PNB hikes FD interest rates after RBI's repo rate increase. Details here
PremiumPunjab National Bank (PNB) has increased interest rates on fixed deposits in selected buckets up to 60 basis points with effect from today
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State-owned Punjab National Bank (PNB) has increased interest rates on fixed deposits in selected buckets up to 60 basis points with effect from today, May 7.
The move comes a day after several lenders, including ICICI Bank, Bank of Baroda, and Bank of India, raised interest rates following the RBI's surprise repo rate hike on Wednesday. The Reserve Bank of India (RBI) announced a surprise 40 basis points (bps) hike in the repo rate on Wednesday.
"The revised interest rates will be applicable to fresh deposits and renewal of existing deposits with effect from May 7 this year," the bank said in an official statement.
For term deposits of less than ₹2 crore, it has raised the interest rates to up to 5.10-5.15%, and for single term deposits of ₹2 crore and up to ₹10 crore, customers will get interest rates in the range of 3.50 - 4.05% per annum, it said.
PNB said all other interest rates will remain unchanged and the change in rates will also be applicable to NRE/NRO term deposits (Callable only) scheme.
Separately, the PNB bank has also increased its external benchmark linked lending rate by 0.40% to 6.90% with effect from June 1.
The Repo Linked Lending Rate (RLLR) has been changed from 6.50% to 6.90% with effect from June 1, 2022 for existing customers, PNB said in a regulatory filing.
For new PNB customers, the revised RLLR will take effect from May 7, the bank added.
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PNB increases fixed deposits interest rates:
- Single Domestic Term Deposits of less than Rs. 2 crore: (Callable)
- 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%
- 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 5.00% to 5.10%
- For maturity bucket of >1- 2 Year from 5.00% to 5.10%
Single Domestic Term Deposits of less than Rs. 2 crore: PNB UTTAM (Non-Callable)
- 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%
Single Domestic Term Deposits of Rs. 2 crore to Rs. 10 crore: (Callable)
- For maturity bucket of 7 days to 14 days from 2.90% to 3.50%
- For maturity bucket of 15 days to 29 days from 2.90% to 3.50%
- For maturity bucket of 30 days to 45 days from 2.90% to 3.50%
- For maturity bucket of 46 days to 90 days from 3.00% to 3.50%
- For maturity bucket of 91 days to 179 days from 3.00% to 3.50%
- For maturity bucket of 180 days to 270 days from 3.00% to 3.50%%
- For maturity bucket of 271 days to < 1 year from 3.00% to 3.50%
- For maturity bucket of 1 Year from 3.50% to 4.00%
- For maturity bucket of >1- 2 Year from 3.50% to 4.00%
- For maturity bucket of >2-3 Year from 3.50% to 4.00%
- For maturity bucket of >3-5 Year from 3.50% to 4.00%
- For maturity bucket of >5-10 Year from 3.50% to 4.00%
