PNB Hikes FD Interest Rates By Up To 75 Basis Points, Persons Above 80 Years Age Can Get 7.8%

After increasing the FD interest rates last week, Punjab National Bank (PNB) has again hiked FD interest rates on deposits less than Rs 2 crore, effective Wednesday (October 26). The state-owned lender will offer a 4.50 per cent interest rate on FD for 46 days to 90 days, which is an increase of 75 bps. It will now offer 5.50 per cent on FD for 180 days to less than a year, compared with 5 per cent earlier.

The bank’s latest interest rate on deposits maturing from one year to up to 599 days has risen to 6.30 per cent, from 5.70 per cent earlier. PNB will offer an interest rate of 7 per cent on deposits maturing in 600 days.

“The Senior citizens of age 60 years and up to 80 years shall get an additional rate of interest of 50 bps over applicable card rates for a period up to 5years and 80bps for a period above 5 years 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 for a period upto 5 years and 180bps for period above 5 years,” according to PNB’s website.

It added that Super Senior Citizens of age above 80 years shall get an additional rate of interest of 80 bps over applicable card rate across all maturity buckets. In the case of staff members as well as retired staff members who are also Super Senior Citizens, the maximum rate of interest to be allowed over applicable card rate shall be 180 bps over applicable card rate across all maturity buckets.

Here are the revised interest rates on fixed deposits below Rs 2 crore at the Punjab National Bank (per annum) effective from October 26:

7 days to 14 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent

15 days to 29 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent

30 days to 45 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent

46 days to 90 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent

91 days to 179 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent

180 days to 270 days: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

271 days to less than 1 year: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

1 year: For General Public – 6.30 per cent; For Senior Citizens – 6.80 per cent

Above 1 year to 599 days: For General Public – 6.30 per cent; For Senior Citizens – 6.80 per cent

600 days: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent

601 days to 2 years: For General Public – 6.30 per cent; For Senior Citizens – 6.80 per cent

Above 2 Years to 3 Years: For General Public – 6.25 per cent; For Senior Citizens – 6.75 per cent

Above 3 years to 5 years: For General Public – 6.10 per cent; For Senior Citizens – 6.60 per cent

Above 5 years to 10 years: For General Public – 6.10 per cent; For Senior Citizens – 6.60 per cent.

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