PNB hikes interest rates on fixed deposits from July 4: Details here

New Delhi: Punjab National Bank (PNB) has raised interest rates on fixed deposits under Rs 2 crore. According to the bank's official website, the new interest rates will go into effect tomorrow, July 4, 2022. Following the change, the bank increased interest rates on fixed deposits maturing in one to two years and up to three years by 10 to 20 basis points.

The bank will continue to offer a 3% interest rate on fixed deposits maturing in 7 to 45 days, while PNB will continue to offer a 3.25 percent interest rate on deposits maturing in 46 to 90 days.

Fixed deposits maturing in 180 days or less continue to receive 4.50 percent interest, while deposits maturing in 91 to 179 days continue to pay 4.00 percent interest. PNB will now offer an interest rate of 5.30 percent on deposits maturing in one year and up to two years, up from 5.20 percent, a 10 basis point increase. PNB has raised the interest rate on deposits maturing in two to three years by 20 basis points, from 5.30 percent to 5.50 percent.

For senior citizens, PNB has mentioned on its website that “The Senior citizens shall get an additional rate of interest of 50 bps over applicable card rates for all maturities 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, maximum rate of interest to be allowed over applicable card rate shall be 150 bps except in case of PNB Tax Saver Fixed deposit scheme, where the maximum rate of interest to be allowed over applicable card rate is 100 bps."

PNB Uttam Fixed Deposit Program, a special deposit scheme given by the bank, allows investors to deposit more than Rs 15 lakh. The term of this deposit scheme spans from 91 to 1111 days, with interest rates ranging from 4.05 to 5.55 percent.