These banks are paying the highest interest on fixed deposits, know the new rates of SBI, HDFC and PNB

Fixed deposits (FDs) are considered the most secure and popular means of investment. Since early 2020, SBI’s fixed deposit rates have fallen somewhere between 85 basis points to 160 basis points.

How are FD interest rates determined?

Fixed deposit (FD) rates of banks are determined by changes in the monetary policy of the Reserve Bank of India (RBI). Currently, bank FDs between COVID-19 have become a better investment option for the elderly who want tax benefits under Section 80C but do not want a high-risk instrument like a mutual fund scheme or ULIP. 

The FD interest rates of different banks vary by amount, tenure and type of depositor. Therefore it is always important to compare the FD rates offered by different banks before investing. Know, what is the interest rate of FDs of banks …

State Bank of India, maturity period, interest rates

General Citizen, Senior Citizen

• 7 days to 45 days 2.90% 3.40%
• 46 days to 179 days 3.90% 4.40%
• 180 days to 210 days 4.40% 4.90%
• Less than 211 days a year 4.40% 4.90%
• 5.10% 5.60% for less than two years
• 5.10% 5.60% for two years less than three years
• Three years to five years less 5.30% 5.80%
• 5.40% 6.20% for five years and 10 years

Punjab National Bank (PNB)

• 7 days to 14 days 3.00% 3.75%
• 15 days to 29 days 3.00% 3.75%
• 30 days to 45 days 3.00% 3.75%
• 46 days to 90 days 3.25% 4%
• 91 days to 179 days 4.00% 4.75%
• 180 days to 270 days 4.40% 5.15%
• Less than 271 days a year 4.50% 5.25%
• 333 days 4.50% 5.25%
• 5.25% 6% a year
• 444 days 5.25% 6%
• 555 days 5.25% 6%
• Above one year and up to two years 5.25%  6%
• Above two years and up to three years 5.25%  6%
• Above three years and up to five years 5.30%  6.15%
• Above five years and up to 10 years 5.30%  6.15%

HDFC Bank

• 7 days to 14 days 2.50%
• 15 days to 29 days 2.50%
• 30 days to 45 days 3.00%
• 46 days to 60 days 3.00%
• 61 days to 90 days 3.00%
• 91 days to six months 3.50%
• Six months a day to nine months 4.40%
• Nine months a day less than one year 4.40%
• 4.90% in a year
• One Year One Day Two Years 4.90%

(HDFC Bank interest rates are just for ordinary citizens)