raises FD rate again: These are the fixed deposit rates offered by 5 major banks including HDFC Bank, SBI

Several banks have raised their interest rates on fixed deposits in the past one month. Some have across the tenures while in some cases, interest rates were raised for one tenure alone. , for instance, revised its interest rate within seven days of for a specific tenure (300 days). Meanwhile, the deadline of State Bank of India's (SBI’s) special tenure FD of 400 days wherein it offers 7.10 percent per annum rate has been extended by another three months until March 31, 2024.

No wonder then the investment advisors have been recommending investors to make use of the prevailing high rates and in fixed deposits. : PNB recently raised interest rate on fixed deposits (FDs) of one specific tenure by as much as 80 basis points. It is interesting to note that this revision came within seven days of the last revision.

The bank raised the interest rate from 6.25 percent to 7.05 percent on deposits of 300 days with effect from Jan 8, 2024. The interest rates of other tenures continue to be the same. The bank gives 6.75 percent on one year deposits. On 400 days deposits, the bank offers 7.25 percent, while the FDs of tenure between 2 and 3 years, the interest rate will be 7 percent and the long duration FDs (three years and above) would earn an interest of 6.5 percent.

Interest rates offered by other banks include the following: The largest state lender revised its FD rates in December after a gap of 10 months. On its one year fixed deposits, SBI now offers 6.80 percent per annum rate. The bank offers 7 percent on FDs of 2 to 3 year tenures. The long duration FDs (between 3 and 5 years) would stand to earn 6.75 percent.

The specific scheme of 400 days offering an interest of 7.10 percent will remain in effect until March 31, 2024. : HDFC Bank continues to offer interest rates that came into effect on October 1, 2023. On one year deposits, the largest private lender offers 6.6 percent per annum rate. The highest interest of 7.15 percent is offered on deposits of tenure between 2 years 11 months and 35 months.

On most other tenures, the interest rate stands at 7 percent per annum. : This state lender introduced new interest rates on Dec 29, 2023. On its deposits of tenure between 1 and 2 years, the bank offers 6.85 percent per annum rate. The deposits of tenure between 2 and 3 years, the interest rate is 7.25 percent.

When the tenure is extended further (i.e., between 3 and 10 years) the interest rate is 6.50 percent. The special tenure scheme of 399 days (known as Baroda Tiranga Plus Deposit) continues to offer 7.15 percent per annum. : The second largest private sector lender continues to offer the same rates it introduced on October 16 last year.

The one year (up to 15 months) term deposits of ICICI Bank are entitled to earn 6.7 percent per annum. When the tenure rises (between 15 months and two years), the interest rate increases to 7.10 percent. For long tenure deposits (between 2 and 5 years), private lender offers 7 percent interest. The bank revised its rates for the bulk deposits (between 2 5 crore) with effect from Jan 10, 2023.

Those rates are relatively higher than those offered on regular deposits i.e., deposits amounting to less than 2 crore. Livemint tops charts as the fastest growing news website in the world to know more. Unlock a world of Benefits! From insightful newsletters to real time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away!.