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PNB hikes fixed deposit interest rates twice in a week: Now get up to 6.10%

Earlier, on August 17, 2022, PNB increased the interest rates on fixed deposits over a range of tenors by 5 to 20 bps. The bank has upped its fixed deposit rates twice this week and now offers up to 6.10% after today's hike.Premium
Earlier, on August 17, 2022, PNB increased the interest rates on fixed deposits over a range of tenors by 5 to 20 bps. The bank has upped its fixed deposit rates twice this week and now offers up to 6.10% after today's hike.

  • Punjab National Bank (PNB), a public sector lender, has once more announced a rise in the interest rates for fixed deposits below 2 crore.

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Punjab National Bank (PNB), a public sector lender, has once more announced a rise in the interest rates for fixed deposits below 2 crore. The higher interest rates on fixed deposits will take effect on August 19, 2022, according to the bank's official website. Earlier, on August 17, 2022, PNB increased the interest rates on fixed deposits over a range of tenors by 5 to 20 bps. The bank has upped its fixed deposit rates twice this week and now offers up to 6.10% after today's hike. As of today, PNB will offer an interest rate of 5.50% on fixed deposits maturing in over 1 year and up to 404 days, 6.10% on fixed deposits maturing in 405 days, and 5.50% on fixed deposits maturing in 406 days to 2 years. Previously, the bank had promised an interest rate of 5.50% on deposits maturing in over 1 year to 2 years. “The revised interest rates will be applicable to fresh Deposits and renewal of existing deposits with effect from 19.08.2022," PNB has said on its website.

PNB FD Rates

After today's adjustment, PNB is now offering a maximum interest rate of 6.10% to the general public and 6.60% to senior citizens on fixed deposits maturing in 405 days. On tax-saving deposits of 5 years, PNB is now offering an interest rate of 5.75% to the general public and 6.25% for senior citizens. On fixed deposits maturing in 7 days to 1111 days, PNB will now offer an interest rate ranging from 3.00% to 5.75% for the general public and 3.50% to 6.25% for senior citizens. For all maturities on domestic deposits below Rs. 2 crores, senior citizens would receive an additional rate of interest of 50 basis points over the applicable card rates.

PNB FD Rates
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PNB FD Rates (pnbindia.in)

“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," said PNB on its website.

Today, PNB also adjusted the interest rate on the "PNB UTTAM FIXED DEPOSIT SCHEME," a non-callable deposit scheme. With effect from 19.08.2022, PNB will offer an interest rate on Uttam Deposit Accounts with maturities between 91 and 1111 days that range from 4.05% to 5.80%. Investors will now receive a maximum interest rate of 6.15% when the PNB Uttam Deposit Scheme matures in 405 days.

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