Fixed Deposit: SBI vs PNB – Best 3-Year FD Rates Compared: Fixed deposits (FDs) are a secure investment option offering guaranteed returns. Among India’s top government banks, the State Bank of India (SBI) and Punjab National Bank (PNB) are widely trusted for their reliability and extensive reach.
Here’s a quick comparison of their three-year FD interest rates:
- SBI: Offers competitive rates with benefits for senior citizens.
- PNB: Provides attractive rates tailored to diverse investor needs.
Choose the FD that best suits your financial goals to maximize your returns with safety and assurance.
SBI and PNB FD Interest Rates (as of 2024)
SBI FD Interest Rates (for 3 to 5-year tenures):
- For General Citizens: 6.75%
- For Senior Citizens: 7.25%
PNB FD Interest Rates (for 2 to 3-year tenures):
- For General Citizens: 7%
- For Senior Citizens: 7.50%
- For Super Senior Citizens (above 80 years): 7.80%
Minimum Investment Amount
To open an FD in both SBI and PNB, the minimum investment amount is Rs 1,000.
Which Bank Offers Better FD Interest Rates?
PNB provides slightly higher interest rates compared to SBI across all categories, including general citizens, senior citizens, and super senior citizens.
Key Points to Consider While Investing in FDs
- Penalty for Premature Withdrawal: Some FDs may charge a penalty for withdrawing funds before maturity.
- Maximizing Returns: If you are investing in a 3-year FD, your priority should be maximizing returns. Choose between SBI and PNB based on your specific needs and eligibility.
Conclusion:
PNB’s higher interest rates make it a favorable choice for those looking for better returns. However, consider additional factors like service quality, accessibility, and withdrawal policies before making your decision.
