PNB Hikes Fixed Deposit Rates by a Maximum of 30 Basis Points

The Punjab National Bank has raised interest rates on several fixed deposits (FDs) tenures by up to 30 basis points (bps). The new interest rates came into effect on February 20. The new interest rates will be applicable only for fixed deposits (FDs) under Rs 2 crore. The increase in interest rates can be between 5 and 30 bps.

The bank has raised the interest rate for deposits maturing in the range of 271 days to less than a year by 30 basis points to 5.80 per cent for regular citizens. That was 5.50 per cent earlier. For FDs with maturities between a year and 665 days, the interest rate yield has been raised by 5 basis points to 6.80 per cent.

The interest rate on deposits maturing in the range of 667 days to two years has increased by 5 basis points to 6.80 per cent. In addition, interest rates on FDs maturing between two and three years have gone up by 25 basis points to 7% from 6.75%.

The bank has raised the interest rate for senior citizens who deposit money into Punjab National Bank FDs for a term of 271 days to less than a year by 30 basis points, to 6% from 6.30%. The interest rate on deposits with maturities between one year and 665 days was increased by 5 basis points to 7.30 per cent at the bank.

Deposit interest rates with maturities between 667 days and two years have increased by 5 basis points to 7.30%. For FDs with maturities of two to three years, the interest rate has gone up from 7.25 per cent to 7.50 per cent. For super senior persons, the interest rates on deposits made into Punjab National Bank FDs from 271 days to less than a year have been raised by 30 basis points.

The Punjab National Bank raised the rates for terms of one year to 665 days and 667 days to two years by 5 basis points to 7.60%. The interest rate for FDs with a two to three-year maturity has been increased to 7.80 per cent.

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