PERSONAL FINANCE

PNB increases interest rates on fixed deposits by 70 bps, know details

PNB offers older persons an interest rate that is higher than the standard interest rate.

Updated : Oct 28, 2022, 06:17 PM IST | Edited by : Maitry Kothari

PNB increases interest rates on fixed deposits by 70 bps, know details

Punjab National Bank (PNB), one of India's top lenders, raised the interest rates on fixed deposits by up to 75 basis points (FDs). According to the bank's websites, the updated rates are taken into effect from October 26, 2022. Currently, the bank offers FD interest rates that range from 3.50% to 7.00% depending on the length of the FD.

PNB offers older citizens a higher interest rate than the standard interest rate. Super seniors now receive interest rates up to 7.80% on deposits maturing in 600 days, with a maximum interest rate of 7.50% available to them. (Also Read: PM Modi paves way for Tata-made C-295 aircraft for IAF: All about Rs 22,000 crore project, features of jet)

Punjab National Bank is offering an interest rate of 3.50% on FDs maturing between 7 days to 14 days, 15 days to 29 days, and 20 days to 45 days. The interest rate has been hiked to 4.50% from 3.75% on FDs maturing between 46 days to 90 days.

PNB has now raised the interest rate on FDs with maturities between 180 and 270 days and 271 to less than a year from 5.00% to 5.50%. FDs with terms longer than one year would earn an interest rate of 6.30% as opposed to the previous 5.70%. Similar to that, FDs that are over 1 year and up to 599 days would earn 6.30% interest. Customers now receive a 7% interest rate on FDs with 600-day maturities.

Ironically, for FDs maturing between 601 days and 2 years and between more than 2 years and 3 years, it declines to 6.30% and 6.25%, respectively. On FDs with terms longer than three years and five years, as well as five years and ten years, an interest rate of 6.10% will be offered.

Interest rates for senior citizens' fixed-term deposits

Fixed deposit interest rates will increase to 5% from 4.25% for accounts maturing in 46 to 90 days. The interest rate for FDs maturing between 180 and 270 days and 271 to less than one year is 6.00%. The bank is currently giving 6.80% for FDs with maturities between 1 year and 599 days, or over 1 year. And the FD with a 600-day term will now receive the highest interest rate of 7.50%.

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