PNB increases FD interest rates
There is good news for the customers of Punjab National Bank (PNB). The government bank has announced a hike in interest rates on FDs. PNB has hiked fixed deposit interest rates for less than Rs 2 crore. According to the bank’s official website, the new rates are effective from July 20, 2022.
Latest PNB FD Rates
The bank has kept its interest rates stable at 3 percent on Fixed Deposits maturing in 7 to 45 days. Whereas PNB will pay an interest of 3.25 percent on FDs maturing in 46 to 90 days. FDs maturing between 91 and 179 days will have an interest of 4 per cent, while those with maturity of 180 days and less than a year will pay an interest rate of 4.50 per cent. PNB will continue to offer an interest rate of 5.30 per cent on FDs maturing in one year.
On deposits maturing above one year and up to two years, PNB has increased the interest rate by 15 basis points (bps) to 5.45 per cent, from 5.30% earlier. The bank will continue to offer an interest rate of 5.50 per cent on deposits maturing more than two years and up to three years, but has increased the interest rate on deposits maturing more than three years and up to five years from 5.50 per cent to 5.75 per cent. That is, it has increased by 25 bps.
Interest on FDs with longer tenure
The interest rate on deposits maturing more than 5 years and up to 10 years will be 5.60 percent. Whereas PNB has increased the interest rate on fixed deposits maturing in 1111 days from 5.50 percent to 5.75 percent. “The revised interest rates on both new and old FDs are applicable with effect from 20.07.2022,” PNB said on its website. PNB has said on its website that “Senior citizens will get additional interest rate”.
