Prathama Bank FD Interest Rates

⋆ Interest Rate 9.99% ⋆

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      Prathama Bank FD Interest Rates

      As you may be aware, a Fixed Deposit (FD) is a bank-sponsored investment option that pays a higher rate of interest than a regular savings account. Because of the higher returns offered by FDs, you can easily reach your financial goals by investing in one.

      Prathama Bank FDs allow you to deposit a lump sum amount for a certain period of time, ranging from seven days to ten years. Depending on your needs and financial goals, you can choose from a variety of Prathama Bank FD tenures. As soon as you choose a tenure and deposit an amount in a Prathama Bank_ FD, it will begin earning interest for the duration of the deposit. Customers are only allowed to deposit a lump sum of money into their fixed deposit account once, at the time of opening the account with the bank, and they are not allowed to deposit extra money into the same FD account after that.

      If you invest in a Prathama Bank FD for a period of 5 years or more, you can get tax benefits under section 80C of the Income Tax Act on an amount between Rs. 100 and 1.5 lakh.

      Prathama Bank Fixed Deposit Interest Rates (as on 24 Mar 2021)

      Maturity period
      Interest Rate (p.a.)
      30 days 5.75%
      45 days 5.75%
      60 days 6.25%
      90 days 6.25%
      120 days 6.35%
      6 months 6.35%
      9 months 6.50%
      12 months 7.05%
      2 years 7.10%
      3 years 6.90%
      4 years 6.90%
      5 years 6.90%
      10 years 6.90%

      Prathama Bank Fixed Deposit Features

      • Flexible FD tenures and competitive interest rates are available to suit your investment strategy.
      • You can open an FD account online or at a Prathama Bank branch near you.
      • There is no limit to the number of FD FD Tenures that can be held: From one day to ten years
      • Monthly, quarterly, and other interest payment options are available.
      • Up to 85 percent of the FD amount is available as a loan or overdraft against the FD.
      • Liquidity options that are simple and quick are available.
      • It is possible to nominate someone.
      • Through the tax saving term deposit scheme, you can get a tax benefit of up to Rs 1,50,000.
      • There are also options for partial withdrawal and auto-renewal.
      • When compared to ordinary citizens, senior citizens will benefit from a higher interest rate.
      • The bank provides NRE, NRO, and FCNR deposit services.

      Calculation of Prathama Bank Fixed Deposit Interest Rates

      The following formula is used to calculate interest on FDs for different tenures:

      1. For fixed deposit terms of less than six months, simple interest is paid at maturity.
      2. For fixed deposit terms of 6 months and more, interest is computed quarterly.
      3. Every quarter, cumulative interest/re-investment interest is computed and added to the Principal, resulting in Interest being paid on interest received the previous quarter as well.
      4. In the case of a monthly deposit scheme, interest is computed quarterly and paid monthly at a discount to the Standard FD Rate.

      Prathama Bank News Snippets

      The rate of interest on SBI’s FDs has been updated.

      SBI has announced a reduction in the rates on retail fixed deposits. The most recent SBI deposit FD rates are effective as of January 10, 2020. On long-term deposits maturing in one year to ten years, the bank has slashed FD rates by 15 basis points. The current FD interest rate is 4.50 percent for 7 to 45 days, 5.50 percent for 46 to 179 days, 5.80 percent for 180 days to 1 year, and 6.10 percent for 1 year to 10 years.

      The interest rate on fixed deposits at Axis Bank has been lowered.

      From January 9, Axis Bank cut interest rates by up to 20 basis points. FDs with a tenor of less than one year and a value of less than Rs 2 crore will earn 6.40 percent, and FDs with a tenor of 5 years to up to 10 years will earn 6.50 percent.

      In 2019, HDFC Bank deposits increased by 25% year on year.

      Deposits at India’s biggest private lender, HDFC Bank, increased by 25% year on year in 2019. Its deposits have increased by 25% to Rs 10.67 trillion as of December 31, 2019, compared to Rs 8.52 trillion as of December 31, 2018.

      FD rates are being slashed by the PNB.

      With effect from December 1, 2019, general consumers will pay 6% and senior citizens will pay 6.5 percent on FDs worth less than Rs 2 crore with a tenor of 271 days to less than one year. PNB offers FD rates of 6.3 percent for general clients and 6.8 percent for senior citizens for terms of 5 to 10 years.

      ICICI Bank lowers its fixed-rate deposit interest rate.

      Interest rates on ICICI Bank FDs under Rs 2 crore with a tenor of 185 days to 289 days will be 5.75 percent, 6.40 percent for 5 years to up to 10 years, and 6.9% for senior citizens. Its interest rates are set to go into effect on December 7, 2019.

      FAQs

      Is Prathama Bank merged with PNB?

      Prathama U.P.Gramin Bank, sponsored by Punjab National Bank one of the leading commercial Bank of India, came into existence by amalgamation of 2 RRBs Viz ( Sarva UP Gramin bank Meerut, Prathama Gramin Bank Moradabad) working in the area spread in whole Uttar Pradesh “East to West” under subsection (1) of section 23 A …

      What is the new name of Prathama bank?

      Sarva UP Gramin Bank, Prathama UP Gramin Bank is created on 1 April 2019 as the result of the amalgamation of the two regional rural banks (RRBs) in Uttar Pradesh.

      How can I check my Prathama bank account balance?

      Prathama Bank offers the customer a free to use service which enables the account holder to give a missed call on 9278700860. After giving a missed call on the number the call will be automatically disconnected followed by an SMS containing your bank account details.

      for more information check the official site of Dialabank.

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