Home / Money / Personal Finance /  PNB hikes fixed deposit interest rates for senior and super senior citizens

The public sector lender Punjab National Bank (PNB) has hiked its interest rate on fixed deposits of less than 2 Cr for senior citizens and super senior citizens. As per the official website of the bank, the new rates are effective as of 13th September 2022. Senior citizens and super senior citizens who find fixed deposit investments attractive can now take the benefit of higher fixed deposit interest rates of PNB where the bank is now promising a maximum interest rate of 6.60% for senior citizens and 6.90% for super senior citizens.

PNB FD rates for senior citizens

On fixed deposits of less than 2 Cr maturing in 7 days to 45 days, the bank will continue to offer an interest rate of 3.50% and on term deposits maturing in 46 to 90 days, PNB will continue to offer an interest rate of 3.75% for senior citizens of age 60 years and up to 80 years.

Fixed deposits maturing in 91 to 179 days will continue to offer an interest rate of 4.50% and term deposits maturing in 180 days to less than 1 year will continue to offer an interest rate of 5% for senior citizens. Senior citizens will continue to get an interest rate of 6% on fixed deposits maturing in 1 year to 404 days and they will continue to get an interest rate of 6.60% on fixed deposits maturing in 405 days.

PNB will continue to fetch an interest rate of 6% and 6.10% on fixed deposits maturing in 406 days to 2 years and 2 to 3 years. On fixed deposits maturing in 3 to 5 years, senior citizens will continue to get an interest rate of 6.25% but on fixed deposits maturing in 5 to 10 years, PNB has hiked the interest rate by 30 bps from 6.15% to 6.45% for senior citizens. They will continue to get an interest rate of 6.25% on fixed deposits maturing in 1111 days at PNB.

PNB FD rates for super senior citizens

PNB has raised interest rates on fixed deposits across all tenors for super senior citizens. As a consequence of the adjustment, super senior citizens will now get an interest rate that ranges from 3.80% to 6.55% on fixed deposits that mature in 7 days to 1111 days, and they will receive a maximum interest rate of 6.90% on fixed deposits that mature in 405 days.

PNB FD rates for senior citizens
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PNB FD rates for senior citizens (pnbindia.in)

PNB tax saving FD rates

Punjab National Bank has mentioned on its website that “In case of PNB Tax Saver Fixed deposit scheme, staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over applicable card rate is 100 bps."

PNB tax saving FD rates
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PNB tax saving FD rates (pnbindia.in)

PNB Uttam Fixed Deposit Rates

Additionally, the bank raised interest rates on the non-callable PNB Uttam Fixed Deposit. For senior citizens, the bank increased the interest rate on fixed deposits maturing in 5 to 10 years by 30 basis points, from 6.20% to 6.50%, while for super senior citizens, PNB increased the interest rate on fixed deposits across all tenors. Super senior citizens would receive a maximum interest rate of 6.95% on fixed deposits that mature in 405 days under the PNB Uttam Fixed Deposit plan.

PNB Uttam Fixed Deposit Rates
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PNB Uttam Fixed Deposit Rates (pnbindia.in)

Punjab National Bank has said on its website that “The Senior citizens of age 60 years and up to 80 years shall get an additional rate of interest of 50 bps over applicable card rates for a period up to 5years and 80bps for a period above 5 years on domestic deposits of less than Rs. 2 Crore. In case of staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 150 bps for a period upto 5 years and 180bps for period above 5 years. Further, Super Senior Citizens of age above 80 years shall get additional rate of interest of 80bps over applicable card rate across all maturity buckets. In case of staff members as well as retired staff members who are also Super Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 180 bps over applicable card rate across all maturity buckets."

“These revised additional rate of interest for senior citizen will be applicable to the fresh deposits and renewal of existing term deposits with effect from 13.09.2022," said PNB on its website.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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