On the first day of May, two banks have made changes to their fixed deposit interest rates. Private sector banks Axis Bank and Dhanlaxmi Bank Limited have increased their FD interest rates, effective from Wednesday. Meanwhile, public sector Punjab National Bank has reduced its Fixed Deposit interest rates. Let’s take a look at how much return each bank is offering to its customers:
Dhanlaxmi Bank
The 97-year-old Dhanlaxmi Bank has increased the interest rates on fixed deposits of less than 2 crores. They are offering interest rates ranging from 5.25% to 6.60% on FDs ranging from 7 days to 10 years. The maximum interest rate is offered on deposits for 555 days, at 7.25%. For FDs ranging from 7 days to 14 days, the bank is offering 5.25% interest. Interest rates remain the same for deposits ranging from 15 days to 45 days. For a tenure of 1 year or more and up to 2 years, the bank is offering 6.75% interest. For tenures ranging from 5 years to 10 years, customers can avail an interest rate of 6.60%.
Axis Bank
Axis Bank has increased the interest rates on fixed deposits of 2 crores and above. For FDs ranging from 2 to 5 crores, the bank is offering interest rates ranging from 3.5% to 7.55%. On deposits below 2 crores, Axis Bank is offering interest rates ranging from 3% to 7.20%.
Punjab National Bank
Punjab National Bank has reduced its Fixed Deposit interest rates, effective from April 12th. The bank is offering interest rates ranging from 3.50% to 7.255% for general citizens. For senior citizens, the interest rate ranges from 4% to 7.25%, while for super senior citizens, it ranges from 4.30% to 8.05%.
These changes in FD interest rates offer customers an opportunity to choose the best option according to their investment needs and goals. Stay updated with the latest financial news to make informed investment decisions.