Monday, Punjab National Bank (PNB) increased fixed deposit (FD) rates for specified terms, following the trend of other banks. According to the bank’s website, the new interest rates will take effect as of today.
The charges will apply to deposits that are smaller than Rs 2 crore.
PNB boosts FD rates
The most recent increase in FD interest rates spans from 5 to 30 basis points. The rate on deposits with maturities between 271 days and less than one year has been increased by 30 basis points to 5.80 percent. The rate on time deposits maturing between one year and 665 days will increase by 5 basis points to 6.80%. Investments with maturities between 667 days and 2 years will earn an interest rate of 6.80%. The bank is now offering interest rates ranging from 3.5% to 7.25% on deposits with maturities between 7 days and 10 years.
PNB revised FD rates
7 to 14 days 3.50%
15 to 29days 3.50%
30 to 45 days 3.5%
46 to 90 days 4.50%
91 to 179 days 4.50%
180 days to 270 Days 5.50%
271 days to less than 1 year 5.80%
1 year 6.80%
Above 1 year to 665 days 6.80%
666 days 7.25%
667 days to 2 years 6.80%
above 2 year & upto 3 years 7%
above 3 year & upto 5 years 6.50%
above 5 years & upto 10 years 6.50%
Senior citizen PNB CD interest rate
Seniors will earn interest rates ranging from 4% to 7.75% on deposits maturing between seven days to ten years.
PNB FD interest rate for super senior citizens
PNB offers super elderly persons an interest rate ranging from 4.3% to 8.05 % on deposits maturing within 7 days to 10 years. Super-senior citizens are people who are 80 years or older.
Furthermore on Saturday, private sector lender HDFC Bank increased its interest rates on bulk fixed deposits (FDs) of over RS2 Crore to RS5 Crores. After the announcement, HDFC Bank is now offering the general public interest rates on deposits with terms ranging from seven days to ten years that vary from 4.75 percent to 7.00 percent and from 5.25 percent to 7.75 percent for senior citizens. According to HDFC Bank’s website, the most recent FD rates are effective as of 17 February 2023.
As the Reserve Bank of India (RBI) lifted the repo rate by 25 basis points on February 8, the State Bank of India (SBI), Axis Bank, Kotak Mahindra, Federal Bank, and others upped the interest on fixed deposits (FD).