The Punjab National Bank (PNB) has increased the interest rate on fixed deposits (FD) for sums less than Rs 2 crore. The bank has increased fixed deposit interest rates by up to 20 basis points (BPS) for certain tenors. According to the PNB website, the higher interest rates will go into effect on August 17, 2022. The higher interest rates will apply to both new deposits and renewals of existing deposits.
Interest rates on PNB fixed deposits
PNB has increased the interest rate on longer-term FDs by up to 20 basis points. The bank will now give a 5.50% interest rate on deposits maturing in one year, an increase of 20 bps.
PNB has increased the interest rate on deposits maturing in more than one year and up to two years by 15 basis points (bps), raising it from 5.45% to 5.50%.
The bank will continue to offer an interest rate of 5.60% on deposits maturing in more than two years and up to three years, up from a 5.50% increase of 10 bps.
Deposits with maturities of more than three years and up to five years will continue to earn 5.75% interest. Fixed deposits maturing in 1111 days will pay 5.75% interest, while deposits maturing in more than 5 years and up to 10 years would pay 5.60% interest.
Interest on senior citizen fixed deposits
According to the bank’s website, senior citizens would receive an additional 50 basis points over the applicable card rates for any domestic deposit maturities of less than Rs 2 crore. Seniors who are presently or have previously worked at PNB may be eligible for an interest rate that is 150 basis points greater than the appropriate card rate.
