Bank FD Rate: Investment in FD has become very profitable these days due to a continuous increase in the repo rate by RBI. If you are also looking for a better investment option by investing less money, then this is good news for you. FD rates are generally higher for senior citizens. In such a situation, this is a golden opportunity for them.
Bank FD Rate 2023
Annual consumer price inflation in India rose to 6.52% in January 2023 from 5.72% in December. It means that inflation is still standing like sugarcane. Most of the banks and NBFCs offer higher interest rates to senior citizens than general citizens on fixed deposits i.e. FDs. Senior citizens now get Rs. DICGC covers on deposits up to Rs 5 lakh plus inflation compensation.
Punjab and Sindh Bank
In February, Punjab and Sindh Bank announced an increase in interest rates on FDs below Rs 2 crore. The bank has also introduced some special term FDs with additional interest rate benefits.
Senior citizens will get an interest rate of 8.50% on the PSB-Utkarsh (PSB-Utkarsh 222 Day Plan 222 Days) scheme, while very senior citizens will be given an interest rate of 8.85%. On PSB Marwal 300 Day Deposit Scheme, senior citizens will get 8.00% interest and very senior citizens will get 8.35% interest. On online booking, senior citizens can get 8.25% and very senior citizens 8.60%.
Punjab National Bank
PNB on 20 February 2023 increased the interest rate on domestic fixed deposits below Rs 2 crore. The bank is offering a maximum interest rate of 7.75% on a 666-day special FD for senior citizens, while very senior citizens can avail of up to 8.05% interest.
Bank PNB is offering a maximum interest rate of 7.80% for Senior Citizens and 8.10% for Senior Citizens on the Uttam (Non-Callable) Fixed Deposit Scheme (for deposits above Rs 15 lakh).
Punjab National Bank Rs. Offering additional interest for a period of up to 5 years to senior citizens aged 60 years and above (up to age 80) for domestic deposits of less than 2 crores.
Union Bank of India
Union Bank of India hiked its fixed deposit rates in November. Union Bank of India offers a maximum interest of 7.30% on two special FDs of 800 days and 3 years. Senior citizens can get 7.80% compensation. Very senior citizens are being offered 8.05% interest for the same period.
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