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Banks (Finance)

HDFC Bank and Punjab National Bank Hike Fixed Deposits Interest Rates

Strategic Insights

— 1 min read

HDFC Bank and Punjab National Bank have increased their fixed deposits interest rates for certain tenures under Rs 2 crore. This move follows the latest hike in the repo rate announced by the Reserve Bank of India, with several banks increasing interest rates to attract deposits. HDFC Bank offers interest rates ranging from 3% to 7.10% for the general public and 3.50% to 7.60% for senior citizens for tenures between 7 days and 10 years. Punjab National Bank has increased interest rates by 30-25 basis points for various tenures, offering rates ranging from 5.80% to 7.30% for senior citizens.

Key Takeaways:

  • HDFC Bank offers interest rates ranging from 3% to 7.10% for the general public and 3.50% to 7.60% for senior citizens for tenures between 7 days and 10 years.
  • HDFC Bank offers a special deposit offer for senior citizens renewing or opening a fixed-term deposit for less than 5 crore rupees for a term of five to ten years, with an additional 0.25% premium beyond the current 0.50% bonus.
  • Punjab National Bank has increased interest rates by 30 basis points to 5.80% for regular citizens and 6% from 6.30% for senior citizens for deposits maturing in the range of 271 days to less than a year.
  • The interest rate yield for FDs with maturities between a year and 665 days has increased by 5 basis points to 6.80 per cent for regular citizens and 7.30 per cent for senior citizens.
  • Punjab National Bank has increased the interest rate on fixed-rate debt (FD) with a maturity of two to three years by 25 basis points, to 7% from 6.75%.
  • The special deposit offer period for HDFC Bank is from May 18, 2020, to March 31, 2023.

Statistics:

  • HDFC Bank offers interest rates up to 7.10% for the general public and 7.60% for senior citizens.
  • Punjab National Bank has increased interest rates by 30-25 basis points for various tenures.
  • HDFC Bank offers a 0.25% premium beyond the current 0.50% bonus for senior citizens for fixed-term deposits.
  • Punjab National Bank offers interest rates ranging from 5.80% to 7.30% for senior citizens.

Sources:

  • DNA (Daily News & Analysis), Copyright 2010 Diligent Media Corporation Ltd., All Rights Reserved.
  • Contify.com

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