PNB hikes interest on fixed deposits- know about the new rates

New Delhi: Public sector Punjab National Bank on Sunday announced raising interest rates by up to 1.25 percent on domestic term deposits of up to Rs 10 crore for different tenures, effective January 1, 2018.

For domestic retail term deposits of less than Rs 1 crore, the rate has been increased by 1.25 percent to 5.25 percent from the current 4 percent in the maturity tenure of 7 to 29 days.

Similarly, in the maturity bucket of 30 to 45 days, rate has been raised from 4.50 percent to 5.25 percent. For the tenure of 46 to 90 days, the interest would be up from 5.50 percent to 6.25 percent.

In the maturity bucket of 91 to 179 days, the rate is up from 6 to 6.25 percent.

For domestic bulk term deposits of Rs 1 crore to Rs 10 crore, the bank has increased the rate from 4 percent to 4.8 percent in the maturity bucket of 7 to 45 days.

Similarly, for 46 to 179 days, the rate is increased from 4 percent to 4.90 percent. In the maturity bucket of 180 days to less than one year, the rate went up from 4.25 percent to 5 percent.

For 1-year term, PNB has increased the rate from 5 percent to 5.7 percent on bulk term deposits. For the maturity term of more than 1 year to 3 years, the rate would be up from 5 percent to 5.5 percent.

In the maturity buckets of 3 years to 10 years, the rate has been increased from 5 percent to 5.25 percent from Monday.