FD schemes in 2025: SBI, HDFC, PNB hike their fixed deposit scheme rates for general, elderly citizens; check details

FD schemes: State Bank of India, Punjab National bank and HDFC Bank have increased their fixed deposit rates for certain investors at the start of the new year. The SBI has created a special category for super senior citizens over 80 years old, who will receive an additional 10 basis points compared to regular senior citizens. On the other hand, HDFC Bank has adjusted the returns on bulk deposits (Rs 5 crore and above) by 5-10 basis points across different time periods.

In a similar move, Punjab National Bank (PNB) has amended its fixed deposit interest rates and introduced two new time frames for deposits below Rs 3 crore, effective as of January 1, 2025. The new tenures include a 303-day FD offering a 7% interest rate and a 506-day FD with a 6.7% interest rate for general citizens.

Fixed deposits are an attractive investment choice for individuals looking to deposit a lump sum for a set period and earn a stable interest rate, typically higher than that offered by regular savings accounts.

One of the primary benefits of investing in fixed deposits is the assurance of a fixed interest rate that exceeds the standard rates of savings accounts. The interest rate for fixed deposits remains constant from the time of investment throughout the deposit’s duration.

Here are the details of the revised fixed deposit rates:

SBI FD rates

SBI has recently launched ‘SBI Patrons,’ a unique Term Deposit scheme designed specifically for senior citizens who are 80 years old and above. This innovative offering provides seniors with higher interest rates as a token of appreciation for their loyalty to the bank. The bank stated in a press release that ‘SBI Patrons’ is open to both current and new Term Deposit clients.

SBI FD Rates For Senior Citizens
Tenors                             FD Rates for Senior Citizens
7 days to 45 days             4%
46 days to 179 days             6%
180 days to 210 days             6.75%
211 days to less than 1 year     7%
1 Year to less than 2 years     7.3%
2 years to less than 3 years     7.5%
3 years to less than 5 years     7.25%
5 years and up to 10 years     7.50%*

SBI is currently offering competitive domestic term deposit rates through its “444 days” (Amrit Vrishti) scheme, with interest rates of 7.25% for the general public and 7.75% for senior citizens, effective from July 15, 2024. This scheme is available until March 31, 2025. For regular deposits, SBI offers the highest rate of 6.75% to the general public and 7.25% to senior citizens for deposits with tenures between 3-5 years. Deposits with tenures of 5 years and up to 10 years also attract the same interest rates as 3-5 year deposits. For shorter tenures, interest rates range from 3.5% to 6.5% for the general public and 4% to 7% for senior citizens, depending on the deposit period.

SBI’s recent revision is a key element of its strategy to enhance deposit offerings and attract a larger portion of savings from customers. In addition to introducing higher returns for individuals aged 80 and above through its Patron deposits, the bank has introduced schemes that allow customers to set their savings goals, such as Rs 1 lakh, and enroll in recurring deposits based on their targets. This rate adjustment coincides with the current widespread call for a rate decrease by RBI to stimulate economic growth.

HDFC Bank

HDFC Bank has recently updated its interest rates for bulk fixed deposits (FDs) ranging from ₹3 crore to less than ₹5 crore. The revised rates, effective as of 5 December 2024, now offer customers a range of interest rates from 4.75% to 7.40% for the general public and 5.25% to 7.90% for senior citizens across FD tenors of 7 days to 10 years.

Specifically, the bank is now providing a 4.75% interest rate for bulk deposits maturing in 7 to 29 days, and a 5.50% rate for those maturing in 30 to 45 days. Deposits made between 46 and 60 days will earn an interest rate of 5.75%, while deposits held between 61 and 89 days will yield a rate of 6.00%. Customers can find further details on the official HDFC Bank website.

HDFC Bank offers Fixed Deposits (FD) with varied durations from 7 days to 10 years, providing customers with annual interest rates ranging from 3% to 7.90%. For instance, customers who invest Rs 5 lakh in a 1-year FD can expect to receive 6.60% interest as regular customers, and 7.10% interest as senior citizens. Similarly, a 3-year FD of the same amount will earn regular customers 7% interest, and senior citizens 7.50% interest. In the case of a 5-year FD, both regular customers and senior citizens will receive 7% and 7.50% interest rates, respectively.

Punjab National Bank

The Punjab National Bank offers varying interest rates on fixed deposits for different tenures, with rates ranging from 4% to 7.75% for senior citizens and 3.5% to 7.25% for general citizens. Senior citizens can earn the highest interest rate of 7.75% on a 400-day tenure, while a new tenure of 303 days offers an interest rate of 7.50%. For a 506-day tenure, senior citizens will receive an interest rate of 7.20%.

Super Senior Citizens aged 80 years and above will receive an additional interest rate of 80 basis points (bps) over the applicable card rate for all maturity periods. Retired staff members who are also Super Senior Citizens are eligible for a maximum interest rate of 180 bps over the applicable card rate across all tenure periods. 

Period             General citizens (%)    Senior citizens (%)    Super senior citizens (%)
7 to 14 Days    3.5                               4.0                            4.3
15 to 29 Days   3.5                              4.0                            4.3
30 to 45 Days   3.5                              4.0                            4.3
46 to 60 Days   4.5                              5.0                            5.3
61 to 90 Days   4.5                              5.0                            5.3
91 to 179 Days  5.5                             6.0                            6.3
180 to 270 Days  6.25                         6.75                          7.05
271 Days to 299 Days    6.5                7.0                            7.30
300 Days    7.05                                  7.55                          7.85
301 Days to 302 Days    6.5                7.0                            7.3
303 Days    7.0                                    7.5                            7.8
304 Days to
1 Year    6.8                                         7.3                            7.6
> 1 Year to 399 Days    6.8                  7.3                            7.6
400 Days    7.25                                  7.75                          8.05
401 Days to 505 Days    6.8                7.3                            7.6
506 Days    6.7                                    7.2                            7.5
507 Days to 2 Years        6.8                7.3                           7.6
> 2 Years to 3 Years    7.0                     7.5                          7.8
> 3 Years to 1203 Days    6.5                7.0                          7.5
1204 Days    6.4                                   6.9                           7.2
1205 Days to 5 Years    6.5                  7.0                           7.3
> 5 Years to 1894 Days    6.5               7.3                           7.3
1895 Days    6.35                                  7.15                        7.15
1896 Days to 10 Years    6.5                 7.3                           7.3