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Axis, PNB HFL, SBI hike FD interest rates! Check how much return you will get from fixed deposit investments

New Delhi: Axis Bank, Punjab National Bank (PNB), and State bank of India (SBI) have increased the interest rates on fixed deposits, offering better returns to investors planning to save their money. The move from public and private sector banks come after the Reserve Bank of India (RBI) increased the repo rate by 50 basis points or 0.50% to 4.90%. Following the RBI’s move, several banks have increased the interest rates on fixed deposits. These lenders include IDBI Bank, Central Bank of India, ICICI, Yes, and IDFC First Bank, among others.

Zee Media Bureau|

Updated:Jun 15, 2022, 01:07 PM IST

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PNB Housing Finance Hikes FD interest rates

PNB Housing has increased FD interest rates by 10 bps to 25 bps, depending on the tenure of the deposit. The lender said that the new rates are effective from June 15, 2022. The new rates are applicable on deposits worth up to Rs 5 crore. With the revision in FD rates, investors can now receive returns ranging from 6 per cent to 7.25 per cent, depending on the tenure of the loans.

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PNB Housing Finance FD Offers For Senior Citizens

PNB Housing Finance will continue offering a higher 0.25 per cent return on fixed deposit investments made by senior citizens above 60 years, in addition to the fixed returns on the deposits.

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Axis Bank Raises Fixed Deposit Interest Rate

Axis Bank has raised interest rates on fixed deposits, following in the footsteps of other lenders. The latest interest rates are applicable on fixed deposits up to Rs 2 crore, the private sector bank said. It is offering one of the highest returns at 5.75 per cent to the general public on FDs maturing in 5 years to 10 years.

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Axis Bank Hikes Interest Rates on Saving Accounts

Axis Bank has increased the interest rates on savings accounts to 3 per cent per annum with balances less than Rs 50 lakhs. The bank is offering returns at 3.50 per cent per annum to savings bank customers having Rs 50 lakh and less than Rs 800 crore in the accounts.

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SBI Increases Fixed Deposit Interest Rates

State Bank of India (SBI) has increased the returns on fixed deposits by up to 20 basis points. Again the returns depend on the tenure of the deposit. The lender has pointed out that the new rates are applicable on deposits below Rs 2 crore.