PNB hikes interest rate on FD: Punjab National Bank announced to increase the rate of interest on fixed deposit schemes with effect from 20 February 2023. The decision has been made to fixed deposits of less than Rs 2 crore. The hiked rate is applicable on only the deposits of less than ₹2 crore and for select tenures, according to the bank’s website. (PNB hikes interest rate on FD)
The rate hike will be between 5 and 30 basis points. The bank has increased the interest rate on deposits maturing between 271 days and less than one year by 30 basis points to 5.80% from 5.50% for regular citizens. FDs maturing between one year and 665 days will see a 5 basis point increase to 6.80%. Similarly, deposits maturing between 667 days and 2 years will earn an interest rate of 6.80%, a 5 basis point increase over the previous rate.
Punjab National Bank has raised FD rates for deposits maturing in two to three years by 25 basis points to 7% from 6.75%.
PNB FD Interest Rate for Senior Citizens
The bank has increased the interest rate for senior citizens with tenures ranging from 271 days to less than one year by 30 basis points, to 6% from 6.30%. The interest rate on deposits maturing between one year and 665 days has been raised by 5 basis points to 7.30%. The interest rate on deposits maturing in 667 days to 2 years has been increased by 5 basis points to 7.30%.
PNB has increased the interest rate on fixed deposits maturing in two to three years from 7.25% to 7.50%.
Interest rate on PNB FD for super senior citizens
The interest rate for super senior citizens with tenures ranging from 271 days to less than one year has been raised by 30 basis points to 6.30% from 6.60%. The bank raised the one-year tenure rate to 665 days and the two-year tenure rate to 667 days by 5 basis points to 7.60%.
PNB has increased the interest rate on fixed deposits of more than two years and up to three years to 7.80% from 7.55%.
Senior citizens are defined as people aged 60 to 80, whereas super senior citizens are defined as people aged 80 and up.
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