FD rates going down
By Neelima Shankar
Nov 18, 2009
Print    Email    RSS   

If fixed deposit (FD) is your most preferred investment option, then you should go to the bank immediately without wasting any time since banks are cutting down interest rates on fixed deposits.

Two leading public sector banks, SBI and PNB, have already trimmed their FD rates by 0.25-0.5% on FDs with certain maturities in order to manage the excessive liquidity in the system. Dhanalakshmi bank had also reduced its FD rates by 0.25 to 1 %.

SBI has reduced the rates to 6 % from 6.25% on FDs with maturities over one year. About 5months ago, the bank offered 7 percent on the same deposits. The bank has also reduced the interest on an FD maturing between 181 and 374 days from 5.75% to 5.25%.

In case of PNB, the rates have been changed across FDs with low and high tenures. The rates are same for deposits of ‘180-364 days' and ‘one year to less than two years' at 5.5% and 6.5% respectively.

Paresh Sukhtankar, executive director of HDFC said that banks expected the FDs to be repriced in October from 10% to 6-7% levels.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Know about corporate fixed deposits
Regular fixed deposits in India: Great way...
An Overview of Wealth Management Services...
Manage your FD in a better way
Carnival of Indian Personal Finance Blogs #6

MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...

Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive