Punjab National Bank (PNB) has increased interest rates of fixed deposits (FD) for amounts less than Rs 2 crore. The bank has hiked fixed deposit interest rates by 15 basis points (BPS) for maturities on select tenors. The new interest rates are effective from July 20, 2022, according to the website.
The increased interest rates will be applicable for both new deposits and the renewal of existing deposits.
PNB fixed deposit interest rates
PNB has raised the interest rate of above one year and up to 2 years FDs by 15 basis points to 5.45 percent. On deposits having a duration of more than three years and up to five years, the bank will now offer an interest rate of 5.75 percent, an increase of 15 basis points. For tenure of 1111 days, it has increased the interest rate to 5.75 percent from 5.50 percent. Interest rates for other tenures remain unchanged.
Senior citizens FD interest rate
According to the bank’s website, senior citizens would receive an additional 50 basis points over the applicable card rates for all domestic deposit maturities under Rs 2 crore. Senior citizens who are also current employees or former employees are eligible for a maximum interest rate of 150 bps over the applicable card rate.
Earlier, the bank had revised FD interest rates on various tenors with effect from July 4 , 2022. It had increased the interest rate on fixed deposits by 10 to 20 basis points for maturities of up to three years.