PNB FD interest rates: Punjab National Bank hikes fixed deposits rates across tenures, check details

PNB FD rates: With the beginning of the new year, there's some good news for customers of Punjab National Bank (PNB). The state-owned bank has hiked the interest rates of fixed deposits (FD) across various tenures by 50 basis points or 0.5 per cent in a bid to attract deposits.

Interest rates on term deposits below Rs 2 crore between one year and three years have been raised by 50 basis points to 6.75 per cent. Earlier, the rate for the same was 6.25 per cent. The bank said that new rates of FDs are effective from January 1, 2023.

It has also said that senior citizens will be getting an additional 50 basis points hike in interest rate of fixed deposits on any domestic deposit maturities which is worth less than Rs 2 crore.

Another state-owned bank, State Bank of India (SBI), offers interest rates of 6.75 percent on fixed deposits for tenures that range from 1 years to 2 years. While senior citizens get 7.25 percent interest rates for the same period. Bank of Baroda also offers the same interest rates on fixed deposit between one year and two years.  

On PNB Uttam Scheme with no premature withdrawal option, the rate has been revised to 6.80 per cent from 6.30 per cent, it said. Apart from the revised interest rates, it said, the bank will continue to offer attractive interest rates 8.1 per annum for fixed deposit of 666 days.

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(With inputs from PTI)