PNB raises fixed deposits rates by up to 1.25%

PNB raises fixed deposits rates by up to 1.25% Mumbai: State-owned Punjab National Bank on Friday raised interest rates on fixed deposits of select maturities by up to 1.25 percent.

"...The Bank has decided to realign the interest rates with the prevailing market rates and accordingly the rate of interest on single domestic term deposit of less than Rs 1 crore has been revised from 7.50 percent to 8.75 percent for maturity period of 180 days to less than one year ," it said in a filing to the BSE.

The revised rates will be effective from March 1, 2013, it added.

For senior citizens the bank has reduced the additional rate of interest rate to 0.25 percent from existing rate of 0.50 percent.

State Bank of India (SBI), the largest bank of the country, on Wednesday increased in interest rate on fixed deposits by 0.25 percent on select maturities.

Shares of Punjab National Bank were trading at Rs 792.85 apiece on the BSE during the afternoon, up 0.63 percent from its previous close.

PTI