PNB increases interest rates on term deposits: How will it impact your FDs and RDs?

New Delhi: The Punjab National Bank, one of the largest public banks in the country, has increased interest rates on term deposits in selected buckets with effect from today. According to a communique issued by PNB, it has increased the interest rates by upto 60 basis points or 0.60 percent.

Term deposits include fixed deposits (FD) and recurring deposits (RD).

"The rate of interest on domestic/NRE/NRO term deposits were last revised vide IRMD/ALM Deposit circular no.13/2021 dated 31.7.2021. Now the ALCO in its meeting dated 6.5.2022 has decided to revise the interest rates on Domestic Term Deposits with effect from 7.05.2022," the company said in a circular.

Here are the details of PNB's fresh rates. 

Single Domestic Term Deposits of less than Rs 2 crore

For maturity bucket of 7 days to 14 days from 2.90% to 3.00%

For maturity bucket of 15 days to 29 days from 2.90% to 3.00%

Punjab National Bank has increased interest rates on Term Deposits in selected buckets up to 60 basis points w.e.f. May 7 pic.twitter.com/JpQ3MwfFow

— ANI (@ANI) May 6, 2022

For maturity bucket of 30 days to 45 days from 2.90% to 3.00%

For maturity bucket of 91 days to 179 days from 3.80% to 4.00%

For maturity bucket of 180 days to 270 days from 4.40% to 4.50%

For maturity bucket of 271 days to <1 year from 4.40% to 4.50%

For maturity bucket of 1 year from 5% to 5.10%

For maturity bucket of >1-2 year from 5% to 5.1%

Single Domestic Term Deposits of less than 2 crore: PNB Uttam

For maturity bucket of 91 days to 179 days from 3.85% to 4.05%

For maturity bucket of 180 days to 270 days from 4.45% to 4.55%

For maturity bucket of 271 days to <1 year from 4.45% to 4.55%

For maturity bucket of 1 year from 5.05% to 5.15%

For maturity bucket of >1-2 year from 5.05% to 5.15%