PNB revises Fixed Deposit interest rate under Rs 2 crores, know details

Punjab National Bank has revised its Fixed Deposit interest rate effective from 19th December 2022 lying within the range of 3.50% p.a. and 7.00% p.a. The highest PNB FD interest rate, which applies to deposits under Rs. 2 crores, is 6.50% per annum. 

For deposits under Rs. 2 crores, senior persons receive an additional 50 bps interest over the going rate. The terms of the FD plans range from seven days to ten years.

Competitive Fixed Deposit interest rates are available from Punjab National Bank (PNB), along with a variety of other advantages like variable duration options, nomination capabilities, loan/overdraft possibilities, etc. PNB offers competitive interest rates on fixed deposits, which change according to the time period and market circumstances.

The Best PNB FD Rates for Deposits Under Rs. 2 Crore:

• Rates for FD schemes range from 3.5% per annum to 7.0 per annum.
• The maximum annual PNB FD rate is 7.00%.
• Rates for PNB Tax Saver FDs are 6.10% per year for the general public and 6.60% per year for seniors.

On domestic deposits under Rs. 2 crores, senior citizens aged 60 and up to 80 years old would receive an additional rate of interest of 50 basis points over the applicable card rates for a period of up to 5 years and 80 basis points for a period longer than 5 years.

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The maximum rate of interest that can be charged over the applicable card rate for current employees and retired employees who are also senior citizens is 150 bps for a period up to 5 years and 180 bps for a period exceeding 5 years, according to the bank.

Additionally, Super Senior Citizens who are over 80 years old will receive an additional rate of interest that is 80 basis points higher than the corresponding card rate for all maturity buckets. 

The maximum rate of interest that can be charged above the applicable card rate for employees and retired employees who are also Super Senior Citizens is 180 bps over the applicable card rate for all maturity buckets, according to PNB.

The benchmark repo rate was increased by the Reserve Bank of India on December 7 by 35 basis points to 6.25 per cent, marking the sixth straight increase since May. Since May of this year, the RBI has increased the benchmark rate by a total of 2.25 per cent. As a result, the bank rate, marginal standing facility rate, and standing deposit facility rate are all changed to 6.50 per cent.