Public sector lender Punjab National Bank (PNB) has revised interest rates on savings account and fixed deposits (FD) with effect from 1st October. This revision comes just days before the Reserve Bank of India's (RBI) monetary policy announcement on Friday. PNB offers 50 basis points higher interest rate to senior citizens as compared to general customers. The bank had earlier revised interest rates on FDs and savings account on 1st September. After the latest revision, PNB is offering an interest rate ranging between 4.5% and 6.5% on fixed deposits maturing in the range of 7 days to 10 years.
PNB latest FD interest rates from 7 days to 1 year (less than ₹2 crore)
PNB is offering an interest rate of 4.5% on 7-45 day fixed deposits and it goes up 5.5% on 46- to 179-day FDs. On 180 days to 270 days FDs, PNB is paying 6% respectively. FDs with maturity period 7 days to 270 days, the bank has kept the rate unchanged. After the latest revision, PNB will give 6.00% interest on deposits maturing in 271 days to less than 1 year. The bank has cut the rate by 25 bps. PNB has reduced the interest rate by 20 bps and 10 bps on deposits maturing in 333 days and 1 year respectively. Now, deposits maturing in 333 days and 1 year will fetch an interest rate of 6.1% and 6.5% respectively.
7 to 14 days 4.50%
15 to 29 days 4.50%
30 to 45 days 4.50%
46 to 90 days 5.50%
91 to 179 days 5.50%
180 days to 270 days 6.00%
271 days to less than 1 year 6.00%
333 days 6.10%
1 year 6.50%
PNB latest FD interest rates from 444 days to 3 years (less than ₹2 crore)
PNB has cut the interest rates on deposits maturing in 444 days and 3 years. PNB is offering 6.5% on 444-day and 555-day maturity FDs. On 1 year to 2 years, the bank is offering 6.4% and on 2 years to 3 years, PNB is offering 6.25%.
444 days 6.50%
555 days 6.50%
above 1 year and up to 2 years 6.40%
above 2 year and up to 3 years 6.25%
PNB latest FD interest rates from 3 years to 10 years (less than ₹2 crore)
On FDs between 3 years and up to 5 years, PNB is offering 6.25% interest and above 5 years and upto 10 years, the bank is offering 6.5% interest.
above 3 year and up to 5 years 6.25%
above 5 years and up to 10 years 6.50%
Many banks, including State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Bank of Baroda, Kotak Mahindra Bank and others have been revising FD rates after the RBI had cut the repo rate by 35 bps in the August review meet.