Punjab and Sind Bank (PSB) and Bank of Maharashtra (BoM) revised their deposit rate on fixed deposits (FDs) during the week ending November 16, 2024. As banks offer an additional deposit rate of 0.50 per cent (50 basis points) to senior citizens (60 years and above), they can avail of up to 7.95 per cent on their deposits after this revision.

Earlier, experts had projected a rate cut by the Reserve Bank of India (RBI), but the sharp rise in the October consumer inflation data dampened the December rate cut expectations.

For October, the consumer price index (CPI) was 6.21 per cent, higher than the target of 4 per cent (with +-2 percentage points). It was primarily due to the high food inflation, but due to this, the chances of a repo rate cut, by the RBI monetary policy committee (MPC) is unlikely in December this year.

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Akhil Mittal, senior fund manager, fixed income, Tata Asset Management, says: “We do not expect any rate cut in the upcoming December policy, and, further there will be a function of unfolding growth and inflation trajectory.”

The repo rate impacts the lending and borrowing rates of banks. So, when there is a repo rate cut, it impacts the banks’ rates as well. However, banks can revise their rates separately as per their liquidity requirements, as PSB and BoM have done this week. Here are their latest FD rates.

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Punjab And Sind Bank (PSB):

The bank revised its FD rates on November 14, 2024, offering a maximum of 7.95 per cent to senior citizens. The bank offers 0.50 per cent additional rates for FDs of 180 days and above. On callable FDs, they can avail of:

• 6.80 per cent for 1 year

• 6.50 per cent for more than 1 year to 443 days

• 7.80 per cent for 444 days

• 6.50 per cent for 445 to 554 days

• 7.95 per cent for 555 days

• 6.50 per cent for 556 days to less than 22 months

• 7.50 per cent for 22 months (PSB Green Earth)

• 6.50 per cent for more than 22 months to less than 2 years

• 6.80 per cent for 2 years to 776 days

• 7.75 per cent for 777 days

• 7.15 per cent for 999 days

• 6.80 per cent for 1,000 days to less than 3 years

• 6.50 per cent for 3 years to less than 44 months

• 7.25 per cent for 44 months (PSB Green Earth)

• 6.50 per cent for more than 44 months to 5 years

• 6.75 per cent for more than 5 years to less than 66 months

• 6.95 per cent for 66 months (PSB Green Earth)

• 6.75 per cent for more than 66 months to 10 years

For Super Senior citizens, an additional 0.15 per cent rate above these rates is offered on special FDs of 222 days, 333 days, 444 days, 555 days, 777 days, 999 days, PSB Green Earth (22 months, 44 months, 66 months).

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Bank Of Maharashtra (BoM):

The bank offers the highest deposit rate of 7.85 per cent, including the additional 0.50 per cent to senior citizens. It offers additional rates on all FDs of tenures of 91 days and above. The rates for senior citizens are:

• 7.25 per cent for 1 year

• 7.00 per cent for 1-2 years

• 7.00 per cent for 2-3 years

• 7.00 per cent for 3-5 years

• 7.00 per cent for above 5 years

For special FDs, the rates are:

• 7.40 per cent for 200 days

• 7.85 per cent for 333 days

• 7.60 per cent for 400 days

• 7.75 per cent for 777 days

The banks revised the rates on November 14, 2024.