Look at short term bank fixed deposit interest rates after recent policy rate hike
Recent repo rate hike of 25 basis points by the RBI in the monetary policy review on October 29th has fared well for the short-term fixed deposits. Investors with shorter investment horizon and in lower income tax bracket can bet on this safe instrument and earn higher returns by some margin of 25-125 basis points ( 1 basis point is 1/100th of a percentage point).
Interest rate revised to 7% for short term deposits of 180-210 days
For term deposits of less than Rs. 1 crore and maturity term of 180-210 days, bank has revised interest rates from 6.80 percent to 7.00 percent. With this investors, can now garner a marginal benefit of 0.2%.
For maturity term anyway between 271days- less than a year; interest rate is 8%
For different maturity terms, PNB raised interest rates. For a deposit mobilized for 271 days and above, bank is offering a return of 8% in contrast of the previous 7.5%. On term deposits for 180- 270, PNB offers 7.5%. For deposits with the bank for 91-179 days, bank has raised returns by a marginal 25 basis points to 7%.
Offering an enticing return of 7.5% on term of 46days-120 days
On deposits for a maturity term between 46 days-120 days,bank increased the rates to 7.5%.
Interest rate of upto 8.25% for maturity term less than a year
For deposit amount less than Rs 1 crore, the bank increased interest rate to 7.5% for deposit maturity anytime between 46 days-179 days. For a maturity term of 270 days to less than a year bank is offering 8.25%.