In a significant move, three of India’s largest public sector banks—State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BOB)—have recently introduced crucial changes that affect millions of customers. Whether you hold an account in one of these banks or are considering opening one, these updates will impact your savings, interest rates, and banking experience.
Big Changes in SBI, PNB, and BOB
| Change | SBI | PNB | BOB |
|---|---|---|---|
| New Deposit Schemes | Har Ghar Lakhpati RD | 303-Day & 506-Day FD | Liquid Fixed Deposit |
| Highest Interest Rate on FD | 7.6% for Senior Citizens | 7.25% for 400-day tenure | 7.30% for 400-day Utsav Deposit |
| Special Benefit for Seniors | Additional 0.10% for 80+ Citizens | Higher rates for 400-day FD | 0.50% extra on senior deposits |
| New Banking Features | Enhanced digital services | Revised FD rates | Partial withdrawal facility |
With SBI, PNB, and BOB introducing higher interest rates, flexible deposit schemes, and enhanced digital services, banking has become more rewarding and convenient. If you’re looking to invest in FDs, start a recurring deposit, or benefit from flexible withdrawal options, these new updates provide excellent opportunities. Make sure to check with your bank for the latest details and start growing your savings today!
State Bank of India (SBI): What’s New?
SBI, the largest bank in India, has introduced some exciting deposit schemes and enhanced benefits for senior citizens.
1. Har Ghar Lakhpati Recurring Deposit (RD) Scheme
SBI has launched the Har Ghar Lakhpati RD Scheme, a unique recurring deposit designed to help customers save systematically and accumulate ₹1 lakh or more over a fixed period.
Who Can Apply? Individuals, including minors, can start an account. How It Works? You deposit a fixed amount every month, and by the end of the tenure, you receive ₹1 lakh or its multiples. Interest Rate: Competitive RD rates to maximize savings.
2. SBI Patrons Fixed Deposit for Super Seniors
To cater to super senior citizens (aged 80+), SBI has introduced SBI Patrons FD, offering an extra 0.10% interest rate over the usual senior citizen benefits.
Maximum Interest Rate: 7.6% for a 2-3 year tenure.
3. Digital Banking Enhancements
SBI has also improved its online and mobile banking services, making transactions faster and more secure.
see also: Post Office Fixed Deposit Is It Really a Triple Return Investment?
Punjab National Bank (PNB): What You Should Know
PNB has revised its fixed deposit (FD) rates and launched new tenure options to provide better savings opportunities.
1. New Fixed Deposit Schemes
PNB now offers two new FD tenures:
- 303-Day FD: Offers 7% interest for general customers.
- 506-Day FD: Provides 6.7% interest.
2. Revised FD Interest Rates
PNB’s highest interest rate now stands at 7.25% for a 400-day tenure. This is higher than many private banks, making it an attractive option for investors.
3. Enhanced Online Banking Services
Customers can now open FDs, pay bills, and perform more banking activities online without visiting a branch.
Bank of Baroda (BOB): What’s Changing?
BOB has introduced an innovative Liquid Fixed Deposit Scheme and improved deposit interest rates.
1. Liquid Fixed Deposit: More Flexibility
One of the biggest challenges with FDs is that customers have to break the entire FD for withdrawals. The new Liquid FD from BOB allows partial withdrawals, ensuring that you don’t lose out on the higher interest rates while still having access to your money.
2. Competitive Interest Rates
- BOB is offering up to 7.30% on its 400-day Utsav Deposit.
- Senior citizens get an additional 0.50% on deposits.
3. Digital Banking Upgrades
Like SBI and PNB, BOB has improved its digital services, making banking more accessible.
How These Changes Benefit You
Higher Interest Rates – With SBI, PNB, and BOB revising FD rates, customers get better returns on savings. More Savings Options – From SBI’s RD scheme to PNB’s new FD tenures, there are more ways to grow your money. Improved Digital Banking – No need to visit branches! Manage deposits and transactions seamlessly online. Flexible Withdrawal Options – BOB’s Liquid FD ensures liquidity while keeping earnings high. Better Benefits for Seniors – SBI and BOB are giving higher interest rates to senior citizens, making them ideal for retirement savings.
see also: Mahila Samman Savings Certificate Scheme A Smart Investment for Women
SBI, PNB, and BOB Banking Changes FAQs
1. What is the highest FD interest rate among SBI, PNB, and BOB?
The highest FD interest rate is 7.6% at SBI for super senior citizens and 7.30% at BOB for a 400-day Utsav Deposit.
2. Can I withdraw money early from Bank of Baroda’s Liquid FD?
Yes, you can make partial withdrawals without closing the entire FD, ensuring better liquidity.
3. Is SBI’s Har Ghar Lakhpati RD scheme good for savings?
Yes, it’s a structured savings plan that ensures a guaranteed ₹1 lakh or more, making it ideal for disciplined savers.
4. What are PNB’s latest FD rates?
PNB offers up to 7.25% for a 400-day tenure, making it a good option for short-term savings.
5. Are these changes applicable to new or existing customers?
Most of these changes apply to both new and existing customers, but it’s best to check with the bank for details.
