PNB increases fixed deposit interest rates by 10 to 20 basis points

The public sector lender Punjab National Bank (PNB) raised interest rates on fixed deposits under Rs. 2 crore. According to the bank’s official website, the higher interest rates will go into effect on July 4, 2022, tomorrow. Following the adjustment, the bank raised interest rates on fixed deposits by 10 to 20 basis points (bps) for maturities of 1 year to 2 years and up to 3 years.

PNB FD Rates 2022

PNB will continue to offer a 3.25 percent interest rate on deposits with a maturity time of 46 to 90 days, while the bank would maintain a 3% interest rate on fixed deposits with a maturity term of 7 to 45 days. Fixed deposit interest rates continue to be 4.50 percent for deposits that mature in 180 days or less than a year and 4.00 percent for those that mature in 91 to 179 days. PNB will now offer an interest rate of 5.30 percent on deposits maturing in one year and up to two years, up from 5.20 percent, or a 10 basis points increase. PNB raised the interest rate on deposits with maturities of two years or less by 20 basis points, from 5.30 percent to 5.50 percent. A 5.50 percent interest rate will continue to be offered on deposits maturing in five years or less, while a maximum interest rate of 5.60 percent will be offered by PNB on deposits maturing in ten years or more. The bank will offer a special, 1111-day term with an interest rate of 5.50%.

On behalf 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 depost scheme, where the maximum rate of interest to be allowed over applicable card rate is 100 bps.”

PNB UTTAM FIXED DEPOSIT SCHEME

The PNB Uttam Fixed Deposit Scheme, a unique deposit programme provided by the bank, allows investors to deposit amounts greater than 15 lakh rupees. The term of this deposit plan is from 91 to 1111 days, and the interest rate is in the range of 4.05 to 5.55 percent.