Get 8.05 Percent Interest Rate on FD Schemes Offered by These Two Banks

With the series of hikes in repo rates from the Reserve Bank of India, major banks and NBFCs have increased their interest rates for both borrowings and deposits. Several public and private sector banks have sharply hiked the interest rate on Fixed Deposit schemes. And here are the two major Government banks that are offering 8.05 per cent interest rates on select FD schemes.

Punjab National Bank or PNB & Union Bank of India Offering 8.05% Interest Rate on FD Schemes

Punjab National Bank offers a whopping 8.05 per cent interest rate to super senior citizen FD holders of 666 days deposit scheme. Whereas, senior citizens are getting a return rate of 7.55 per cent and general citizens are getting an interest rate of 7.25%. However, the 666 days deposit scheme is only for super senior citizens and not for normal investors.

Union Bank of India is offering an interest rate of 8.05% on the FD maturing in 3 years. Furthermore, senior citizens will get an interest rate of 7.80 per cent. While general investors will earn at a rate of 7.30 per cent interest rate. The major benefit of this scheme is that the interest rate offered for normal investors is also high in comparison to what is for senior citizens.

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RBI to Pause Interest Rate Hike

“It is highly possible that the Reserve Bank of India would extend a long pause for a hike in interest rates and then start reducing the same. We would therefore urge investors to look to invest in long-term deposits. Recently, the RBI held interest rates steady and did not hike rates as was largely expected,”

“The RBI’s decision to keep the repo rate unchanged is expected to provide a much-needed boost to the NBFC sector and gives clarity on the overall direction the RBI is heading towards. This allows financial planning and maintaining borrowing costs not just for financial institutions but also for retail customers who have seen their EMIs rise significantly. Therefore, the pause button on the repo rate hikes should support the existing growth momentum in the NBFC sector,” said Aalesh Avlani, Founder, of Credit Wise Capital.