SBI, PNB cuts interest rates on fixed deposits

The new rates are applicable across various tenors for domestic term deposits or fixed deposits (FDs). On fixed deposits of below Rs 2 crore, SBI has lowered its interest rates by 20 basis points or 0.2 per cent. 

On FDs of Rs 2 crore and above, SBI has reduced interest rates by 35 basis points or 0.35 per cent. The bank now offers an interest rate of 5 per cent to general public and 5.5 per cent to senior citizens on fixed deposits of below Rs 2 crore for a tenor of 7-45 days. 

SBI offers an interest rate of 5 per cent to general public on fixed deposits of 7-45 days.

SBI interest rates for FDs below Rs2 crore

Another state-run lender, Punjab National Bank (PNB), also revised its fixed deposit interest rates with effect from today. 

PNB has lowered the interest rates by up to 0.50 percentage point on select maturities, according to the public sector lender's website -- pnbindia.in. 

For maturity periods such as 7-14 days and 15-29 days, the bank is offering an interest rate of 5 per cent to the general public and 5.5 per cent to senior citizens on fixed deposits of up to Rs2 crore. Previously, the public sector bank paid interest rates of 5.50 per cent and 6 per cent on these FD maturities respectively.

However, PNB has also increased interest rates on select maturities. In the maturity period of 3-5 years, the bank will provide an interest rates of 6.5 per cent to the general public and 7 per cent to senior citizens on fixed deposits of up to Rs. 2 crore. Therefore, the revision marks an increase of 0.25 percentage point from the previous rates.

PNB rates on deposits of up to Rs2 crore

Fixed deposit interest rates are subject to change from time to time.