PNB raises FD interest rates by up to 75 basis points

Punjab National Bank

Punjab National Bank (PNB) has announced an increase in FD interest rates on deposits smaller than Rs 2 crore on Wednesday (October 26). The state-owned lender will provide a 4.50 per cent interest rate on FDs for 46 to 90 days, representing a 75 basis point rise. It will now provide 5.50 percent on FDs for 180 days to less than a year, up from 5 per cent before.

The bank’s latest interest rate on deposits due between one year and 599 days has climbed to 6.30 per cent, up from 5.70 per cent previously. PNB will pay a 7 per cent interest rate on deposits due 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 5 years and 80 bps 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, the maximum rate of interest is to be allowed over the applicable card rate shall be 150 bps for a period up to 5 years and 180 bps for a period over 5 years,” according to PNB’s website.

Also Read | ICICI Bank raises interest rates on bulk FDs

It further said that Super Senior Citizens above the age of 80 will get an extra rate of interest of 80 basis points over the corresponding card rate across all maturity buckets. The highest rate of interest authorised over the applicable card rate for staff members and retired staff members who are also Super Senior Citizens is 180 basis points over the applicable card rate across all maturity buckets.

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