Over the past several months reports were surfacing that the banking industry was plagued by liquidity crisis and there was a need to inject liquidity in the system. Though some quarters have been clamouring for a cut in the Repo Rate (currently at 6.5%), the RBI has resisted the pressure arguing that food inflation is the wild horse that needs to be tamed and reducing Repo Rate now could further stoke inflation.
Bankers are more or less of the opinion that different banks will watch the sustainability of the liquidity and hold interest rates at current levels which are at a high in the past several years. However, millions of Indians are dependent on FD interest rates in banks, and NBFCs, for cash flow for their monthly expenditure and it is always important to check the maximum interest rates that the country’s top banks are offering across different tenures. Below are given the interest rates for both general customers and senior citizens.
SBI, PNB highest interest rates
The highest interest rate on FDs offered by the biggest bank in the country – SBI or State Bank of India – is on deposits of a fixed tenure of 444 days. The rate is 7.25% for general citizens and 7.75% for senior citizens (for those above 60 years). This FD is branded as Amrit Vrishti and will be available till March 31, 2025.
The second biggest public sector lender in the country, PNB or Punjab National Bank, offers an interest rate of 7.25% for general customers (those below 60 years) and 7.75% for senior citizens. However, PNB is the only bank that offers a third category of rates applicable for those above 80 years, whom they call super senior citizens. It is 8.05%. These rates of PNB are available for a fixed tenure of 400 days.
HDFC Bank, ICICI Bank highest interest rates
The largest private sector lender in India – HDFC Bank – offers its highest rate 7.40% for general customers and 7.9% for senior citizens – on FDs that carry a maturity period of 55 months. The highest rate of interest paid by ICICI Bank is of FDs that carry tenures between 15 months and less than 18 months. The rates for general citizens and senior citizens are 7.25% and 7.8% respectively.
Axis Bank, Bank of Maharashtra highest interest rates
The highest rates of Axis Bank are available across 3 maturity buckets – 15 months to 16 months, 16 months to 18 months and 18 months to 2 years. The rates are 7.25% and 7.75% respectively for general customers and senior citizens. The highest rates of Bank of Maharashtra FDs is 7.35% for deposits for general customers of 333 days. Senior citizens will be paid 7.85%.
The Reserve Bank of India has trimmed the CRR, or Cash Reserve Ratio, to inject liquidity in the system. Some experts are saying it might impact interest rates of FDs in the short term. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
