PNB hikes bulk FD rates by up 75 bps, promising up to 7% return on 1 year tenor
1 min read 05 May 2023, 03:58 PM ISTState-owned lender Punjab National Bank (PNB) in a surprise move announced an interest rate hike on bulk fixed deposits of more than ₹2 Cr to ₹5 Cr.
PremiumState-owned lender Punjab National Bank (PNB) in a surprise move announced an interest rate hike on bulk fixed deposits of more than ₹2 Cr to ₹5 Cr. The bank has hiked interest rates on tenors of 7 days to 1 years as a result of the modification. As per the official website of PNB, the new bulk FD rates are effective as of 4th May 2023.
PNB Bulk FD Rates
On bulk fixed deposits maturing in 7 to 45 days, the bank has hiked the interest rate by 50 bps from 5.50% to 6.00% and on those maturing in 46 to 90 days, PNB has hiked the interest rate by 75 bps from 5.50% to 6.25%. PNB has hiked the interest rate by 50 bps from 6.00% to 6.50% on a deposit tenor of 91 to 179 days and has hiked the interest rate by 25 bps from 6.25% to 6.50% on a deposit tenor of 180 days to 1 year. On a deposit tenor of 1 year, PNB has hiked the interest rate by 25 bps from 6.755 to 7%.
On bulk deposits maturing in above 1 year & upto 3 years, the bank will continue to offer an interest rate of 6.50% and on those maturing in above 3 years & upto 5 years, PNB will continue to offer an interest rate of 6.25%. PNB will continue to offer an interest rate of 5.60% on a deposit tenor of above 5 years & upto 10 years.
“The rates for Rs.2 Crore to Rs.10 Crore are not to be loaded with additional rate of interest for Sr. Citizens, staff accounts etc," mentioned Punjab National Bank (PNB) on its website.
On Thursday, PNB said in a stock exchange filing that “The Exchange is hereby informed that Shri. Ashutosh Choudhury, Chief General Manager has ceased to be the Group Chief Risk Officer (GCRO) of the Bank on 03.05.2023 upon his elevation as Executive Director of Indian Bank pursuant to Notification No. eF.No. 4/6/2021-8O.I dated 03.05.2023 issued by the Department of Financial Services, Ministry of Finance, Government of India."
