The major banks in the country have updated their fixed deposit (FD) interest rates as the new year begins. Fixed deposits are a home for many people in India. Despite the growing interest in mutual funds and direct equity, FDs are also people’s first choice due to safety. Many elderly people also prefer to invest in FD but do you know that there are risks of investing in FD too. Let’s tell you about them quickly.
If you’re considering investing in FDs, there’s some important information for you. HDFC Bank has increased rates on bulk deposits by 5-10 basis points, while PNB has introduced new timeframes. Additionally, SBI has rolled out a new FD scheme specifically for senior citizens.
HDFC Bank is now offering interest rates between 4.75% and 7.40% for regular customers, and between 5.25% and 7.90% for senior citizens, applicable to FDs with terms ranging from 7 days to 10 years.
Punjab National Bank is providing a 7.75% interest rate for regular customers on a 400-day FD, while a 303-day scheme offers 7.5%. Senior citizens can enjoy a 7.2% interest rate on a 506-day FD. PNB’s interest rates for the general public range from 3.5% to 7.25%.
SBI has recently introduced the ‘SBI Patron’ FD scheme, tailored for super senior citizens aged 80 and above. This scheme offers interest rates from 4% to 7.50% on FDs maturing in 7 days to 10 years, with an additional 10 basis points for super senior citizens compared to regular senior citizens.