The country’s second largest public sector lender Punjab National Bank (PNB) has raised interest rates on fixed deposits of at least Rs. 2 crores. The Bank made this announcement today, June 14, 2022 and as a result of the amendment, the Bank has increased the interest rates on deposits maturing in one year to ten years.
PNB FD Rates
The bank will continue to offer an interest rate of 3 per cent on fixed deposits maturing in 7 to 45 days and 3.25 per cent on fixed deposits maturing in 46 to 90 days. Fixed deposits maturing in 91 to 179 days will continue to pay 4.00 percent interest, while fixed deposits maturing in 180 days to less than one year will continue to pay 4.50 percent interest. PNB will now pay interest at the rate of 5.20 per cent on deposits up to one year and two years from 5.10 per cent earlier.
The bank will now offer an interest rate of 5.30 per cent on deposits of more than two years and up to three years, from 5.10 per cent earlier, an increase of 20 basis points. PNB will now offer an interest rate of 5.50 per cent on deposits of more than three years and up to five years, from 5.25 per cent earlier, an increase of 25 basis points. PNB will now offer an interest rate of 5.60 per cent, from 5.25 per cent earlier, an increase 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 6 per cent for senior citizens.
For the additional interest rate benefit of senior citizens, PNB has mentioned on its website that “Senior citizens will get an additional interest rate of 50 bps over the card rates applicable for all maturities on domestic deposits of less than Rs. 2 crores. In case of staff members as well as retired staff members, who are also senior citizens, the maximum rate of interest at the applicable card rate will be 150 bps, in case of PNB Tax Saver Fixed Depot Scheme, where the maximum rate of interest is the applicable card rate 100 bps. be allowed more than that.”
“The revised interest rates will be applicable on fresh deposits and renewal of existing deposits with effect from 14.06.2022,” the bank mentioned on its website.
see full image
Meanwhile, the country’s largest lender State Bank of India (SBI) has also increased interest rates on fixed deposits of at least Rs. 2 crore The bank has increased the interest rates by 15 to 20 bps on deposits of less than 3 years on deposits of 211 days. new interest rates of SBI Fixed Deposit With effect from today, 14 June 2022.