PNB hikes interest rate by up to 75 bps on Fixed deposits; Check new rates

New Delhi: One of India’s leading lenders, Punjab National Bank (PNB) has increased the interest rates by up to 75 bps on fixed deposits (FDs). The revised rates are effective from October 26, 2022, according to the bank’s websites. Now the bank is offering interest rates on FDs ranging between 3.50% to 7.00% depending on different FD tenures. Similar to other banks, PNB provides additional interest rate over normal interest rate to senior citizens. They can get a maximum interest rate of 7.50% and super seniors now get an interest rate up to 7.80% on deposits maturing in 600 days.

Latest PNB FD rates for General Citizens

The Bank is offering an interest rate of 3.50% on FDs maturing between 7 days to 14 days, 15 days to 29 days, and 20 days to 45 days. The interest rate has been hiked to 4.50% from 3.75% on FDs maturing between 46 days to 90 days.

The bank has now increased an interest rate to 5.50% from 5.00% on FDs maturing between 180 days to 270 days and 271 days to less than 1 year. The FDs above 1 year would garner an interest rate of 6.30% against the earlier 5.70%. Likewise, the FDs of above 1 year to 599 days will get the 6.30% interest rate. Customers now get an interest rate of 7% on FDs maturing in 600 days.

Ironically, it falls to 6.30% on FDs maturing between 601 days to 2 years and 6.25% maturing between more than 2 years and 3 years. An interest rate of 6.10% will be provided on FDs between above 3 years to 5 years and above 5 years to 10 years.

Interest rates on FDs for Senior Citizens

On fixed deposits maturing between 46 days and 90 days will get an interest rate of 5% against earlier 4.25%. Those FDs maturing between 180 days to 270 days and 271 days to less than 1 years will garner interest rate of 6.00%. The bank is now offering 6.80% for FDs maturing between 1 year, between above 1 year to 599 days. And the FD of 600 days will get the maximum interest rate of 7.50% now.