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Punjab National Bank has changed the interest rates of FD, 5.10% will be the maximum interest available

  • Avatar photoDr. Kirti Sisodia
  • |May 10, 2022
  • , 11:00 am
Post Views: 504


Highlights:

• The interest rate increased from 2.9% to 5.25%
• New rates have came into being from May 7
Punjab National Bank (PNB) has revised interest rates on fixed deposits (FDs) of less than Rs 2 crore. The interest rate increased from 2.9% to 5.25%. The new rates have came into being from May 7.

How much interest is getting on FD for which tenure?

Period                                                                                                    Interest Rate (in %)

7 to 45 days                                                                                              3.00

46 to 90 days                                                                                            3.25

91 to 179 days                                                                                          3.80

180 to 270 days                                                                                        4.40

271 days or more but less than 1 year                                                     4.40

1 year                                                                                                       5.10

1 year 1 day to 2 years                                                                            5.10

3 years 1 day to 10 years                                                                         5.10

Other banks have already made the changes

The ICICI, HDFC and Indian Overseas Bank have already changed the interest on FD. ICICI Bank is now giving a maximum interest of 5.45% to common citizens while HDFC 5.60% interest on FD.

Which bank is giving how much interest on FD Interest on 1 year FD


Bank 

                    Interest  Rate (in %)

PNB 

                                                                    5.10

ICICI 

                                                                    5.00

SBI 

                                                                    5.20

HDFC 

                                                                    5.10

Indian Overseas 

                                                                    5.20

post office 

                                                                    5.50


Interest on FD of 2 years

Bank 

                                Interest Rate (in %)

PNB 

                                                                       5.10

ICICI 

                                                                       5.00

SBI 

                                                                       5.20

HDFC 

                                                                       5.10

Indian Overseas 

 5.20

post office 

 5.50


Interest on FD of 3 years

Bank 

                                 Interest Rate (in %)

PNB 

                                                                       5.10

ICICI 

                                                                       5.20

SBI 

                                                                       5.30

HDFC 

                                                                       5.30

Indian Overseas 

 5.45

post office 

 5.50


Interest on FD of 5 years


Bank 

                                   Interest Rate (in %)

PNB 

                                                                      5.10

SBI 

                                                                      5.40

HDFC 

                                                                      5.45

Indian Overseas 

5.45

ICICI 

                                                                      5.45

post office 

6.70

Tax is also to be paid on the interest earned from FD. If the interest received on bank FD in a financial year is less than 40 thousand rupees, then no tax will have to be paid on it. This limit is for people below 60 years of age. At the same time, income up to 50 thousand rupees from FD of senior citizens above 60 years of age is tax free. 10% TDS is deducted on income above this.

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Dr. Kirti Sisodia

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