At the beginning of the new year, major banks of the country like State Bank of India (SBI), Punjab National Bank (PNB) and HDFC Bank made changes in the rates of fixed deposits of various tenures. The country’s largest government bank SBI has recently launched a special FD scheme for its investors above 80 years of age. In this, investors will get 10 basis points i.e. 0.01 percent more returns compared to the current senior citizen FD rate.
HDFC, the largest private sector bank, has adjusted returns on bulk deposits (Rs 5 crore and above) by between 5-10 basis points. The bank has revised the interest rate on these deposits, which may vary depending on the period of investment. This change has been made to give better returns to investors. Similarly, Punjab National Bank (PNB) has revised its FD rates from January 1, 2025. The bank has introduced two new tenure FD schemes for deposits of less than Rs 3 crore. PNB is offering its general customers 7 percent annual return on FD of 303 days and 6.7 percent return on FD of 506 days. These new rates on bank FD are applicable from January 1. Here you can check the revised FD rates depending on the bank.
SBI’s new FD scheme
SBI has recently launched a special term deposit scheme called ‘SBI Patrons’, which is specially designed for senior citizens aged 80 years and above. This new scheme offers higher interest rates to senior citizens as a symbol of their loyalty to the bank. The bank said in a press release that the ‘SBI Patrons’ scheme is open to both existing and new term deposit customers.
In which the interest rate for general public is 7.25% and for senior citizens it is 7.75%. These rates are effective from July 15, 2024 and the scheme will be available till March 31, 2025. For general deposits, SBI is offering the highest rate of 6.75% to general public and 7.25% to senior citizens for a tenure of 3 to 5 years. The same interest rates will be applicable on deposits for tenure ranging from 5 years to 10 years. For short term deposits, interest rates range from 3.5% to 6.5% for the general public and 4% to 7% for senior citizens, depending on the tenure of the deposit.
SBI’s recent revision is an important part of its strategy to increase its deposit offers and attract a larger share of savings from customers. Apart from offering high returns for individuals aged 80 years and above through its Patron Deposits, the bank has introduced schemes that allow customers to set their savings targets, such as ₹1 lakh, and choose between their Provides facility to enroll in recurring deposits based on goals. This rate adjustment currently coincides with widespread calls for the RBI to cut rates to stimulate economic growth.
Punjab National Bank
Punjab National Bank (PNB) offers different interest rates on fixed deposits for different tenures, with interest rates ranging from 4% to 7.75% for senior citizens and 3.5% to 7.25% for general citizens. The highest interest that senior citizens can earn on a tenure of 400 days is 7.75%, while the interest rate on the new tenure of 303 days is 7.50%. Senior citizens will get 7.20% interest for a period of 506 days.
Super Senior Citizens aged 80 years and above will get an additional 80 basis points (bps) on the applicable card rate for all maturity periods. Retired staff members who are also super senior citizens will get the benefit of 180 basis points in the maximum interest rate for all tenures.
hdfc bank
HDFC Bank has changed its interest rates for non-withdrawal FDs above Rs 2 crore and bulk FDs above Rs 5 crore. The new rates on these FDs have been implemented from today i.e. 5 January 2025. Earlier, the private bank had changed the interest rates of bulk FD on 22 December 2024. These changes were made for non-withdrawal FD schemes of more than Rs 2 crore and FD schemes above Rs 5 crore.
At the beginning of December 2024, on 5th, the bank had changed the interest rates for its FDs from Rs 3 crore to Rs 5 crore. However, for FDs less than Rs 3 crore, the last change made by the private bank was on July 24, 2024. Currently, common people are getting 3 to 7.4 percent annual interest rate on FDs of less than Rs. 3 crores and 3.50 to 7.90 percent annual returns on senior citizen FDs of the same tenure.
