The boom is seeing a decline. Now people are thinking of withdrawing money from the market and investing it in a safe investment option. Now the question arises here: what are those safe options? So the answers are many. One of which is named Fixed Deposit.
Investing in fixed deposits (FDs) is secure and provides interest. SBI and PNB are considered two of the biggest banks in India. Here is a comparison of the interest rates for three-year fixed deposit schemes offered by the two banks. Therefore, selecting the appropriate FD can help you achieve your financial objectives.
PNB
PNB’s fixed deposit plans provide interest rates that are a little bit higher compared to SBI’s. PNB’s yields are substantial across the board, spanning from regular individuals to older and very elderly individuals.
Certain Fs are penalized for early withdrawal. When investing in a 3-year FD, it is crucial to prioritize maximizing returns. In this scenario, you have the option to pick either SBI or PNB’s FD based on your requirements.
Current FD interest rates in SBI and PNB (as of 2024)
Interest rates on fixed deposits at SBI (interest applicable on FDs with maturity periods of 3 to 5 years)
For the general public: 6.75%
For elderly individuals: 7.25%
PNB offers interest rates on fixed deposits for tenures between 2 and 3 years.
For the average public: 7%
For the elderly: 7.50%
Senior citizen above 80 years old: 7.80%
Smallest sum of money required for investment
Both banks require a minimum investment of Rs 1,000 to open an FD.
In regard to interest rates, which bank has higher rates: SBI or PNB?
PNB’s fixed deposit schemes provide interest rates that are slightly greater compared to SBI’s. PNB has high returns across the board, ranging from regular citizens to older and elderly citizens.
