BackPNB hikes interest rate on term deposits by up to 1.25%
For 1-year term, PNB has increased the rate from 5% to 5.7% on bulk term deposits. For the maturity term of more than 1 year to 3 years, the rate would be up from 5% to 5.5%
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New Delhi: Public sector Punjab National Bank on Saturday announced raising interest rates by up to 1.25% on domestic term deposits of up to Rs10 crore for different tenures, effective 1 January 2018.
For domestic retail term deposits of less than Rs1 crore, the rate has been increased by 1.25% to 5.25% from the current 4% in the maturity tenure of 7 to 29 days. Similarly, in the maturity bucket of 30 to 45 days, rate has been raised from 4.50% to 5.25%.
For the tenure of 46 to 90 days, the interest would be up from 5.50% to 6.25%. In the maturity bucket of 91 to 179 days, the rate is up from 6 to 6.25%. For domestic bulk term deposits of Rs1 crore to Rs10 crore, the bank has increased the rate from 4% to 4.8% in the maturity bucket of 7 to 45 days.
Similarly, for 46 to 179 days, the rate is increased from 4% to 4.90%. In the maturity bucket of 180 days to less than one year, the rate went up from 4.25% to 5%.
For 1-year term, PNB has increased the rate from 5% to 5.7% on bulk term deposits. For the maturity term of more than 1 year to 3 years, the rate would be up from 5% to 5.5%. In the maturity buckets of 3 years to 10 years, the rate has been increased from 5% to 5.25% from Monday.
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