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ULIP INSURANCE

SBI vs Axis Bank vs PNB Fixed Deposit Rates

Joan Mathews Joan Mathews 17 September 2019
3.7 (3 votes)

Thinking about opening a fixed deposit account? Check out the interest rates offered by top banks like SBI, Axis Bank and PNB on such deposits.

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Fixed deposit is a popular investment option among investors who have a low-risk appetite. The returns on FDs are assured, the interest earned is higher when compared to savings deposit and account-holders can choose from a wide range of tenure options available. Over the years, fixed deposits have evolved into a highly versatile and flexible financial product.

The primary factor behind the popularity of fixed deposits is the interest rates offered on them. The principal amount is invested at a fixed interest rate and the account-holder gains interest on his or her deposits, which accrues and grows over time. An essential point to be noted here is that the rate of interest on an FD varies from bank to bank. Also, any change in the RBI policy rate has a bearing on the movement of the interest rates. In this article, we will look into the FD interest rates (recently revised) offered by some of the top banks in the country like SBI, Axis Bank and PNB.

SBI - The interest rates on SBI retail domestic term deposits (below Rs. 2 crore) are as follows:

(All figures in % per annum)

TenorsExisting for Public w.e.f. 26.08.2019Revised for Public w.e.f. 10.09.2019Existing for Senior Citizens w.e.f. 26.08.2019Revised for Senior Citizens w.e.f. 10.09.2019
7 days to 45 days4.504.505.005.00
46 days to 179 days5.505.506.006.00
180 days to 210 days6.005.806.506.30
211 days to less than 1 year6.005.806.506.30
1 year to less than 2 year6.706.507.207.00
2 years to less than 3 years6.506.257.006.75
3 years to less than 5 years6.256.256.756.75
5 years and up to 10 years6.256.256.756.75

Source: SBI

Axis Bank - The interest rates on Axis Bank domestic deposits (below Rs. 2 crore) are as follows:

PeriodDeposits below Rs. 2 crores w.e.f. 09/09/2019
7 days to 14 days3.50
15 days to 29 days3.50
30 days to 45 days5.50
46 days to 60 days5.75
61 days < 3 months5.75
3 months < 4 months5.75
4 months < 5 months5.75
5 months < 6 months6.00
6 months < 7 months6.25
7 months < 8 months6.25
8 months < 9 months6.25
9 months < 10 months6.50
10 months < 11 months6.75
11 months < 1 year6.75
1 year < 1 year 5 days7.00
1 year 5 days < 1 year 11 days7.00
1 year 11 days < 1 year 25 days7.00
1 year 25 days < 13 months7.10
13 months < 14 months7.10
14 months < 15 months6.85
15 months < 16 months6.85
16 months < 17 months6.85
17 months < 18 months6.85
18 Months < 2 years6.85
2 years < 30 months6.85
30 months < 3 years6.85
3 years < 5 years6.85
5 years to 10 years6.75

Source: Axis Bank

PNB - The interest rates on PNB domestic term deposits (below Rs. 2 crore) are as follows:

TenorsExisting for Public w.e.f. 26.08.2019Revised for Public w.e.f. 10.09.2019Existing for Senior Citizens w.e.f. 26.08.2019
7 to 14 days4.504.505.00
15 to 29days4.504.505.00
30 to 45 days4.504.505.00
46 to 90 days5.505.506.00
91 to 179 days5.505.506.00
180 days to 270 Days6.006.046.50
271 days to less than 1 year6.256.356.75
333 days6.306.436.80
1 year6.606.777.10
444 days6.606.817.10
555 days6.606.957.10
above 1 year & up to 3 years6.506.667.00
above 3 year & up to 5 years6.507.117.00
above 5 years & up to 10 years6.507.617.00
  • Annualized Yield in % terms at the beginning of the slab.

Source: Punjab National Bank

Conclusion

As seen above, the interest rates on fixed deposit are different from bank to bank. It is therefore necessary for individuals to compare them, so as to reap the maximum benefits of their hard-earned money. Fixed deposits are offered by nearly every bank in the country. One can easily open an FD account by visiting the nearest branch or through the net-banking account of the respective bank.

Recommended Read: Five Things to Consider Before Investing in a Fixed Deposit

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3.7 (3 votes)
Joan Mathews
Written by Joan Mathews
Joan has over 4 years of experience writing for the BFSI industry. She enjoys watching mystery TV series, listening to 80s classics and spending time with her furbabies.