PNB raises interest rates on FDs of less than Rs 2 crore; see details | Popgen Tech
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Several banks in India have recently raised interest rates on their Fixed Deposits (FDs). The banks with revised FD rates include Punjab National Bank (PNB), UCO Bank, Bank of Baroda, Indian Overseas Bank, and Bank of India. This development comes after the Reserve Bank of India (RBI) recently hiked the repo rate on 7 December. The repo rate was increased by 35 bps to 6.25 percent. Banks across the country have been raising FD rates ever since RBI started raising the repo rate in May in its attempt to curb inflation. PNB has increased interest rates on fixed deposits (FDs) below Rs 2 crore. The revised rates came into force on 19 December.
FD rates increased by 95 basis points (bps) for the 666-day tenure. The interest rate has been increased by 40 bps on deposits with maturity period of more than 3 years to 10 years.
The PNB revised the FD rates
The PNB increased the interest rate to 7.25 percent from 6.3 percent for the general public on deposits that mature in 666 days. The bank increased the interest rate to 7.75 percent from 6.8 percent for senior citizens on FDs with the same tenure. It increased the rate to 8.05 percent from 7.1 percent for super senior citizens on FDs with the same maturity period.
The interest rate on deposits with a term of more than 3 years and up to 10 years increased from 6.1 percent to 6.5 percent for general customers. For older individuals, the rate increased to 7 percent from 6.6 percent on deposits that mature in more than 3 years and up to 5 years. For super senior customers, the interest rate has increased to 7.3 percent from 6.9 percent on deposits with the same maturity period.
PNB Tax Saver Scheme
The general public will earn an interest rate of 6.1 percent, and senior citizens will receive an interest of 6.6 percent on the PNB Tax Saver Scheme. Staff members and retired seniors will get 7.1 percent interest in this scheme.
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