Earlier, PNB had revised the interest rate on its maturities on 1 July 2019
The rates of deposits maturing in some brackets remain unchanged
Punjab National Bank (PNB) has revised interest rates on fixed deposits on select maturities with effect from 2 August 2019. PNB has lowered the interest rates by up to 50 basis points on maturity periods such as 7-14 days, 15-29 days, 30-45 days, 46-90 days and 91-179 days. On deposits maturing in 7-45 days, PNB is offering an interest rate of 5% to the general public and 5.5% to senior citizens on fixed deposits of up to ₹2 crore. Previously, the public sector bank paid interest rates of 5.50% and 6% on these FD maturities respectively.
PNB's rate cut comes just days ahead of the RBI Monetary Policy Review meet on 7 August. In deposits maturing in 46 days to 179 days, PNB has reduced the interest rate from 6.25% to 5.75%. The rates of deposits maturing in 180 days to 270 days remain unchanged at 6.25%.
For 271 days to less than one year, the bank has reduced the interest rate by 20 basis points, these term deposits will now fetch an interest rate of 6.30%. On 333 days, PNB had reduced the interest rate from 6.75% to 6.30%.
PNB's latest interest rate on FDs
For deposits maturing in one year, PNB has reduced the interest rate by 5 basis points. The bank will offer an interest rate of 6.75%. For term deposits maturing in 444 or 555 days, PNB has reduced the interest rate by 10 percentage points. Now the bank is offering an interest rate of 6.75% on these deposits.
Earlier, the bank had revised the interest rate on its maturities on 1 July 2019.
Senior citizens will continue to get an additional rate of interest of 0.5 per cent on their deposits.
Country’s largest lender State Bank of India (SBI) had also reduced interest rates on retail fixed deposits by up to 75 basis points (bps), with effect from 1 August.
Many major banks including HDFC Bank, Axis Bank, Bank of Baroda and Kotak Mahindra Bank revised their interest rates in the month of July