PNB revises interest rate of Fixed Deposit below Rs 2 crores, know the details | Popgen Tech

Punjab National Bank has revised the interest rate of Fixed Deposit effective from 19 December 2022 which is in the range of 3.50% pa and 7.00% pa The highest interest rate of PNB FD, which applies for deposits below Rs. 2 crores, it is 6.50% per annum.

For deposits below Rs. 2 crores, senior citizens receive an additional interest of 50 bps over the current rate. The terms of FD plans vary from seven days to ten years.

Competitive Fixed Deposit interest rates are available from Punjab National Bank (PNB), along with a variety of other advantages such as variable tenure options, nomination capabilities, loan/overdraft possibilities, etc. PNB offers competitive interest rates on fixed deposits, which change according to the time period and market circumstances.

Best PNB FD Rates for Deposits Below Rs. 2 Crore:

• The rates for FD schemes vary from 3.5% per annum to 7.0 per annum.
• The maximum annual rate of PNB FD is 7.00%.
• The rates for PNB Tax Saver FDs are 6.10% per annum for the general public and 6.60% per annum for senior citizens.

On domestic deposits below Rs. 2 crores, senior citizens aged 60 and up to 80 years will receive an additional interest rate of 50 basis points over the card rates applicable for a period up to 5 years and 80 basis points for a period longer than 5 years.

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The maximum rate of interest that can be charged on the paper rate applicable to current employees and retired employees who are also senior citizens is 150 bps for a period up to 5 years and 180 bps for a period exceeding the 5 years, according to the bank.

In addition, Super Senior Citizens who are over 80 years of age will receive an additional interest rate that is 80 basis points higher than the corresponding paper rate for all maturity buckets.

The maximum interest rate that can be charged above the card rate applicable to employees and retired employees who are also Super Seniors is 180 bps over the card rate applicable to all maturity buckets, according to PNB.

The benchmark repo rate was raised by the Reserve Bank of India on December 7 by 35 basis points to 6.25 percent, marking the sixth consecutive increase since May. Since May this year, the RBI has increased the reference rate by a total of 2.25 percent. As a result, the bank rate, the marginal standing facility rate, and the standing deposit facility rate are all changed to 6.50 percent.