Axis Bank, Punjab National Bank (PNB), ICICI Bank offer FD interest rates based on depositor’s tenure and age. Let’s take a look at the rates offered by these three banks on deposits below Rs.2 crore.
Bank FD: The Reserve Bank of India (RBI) has been increasing the repo rate consistently. As a result, many banks have increased their interest rates on deposits and loans. As a result Fixed Deposit(FD) interest rates have become more attractive. Prominent banks like Axis Bank, Punjab National Bank (PNB), ICICI Bank offer FD interest rates based on depositor’s tenure and age. Let’s take a look at the rates offered by these three banks on deposits below Rs.2 crore.
ICICI Bank
ICICI Bank recently updated interest rates on fixed deposits below Rs 2 crore. 2023 came into effect from February 24. These rates vary based on the tenure of the fixed deposit, age of the depositor.
For 7 to 14 days and 15 to 29 days FDs, ICICI Bank is offering a rate of 3.00 percent for general public and 3.50 percent for senior citizens. 3.50 per cent for general public and 4.00 per cent for senior citizens for 30 to 45 days. 4.25 per cent for general public and 4.75 per cent for senior citizens for 46 to 60 days. 61 to 90 days, 91 to 120 days deposits will get interest rate of 4.50 per cent for general public and 5.00 per cent for senior citizens. For 121 to 150 days, 151 to 184 days, general public will get 4.75 percent interest and senior citizens will get 5.25 percent interest.
Fixed deposit for 185 days to 210 days will pay 5.75 per cent interest for general public and 6.25 per cent interest for senior citizens. 5.75 percent interest for general public and 6.25 percent interest for senior citizens on deposits held for 211 to 270 days. 6.00 per cent for general public and 6.50 per cent for senior citizens on deposits of 271 to 289 days, 290 to less than a year.
Interest rates on deposits of 389 days from a year, 390 days to less than 15 months will increase to 6.70 per cent for general public and 7.20 per cent for senior citizens. 7.10 percent interest for general public and 7.60 percent interest for senior citizens on deposits within 15 to 18 months, 18 months to 2 years.
7.00 per cent for general public and 7.50 per cent for senior citizens on deposits of 2 years 1 day to 3 years, 3 years 1 day to 5 years. For deposits with a tenure of 5 years 1 day to 10 years, general public will get 6.90 percent interest and senior citizens will get 7.50 percent interest.
Axis Bank Fixed Deposit Interest Rates
Axis Bank recently revised its fixed deposit interest rates on deposits below Rs 2 crore. 2023 will come into effect from May 18. The interest rates vary based on the tenure of the fixed deposit and the age of the depositor.
General customers and senior citizens will get 3.50 percent interest on deposits with tenure of 7 days to 14 days. Both categories of customers will get 3.50 percent interest on FD for 15 to 29 days and 30 to 45 days. If the fixed deposit is kept for 46 days to 60 days, general customers and senior citizens will get 4.00 percent interest. For deposits with a tenure of 61 days to less than 3 months, both categories will get 4.50 percent interest.
Tenure FDs with a tenure of less than 3 months to 4 months or less than 4 months to 5 months will receive an interest rate of 4.75 percent regardless of age. The same interest rate is applicable for deposits within 5 to 6 months. Interest on deposits within 6 to 7 months, 7 to 8 months and less than 8 to 9 months is 5.75 percent for general customers and 6.00 percent for senior citizens. 9 to 10, 10 to 11 months tenure
6.00 percent interest for general customers and 6.25 percent interest for senior citizens. Deposits less than 11 months to 11 months 25 days, 11 months 25 days to one year are also charged 6.00 percent for general customers and 6.25 percent for senior citizens.
6.75 percent for general customers and 7.50 percent for senior citizens for tenure less than 1 year 4 days from year to year. Interests of 6.80 per cent for general customers and 7.55 per cent for senior citizens are applicable for deposits of 1 year 5 days to less than 1 year 11 days and 1 year 11 days to 1 year 24 days.
Customers opting for tenure less than 1 year 25 days to 13 months will get 6.80 percent interest. Those opting for deposits less than 13 months to 14 months and less than 14 to 15 months will receive an interest rate of 7.10 percent. 7.10 percent interest rates are also applicable for deposits with tenor of less than 15 to 16 months, less than 16 to 17 months, less than 17 months to 18 months, and less than 18 to 2 years.
7.80 percent for senior citizens and 7.05 percent for general customers on deposits between 2 years and 30 months. 7.00 percent for general customers and 7.75 percent for senior citizens for 3 to 5 years. The same rates are applicable for tenure of 30 months to less than 3 years and tenure of 5 to 10 years.
Punjab National Bank (PNB)
Punjab The National Bank (PNB) has recently updated the interest rates on fixed deposits below Rs.2 crore. 2023 will come into effect from May 18. These rates are applicable per annum, fixed deposit tenure, and vary based on the age of the depositor.
The interest rate on deposits with tenor of 7 days to 14 days is 3.50 percent for general public and 4.00 percent for senior citizens. 3.50 per cent for general public and 4.00 per cent for senior citizens on deposits of 15 to 29 days and 30 to 45 days. 4.50 per cent for general public and 5.00 per cent for senior citizens on deposits between 46 to 90 days and 91 to 179 days. For 180 to 270 days, general public will get 5.50 percent and senior citizens will get 6.00 percent.
5.80 per cent for general public and 6.30 per cent for senior citizens for tenure of 271 days to less than a year. Annual Tenure FDs will get 6.80 percent for general public and 7.30 percent for senior citizens.
It offers interest rates of 6.80 per cent for general public and 7.30 per cent for senior citizens on deposits of more than 443 days from a year. Interest rates on deposits with a tenure of exactly 444 days are slightly higher, with general public getting 7.25 percent and senior citizens 7.75 percent.
For 445 to 665 days, the interest rate is 6.80 percent for general public and 7.30 percent for senior citizens. For a period of exactly 666 days, general public will get 7.05 percent and senior citizens will get 7.55 percent. 6.80 percent interest for general public and 7.30 percent interest for senior citizens for 667 days to 2 years. FDs held for a period of more than 2 to 3 years will attract interest at 7.00 per cent for general public and 7.50 per cent for senior citizens.
For longer periods, especially from 3 years to 5 years, general public will get 6.50 percent interest and senior citizens will get 7.00 percent interest. 5 to 10 year deposits will get interest rate of 6.50 percent for general public and 7.30 percent for senior citizens.
