New Year Bonanza: PNB hiked fixed deposit and saving accounts interest rates today-- Check return calculator, other key details

To celebrate the new year with its clients, Punjab National Bank (PNB), the largest public lender in the country, raised interest rates on savings accounts and fixed deposit accounts of less than 2 Crore. The new rates are in effect as of January 1, 2023, according to the bank's official website. PNB increased the interest rate on savings accounts as a result of the change by 25 basis points, while fixed deposit customers will experience a rise of up to 50 basis points on a range of tenors.

The bank will continue to give an interest rate of 2.70 percent p.a. on balances under Rs 10 lakh, while PNB will continue to offer an interest rate of 2.75 percent p.a. on balances between Rs 10 lakh and less than Rs 100 crore. PNB increased the interest rate on savings accounts with balances of at least Rs 100 crore by 25 basis points, from 2.75 percent per annum to 3 percent per annum.

On deposits maturing in 7 to 45 days, the bank will continue to pay a 3.50 percent interest rate, while PNB will continue to pay a 4.50 percent interest rate on deposits maturing in 46 to 179 days. On deposits maturing in 180 days or less to one year, PNB will continue to pay an interest rate of 5.50 percent, but the bank has raised the interest rate on deposits maturing in one year to six hundred and sixty-five days by 45 basis points, from 6.30 percent to 6.75 percent.

The interest rate on FDs that mature in 667 days to 2 years will be 6.75 percent, which is 45 basis points more than the previous rate of 6.30 percent. While PNB will continue to offer 6.50 percent on FDs maturing in more than three years and up to 10 years, the bank raised interest rates on FDs maturing in more than two years and up to three years by 50 basis points, from 6.25 percent to 6.75 percent.

The scheme provides an interest rate of 8.10 percent on fixed deposits. It is higher than what the bank offers in normal FD schemes including extra senior citizens' interest rates.