Fixed Deposit Interest Rate: Three government banks of the country have increased their interest rates on fixed deposits of certain periods and amounts. This change has been made from January 1, 2025.
Fixed Deposit Interest Rate: Fixed Deposit (FD) is a great option for investors to invest because it has low risk. Despite this, due to limited returns, tax on interest, penalty on breaking FD and rising inflation, people are losing interest in it. To keep investors interested in it, three government banks of the country have increased their interest rates on fixed deposits of less than Rs 3 crore in the first week of the year 2025. Here are the details related to the interest rate on FD of these banks effective from January 1, 2025.
Union Bank of India
From January 1, 2025, Union Bank of India has increased the interest rates on FDs of less than Rs 3 crore. Now the bank is offering 3.50 percent interest for 7-45 days and 4.50 percent interest for a period of 6-90 days. Union Bank of India will give 4.80 percent interest on FDs maturing in 91-120 days, while it will give 5 percent interest on FDs maturing in 121-180 days.
The bank will give 6.35 percent interest on domestic term deposits maturing between 181 to 1 year, while it will give 6.80 percent interest on deposits maturing between 1 year to 398 days. For more information related to this, you can find out by visiting the bank’s website or any of your nearest branches.
Punjab National Bank
Punjab National Bank has also revised the interest rates on fixed deposits of less than Rs 3 crore. After this change, the bank is now paying 3.50 percent interest on 7-45 days tenure and 4.50 percent interest on 46-90 days tenure. The bank will pay 5.50 percent interest on FDs maturing between 91 to 179 days, while it will pay 6.25 percent interest on deposits maturing between 180 to 270 days. At the same time, interest on deposits maturing in 271 to 299 days and 300 days will be given at 6.50 and 7.05 percent respectively. For more information, you can visit https://www.pnbindia.in/ or visit any of your nearest branches to find out.
Punjab and Sind Bank
Punjab and Sind Bank (PSB) has changed the interest rates on FDs of less than Rs 3 crore from January 1, 2025. Under this, the bank is giving a return of up to 7.50 percent on a tenure of 555 days. Apart from the interest rate fixed for deposits maturing in 180 days or more, senior citizens will get an increased interest of 0.50 percent on deposits of less than Rs 3 crore. Detailed information related to this is available on the bank’s website.
