North India Statesman
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New Delhi. If you are thinking of depositing your hard-earned money in a fixed deposit (FD) in the bank, then this news can bring a smile on your face. The country’s leading banks like Punjab National Bank (PNB), Indian Bank and Kotak Mahindra Bank have changed their FD rates. The changing conditions on the economic front and the competition among banks are now going to directly benefit the common customers and especially the senior citizens.
Old people’s bat-bat! Now you will get more returns
According to the latest update, this change is no less than a lottery for senior citizens. On FDs of some specific tenure they can now 7.90 percent You can get excellent returns up to Rs. While on one hand government banks are offering stable interest with guaranteed security, on the other hand small finance banks are luring customers with slightly higher interest rates. By choosing the right bank and right tenure, you can earn huge profits on your deposits.
What changed between PNB and Indian Bank?
Punjab National Bank (PNB) has revised its interest rates for various tenures. Maximum interest rate for general citizens 6.50% While senior citizens get this benefit 7.20% Getting till. Being a government bank, PNB is the first choice for investors who do not want to take risk. At the same time, Indian Bank is also not behind. Here 6.70% is given to general citizens and 6.70% to senior citizens. 7.25% Interest up to Rs is being offered.
Condition of Kotak Mahindra Bank and Small Finance Bank
Private sector giant Kotak Mahindra Bank has also changed its rates. Here also senior citizens can get interest up to 7.20% on selected FDs. But if you are looking for slightly higher returns, then you can look at Small Finance Banks. This bank is for senior citizens 7.90% They are offering interest of up to Rs. 100 crore, which is one of the most attractive rates in the current market.
A look at the new interest rates of banks (estimated)
| bank name | General Citizen Interest Rate | Senior Citizen Interest Rate | Duration |
|---|---|---|---|
| Punjab National Bank (PNB) | up to 6.50% | up to 7.20% | 7 days to 10 years |
| Indian Bank | up to 6.70% | up to 7.25% | 7 days to 10 years |
| Kotak Mahindra Bank | up to 6.70% | up to 7.20% | 7 days to 10 years |
| Small Finance Bank | up to 7.40% | up to 7.90% | 1 year to 5 years |
Keep these things in mind before investing
Experts advise that before investing in FD, choose the ‘tenure’ i.e. period very carefully. Generally, the best interest rates are available on FDs with a tenure of 1 to 3 years. Apart from this, if you are a senior citizen, then definitely ask about the special schemes of banks, because there you get 0.50% to 0.80% more interest than normal. FD still remains a safe and reliable option to beat rising inflation.
