PNB lowers interest rates on fixed deposits
Punjab National Bank has changed the fixed deposit interest rate. The new rate has come into effect from today i.e September 1. The bank has cut the deposit rate by 50 basis points. According to the information available on the bank’s official website, 4.5 percent interest rate is being given on 7-14 days and 15-29 days maturity. The interest rate for senior citizens is 5 percent. Earlier for these rates were 5 percent and 5.5 percent on deposits up to 2 crore.
The rate of interest for deposits of 30-45 days is 4.5 percent and for senior citizens is 5 percent. For 46-90 days, the interest rate is 5.5 per cent and 6 per cent. For 91-179 days, the interest rate is 5.5 per cent and 6 per cent. The interest rate for 180-270 days is 6 percent and 6.5 percent. The interest rate from 271 days to 365 days is 6.25 percent and 6.75 percent.
The bank has cut the interest rate by 25 basis points over a maturity period of 1-3 years. Now the interest rate for this period is 6.5 percent and for senior citizens the interest rate is 7 percent. Even for 3-5 years, the interest rate is 6.5 percent and 7 percent. The same interest rate is also for 5 to 10 years.
