PNB increases interest rates on fixed deposits twice in a week: Now up to 6.10% | Popgen Tech
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Punjab National Bank (PNB), a public sector lender, has once again announced an increase in interest rates for fixed deposits below ₹2 crores. The higher interest rates on fixed deposits will come into effect on August 19, 2022, according to the bank’s official website. Earlier, on 17 August 2022, PNB increased interest rates on fixed deposits across a range of tenors by 5 to 20 bps. The bank has increased its fixed deposit rates twice this week and now offers up to 6.10% after today’s increase. From today, PNB will offer an interest rate of 5.50% on fixed deposits maturing in more than one year and up to 404 days, 6.10% on fixed deposits maturing in 405 days, and 5.50% on fixed deposits which mature in 406 days to two years. . Previously, the bank had promised an interest rate of 5.50% on deposits that mature in more than one year to two years. “The revised interest rates will be applicable for new Deposits and renewal of existing deposits with effect from 19.08.2022,” PNB said on its website.
PNB FD Rates
After today’s adjustment, PNB is now offering a maximum interest rate of 6.10% to the general public and 6.60% to the elderly on fixed deposits maturing in 405 days. On 5-year tax-saving deposits, PNB is now offering an interest rate of 5.75% to the general public and 6.25% to senior citizens. On fixed deposits maturing in 7 days to 1111 days, PNB will now offer an interest rate ranging from 3.00% to 5.75% for the general public and 3.50% to 6.25% for the elderly. For all maturities on domestic deposits below Rs. 2 crores, senior citizens will receive an additional interest rate of 50 basis points over the applicable paper rates.
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“In the case of staff members as well as retired staff members who are also Senior Citizens, the maximum rate of interest to be allowed on the applicable card rate shall be 150 bps except in case of PNB Tax Saver fixed deposit scheme, where the maximum interest rate allowed on the applicable card rate is 100 bps,” PNB said on its website.
Today, PNB also adjusted the interest rate on the “PNB UTTAM FIXED DEPOSIT CHEME”, a non-call deposit scheme. With effect from 19.08.2022, PNB will offer an interest rate on Uttam Deposit Accounts with maturities between 91 and 1111 days ranging from 4.05% to 5.80%. Investors will now receive a maximum interest rate of 6.15% when the PNB Uttam Deposit Scheme matures in 405 days.
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