State Bank of India (SBI), Punjab National Bank (PNB) and Axis Bank have revised their fixed deposit (FD) interest rates in January 2021. Bank fixed deposit (FD) is one of the most popular and favorite investment instruments of the common man. FDs are also called term deposits.
SBI FD Interest Rate
SBI’s latest FD rate (below Rs 2 crore) came into effect on January 8, 2021. Following the latest review, SBI FDs now receive 2.9% for 7 to 45 days. Term deposits of 46 days to 179 days carry an interest rate of 3.9%. FDs from 180 days to less than one year will receive 4.4 percent.
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FD interest rate above one year
Deposits with a maturity of 1 year and less than 2 years will now earn 10 bps more interest. These deposits carry an interest rate of 5% instead of 4.9%. FDs for 2 years to 3 years will earn 5.1 per cent interest. FDs below 3 years and below 5 years will continue to earn 5.3 per cent and deposits between 5 years and 10 years will continue to bear 5.4 per cent.
Additional interest for senior citizens
SBI offers 50 bps additional interest rate for senior citizens. After the latest review, senior citizens will receive an interest rate of 3.4 percent to 6.2 percent on FDs with maturities of 7 days to 10 years.
Axis Bank Interest Rate
Axis Bank also offers excellent FD interest rates for various periods ranging from 7 days to 10 years. On January 4, 2021, the Bank revised the interest rate on FDs. For regular customers, FDs earn between 2.5% and 5.50%. Axis Bank offers high interest rates to senior citizens on selected maturities. The bank offers senior citizens an interest rate of 2.50% to 6%.
