PNB hikes interest rates on fixed deposits of 1 to 10 years: Details inside

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Punjab National Bank (PNB), the country’s second-largest public-sector lender, has raised interest rates on fixed deposits of less than 2 crore. The bank issued this announcement today, June 14, 2022, and as a result of the modification, the bank has raised interest rates on deposits maturing in one year to ten years.

PNB FD Rates

The bank will continue to offer a 3 per cent interest rate on fixed deposits maturing in 7 to 45 days and a 3.25 per cent interest rate on fixed deposits maturing in 46 to 90 days. Term deposits maturing in 91 to 179 days will continue to pay 4.00 per cent interest, while fixed deposits maturing in 180 days to less than one year will pay 4.50 per cent interest. PNB will now give an interest rate of 5.20 per cent on deposits of one year and up to two years, up from 5.10 per cent previously.

The bank will now provide an interest rate of 5.30 per cent on deposits maturing in more than two years and up to three years, up from 5.10 per cent previously, a 20 basis point increase. PNB will now provide an interest rate of 5.50 per cent on deposits of more than three years and up to five years, up from 5.25 per cent previously, a 25 basis point increase. PNB will now give an interest rate of 5.60 per cent, up from 5.25 per cent before, a hike of 35 bps on deposits of 5 years or more and up to 10 years. The bank has implemented a new tenure of 1111 days with an interest rate of 5.50 per cent for regular customers and a rate of 6 per cent for senior citizens.

For the additional interest rate benefit 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.”

“The revised interest rates will be applicable to fresh Deposits and renewal of existing deposits with effect from 14.06.2022,” the bank has mentioned on its website.

PNB FD Rates 2022

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PNB FD Rates 2022 (pnbindia.in)

Meanwhile, the country’s largest lender, State Bank of India (SBI) has also hiked interest rates on fixed deposits of less than 2 Cr. The bank has hiked interest rates by 15 to 20 bps on deposits of 211 days to less than 3 years. The new interest rates of SBI fixed deposits are in force from today, 14th June 2022.

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