In a surprise move, state-owned lender Punjab National Bank (PNB) announced an increase in interest rate on bulk fixed deposits above Rs 10 lakh. from 2 crores 5 crores as a result of the revision, the bank has increased the interest rates on tenors from 7 days to 1 year. As per the official website of PNB, the new bulk FD rates are effective from May 4, 2023.
pnb bulk fd rates
On bulk fixed deposits maturing in 7 to 45 days, the bank has increased the interest rate by 50 bps from 5.50% to 6.00% and on those maturing in 46 to 90 days, PNB has increased the interest rate by 75 bps to 5.50 has increased by %. 6.25%. PNB has increased the interest rate on deposits of 91 to 179 days by 50 bps from 6.00% to 6.50% and on deposits of 180 days to 1 year by 25 bps from 6.25% to 6.50%. On deposits tenor of 1 year, PNB has increased the interest rate by 25 bps from 6.755 to 7%.
On bulk deposits maturing in more than 1 year and up to 3 years, the bank will continue to offer an interest rate of 6.50% and maturing in a period of more than 3 years and up to 5 years, PNB will continue to offer an interest rate of 6.25% . PNB will continue to offer an interest rate of 5.60% on deposits above 5 years and up to 10 years.
View Full Image
Punjab National Bank (PNB) mentioned on its website, “Rs 2 cr to Rs 10 cr not to be loaded with additional interest rate for senior citizens, employees accounts etc.”
On Thursday, PNB said in a stock exchange filing that “The Exchange is informed that Mr. Ashutosh Chowdhary, Chief General Manager, Notification No. eF.No. issued by the Department of Financial Services, Ministry of Finance, Government of India dated 4/6/2021- 8O.I dated 03.05.2023.”
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.