Latest PNB and Canara Bank revise FD rates: What's new for your savings?

PNB and Canara Bank have updated their fixed deposit rates, offering new opportunities for both general customers and senior citizens

Two of India’s leading public sector banks, Punjab National Bank (PNB) and Canara Bank, have revised their fixed deposit (FD) interest rates effective June 1. These changes affect both new and renewing FDs across various tenures.

 

Revised PNB FD rates

Punjab National Bank, after the revision, is now offering the following FD rates

 

From 3.5 to 6.9 per cent per annum for general customers on tenures ranging from 7 days to 10 years.

 

From 4 per cent to 7.4 per cent per annum for senior citizens on tenures ranging from 7 days to 10 years.

 

From 4.3 per cent to 7.7 per cent per annum for super senior citizens on tenures ranging from 7 days to 10 years.

 

Below is the detailed table of rates offered and tenures by the bank

 

Domestic/NRO $ Fixed Deposit Scheme
Period	General Public	Senior citizens	Super senior citizen
7 to 14 Days	3.5	4	4.3
15 to 29 Days	3.5	4	4.3
30 to 45 Days	3.5	4	4.3
46 to 60 Days	4.5	5	5.3
61 to 90 Days	4.5	5	5.3
91 to 179 Days	5.5	6	6.3
180 to 270 Days	6	6.5	6.8
271 Days to 302 Days	6.25	6.75	7.05
303 Days	6.15	6.65	6.95
304 Days to < 1 Year	6.25	6.75	7.05
1 Year	6.7	7.2	7.5
> 1 Year to 389 days	6.7	7.2	7.5
390 days	6.9	7.4	7.7
391 Days-505 Days	6.7	7.2	7.5
506 Days**	6.6	7.1	7.4
507 Days to 2 year	6.7	7.2	7.5
> 2 years to 3 years	6.7	7.2	7.5
> 3 years to 1203 days	6.5	7	7.3
1204 days**	6.4	6.9	7.2
1205 days to 5 years	6.5	7	7.3
> 5 years to 1894 days	6	6.8	6.8
1895 days**	5.85	6.65	6.65
1896 days to 10 years	6	6.8	6.8

Canara Bank FD rates

Canara Bank has revised interest rates downward for some of its fixed deposit slabs

 

·  FD rates now vary from 4.00 per cent to 7.00 per cent for general customers and 4.00 per cent to 7.50 per cent for senior citizens.

 

·  The popular 444-day FD scheme continues at 7.25 per cent for general customers and 7.75 per cent for senior citizens.

 

Below is the detailed table of rates offered and tenures by the bank

 

Term Deposits (All Maturities)
	General Public	Senior Citizen
7 Days to 45 Days	4	4
46 Days to 90 Days	5.25	5.25
91 Days to 179 Days	5.5	5.5
180 Days to 269 Days	6.15	6.65
270 Days to less than 1 Year	6.25	6.75
1 Year Only	6.75	7.25
444 Days	7	7.5
Above 1 Year to less than 2 Years	6.85	7.35
2 Years & above to less than 3 Years	6.9	7.4
3 Years & above to less than 5 Years	6.75	7.25
5 Years & above to 10 Years	6.7	7.2

Points to note before investing

·  Compare rates across banks before locking in fixed deposits.

 

·  Consider staggering their deposits across tenures to manage interest rate risk.

 

·  Explore other savings instruments if they seek higher returns with similar safety.

 

·  Premature withdrawal may lead to a lower effective return.

 

·  Consider their liquidity needs and tax implications before locking in funds.

 

Though the overall FD rate trend remains stable, depositors looking to lock in funds for a medium-term horizon may want to act promptly before further changes come into play.