PNB, HDFC Bank fixed deposit rates slashed; here is how much you will earn now

Punjab National Bank (PNB), and HDFC Bank have revised their interest rates on fixed deposits (FD).  HDFC Bank has revised interest rates on FD below Rs 2 crore effective from August 30, while PNB rates are effective from  September 1, 2019. The interest rates have been cut by up to 0.50 bps by PNB on select maturities. However, PNB offers 0.50 bps higher interest rate on FDs held by senior citizens. 

These banks have FD schemes from seven days to 10 years, for which they offer different interest rates. They offer between 3.50 percent and 7.10 percent interest rates on fixed deposits. PNB is offering 4.5 percent interest to the general public and 5 percent interest to senior citizens for 14 to 29 days FD. Before, the interest rate on fixed deposit for general public was at 5 percent, while for the senior citizens it was 5.5 percent for the same tenure, according to the information available on the bank's website. 

PNB is offering 5.5 percent on 46 to 179 day FDs and six percent on 180 days to 270 days FDs. For 271 days to less than 1 year fixed deposit, the national bank is offering 6.25 percent, and for 333 days deposit, the bank has revised its rate to 6.30 percent. For a fixed deposit for the period between three years and less than five years, the deposit rate is 6.5 percent, while the senior citizens are offered 7 percent. For the period between five years and up to 10 years, the bank is offering 6.5 percent interest rate.

HDFC Bank is offering 4.25 percent for 30 days FD, 5.15 percent for 45 days FD, 5.65% for 46 days to 60 days FD, 5.65 percent for 61 days to 90 days FD, and 5.65 percent for 91 days to 6 months FD. For six month one day to nine months fixed deposit the bank is offering 6.25 percent and for nine months one day to less than one year, it is offering 6.35 percent interest rate.

For one year and one day to 2 years fixed deposit, the bank is offering 6.80 percent, while for the fixed deposits for two to five years, it pays about 7 percent to 7.1 percent interest. The customers must check interest rates on FDs on the websites of the banks. These information are taken from the websites of these banks.