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FD Rates Comparison: SBI Vs PNB Vs Bank of Baroda Latest FD Rates Post RBI Repo Rate Hike
The interest rate hike cycle is in full swing, with the Reserve Bank of India (RBI) raising the repo rate twice a month to combat inflation. To control high inflation, the RBI is tightening monetary policy by raising key repo rates. Following the increase in the RBI repo rate, several-public and private-sector banks also increased their interest rates on deposits and loans. Among these banks, the 3 largest Public Sector Banks of India, Bank of Baroda, Punjab National Bank, and Bank of Baroda, also hiked their FD rates.
Here's the full comparison of Fixed Deposit rates of State Bank of India, Bank of Baroda, and Punjab National Bank:
State Bank of India
State Bank of India (SBI), the largest public sector bank of India has increased interest rates on fixed deposits by up to 20 basis points under Rs 2 crore for certain tenors for the general public and senior citizens. The new FD interest rates are effective from 14 June 2022.
Interest Rate On Domestic Term Deposits Up To Rs. 2 Cr. w.e.f 14 June 2022
| Tenors | Interest Rates (% p.a) | Senior Citizens (% p.a) |
|---|---|---|
| 7 days to 45 days | 2.90% | 3.40% |
| 46 days to 179 days | 3.90% | 4.40% |
| 180 days to 210 days | 4.40% | 4.90% |
| 211 days to less than 1 year | 4.60% | 5.10% |
| 1 year to less than 2 year | 5.30% | 5.80% |
| 2 years to less than 3 years | 5.35% | 5.85% |
| 3 years to less than 5 years | 5.45% | 5.95% |
| 5 years and up to 10 years | 5.50% | 6.30% |
Source - sbi.co.in
Punjab National Bank
The interest rate on fixed deposits of less than Rs 2 crore has been raised by Punjab National Bank (PNB), India's second-largest public-sector bank (PSB). The latest Fixed Deposit interest rates will come is effective from June 14, 2022. As a result of the change, interest rates on deposits maturing in one year to ten years have been raised. The public lender has also raised the interest rates on senior citizens-only FDs.
Interest Rate On Domestic/NRO/NRE Term Deposits Up To Rs. 2 Cr. w.e.f 14 June 2022
| Period | Interest rate (% p.a.) | Senior Citizen (% p.a.) |
|---|---|---|
| 7 to 14 days | 3.00% | 3.25% |
| 15 to 29days | 3.00% | 3.25% |
| 30 to 45 days | 3.00% | 3.25% |
| 46 to 90 days | 3.25% | 3.75 |
| 91 to 179 days | 4.00% | 4.50% |
| 180 days to 270 Days | 4.50% | 5.00% |
| 271 days to less than 1 year | 4.50% | 5.00% |
| 1 year | 5.20% | 5.70% |
| above 1 year & upto 2 years | 5.20% | 5.70% |
| above 2 year & upto 3 years | 5.30% | 5.80% |
| above 3 year & upto 5 years | 5.50% | 6.00% |
| above 5 years & upto 10 years | 5.60% | 6.10% |
| 1111 days | 5.50% | 6.00% |
source- pnbinida.in
Please Note - The additional rate of interest applicable on domestic deposits accepted from senior citizens is not applicable for NRO deposits.
Bank of Baroda
Bank of Baroda, the third-largest Public Sector Bank (PSB) of India has also increased fixed deposit interest rates on Domestic Term Deposits of less than Rs 2 crore by up to 40 basis points. These latest rates are effective from 15 June 2022. The additional interest rates for Senior Citizen Rate are only applicable for Resident Indian Senior Citizen.
Interest Rate On Domestic & NRO Term Deposits Up To Rs. 2 Cr. w.e.f 15 June 2022
| Tenors | Interest rate (% p.a.) | Senior Citizen (% p.a) |
|---|---|---|
| 7 days to 14 days | 2.80% | 3.30% |
| 15 days to 45 days | 2.80% | 3.30% |
| 46 days to 90 days | 3.70% | 4.20% |
| 91 days to 180 days | 3.70% | |
| 181 days to 270 days | 4.30% | 4.80% |
| 271 days & above and less than 1 year | 4.40% | 4.90% |
| 1 year | 5.00% | 5.50% |
| Above 1 year to 400 days | 5.45% | 5.95% |
| Above 400 days and upto 2 Years | 5.45% | |
| Above 2 Years and upto 3 Years | 5.50% | 6.00% |
| Above 3 Years and upto 5 Years | 5.35% | 6.00% |
| Above 5 Years and upto 10 Years | 5.35% | 6.00% |
| "Above 10 years (MACT/MACAD | ||
| Court Order schemes only)" | 5.10% | 6.35% |
Please Note - The additional rate of interest applicable on domestic deposits accepted from senior citizens is not applicable for NRO deposits.
Source- bankofbaroda.in
