Home / Money / Personal Finance /  PNB hikes fixed deposit interest rates on these tenors: Details inside

On fixed deposits below 2 crore, the public sector lender Punjab National Bank (PNB) has increased interest rates. According to the bank's official website, the revised rates are in effect as of 17.08.2022. The bank raised interest rates on fixed deposits with maturities of one year to three years, and five years and more, and up to ten years in response to the interest rate modification.

PNB FD Rates

The bank will continue to offer an interest rate of 3.25% on fixed deposits maturing in 46 to 90 days and an interest rate of 3.00% on fixed deposits maturing in 7 to 45 days. Fixed deposits with maturities between 91 and 179 days will continue to pay 4.00% interest, while term deposits with maturities between 180 days and less than a year will continue to pay 4.50% interest. PNB increased the interest rate on fixed deposits maturing in 1 year by 20 basis points (bps), from 5.30% to 5.50%, while the bank increased the interest rate on fixed deposits maturing in a year and up to two years by 5 bps, from 5.45% to 5.50%.

PNB increased the interest rate on fixed deposits maturing in more than two years and up to three years by 10 basis points, from 5.50% to 5.60%. PNB will continue to pay 5.75% interest on fixed deposits maturing in over 3 years and up to 5 years, and the bank has increased interest rates on term deposits maturing in over 5 years and up to 10 years by 5 basis points, from 5.60% to 5.65%. The bank will continue to offer fixed deposits with maturities in 1111 days at an interest rate of 5.75%.

PNB FD Rates
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PNB FD Rates (pnbindia.in)

For the benefit of senior citizens, PNB has mentioned on its website that “The Senior citizens shall get an additional rate of interest of 50 bps over applicable card rates for all maturities 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 except in case of PNB Tax Saver Fixed deposit scheme, where the maximum rate of interest to be allowed over applicable card rate is 100 bps."

“The revised interest rates will be applicable to fresh Deposits and renewal of existing deposits with effect from 17.08.2022," 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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