Punjab National Bank (PNB) hikes fixed deposit (FD) rates by up to 75 bps | Popgen Tech

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Major public sector lender Punjab National Bank has raised interest rates by up to 75 bps on fixed deposits of less than 2 Cr. According to the bank’s official website the new rates are effective from today 26 October 2022. After the review, the bank is now offering interest rates ranging from 3.50% to 6.10% on deposits which mature in 7 days to 10 years. Punjab National Bank will now offer a maximum interest rate of 7% to the general public, 7.50% to senior citizens and 7.80% to super senior citizens on deposits maturing in 600 days.

PNB FD Rates

On deposits that mature in 46 to 90 days, the bank raised the interest rate by 75 bps from 3.75% to 4.50% and on those that mature in 180 to less than a year, PNB raised the interest rate by 50 bps from 5% to 5.50%. Punjab National Bank (PNB) increased the interest rate by 60 bps from 5.70% to 6.30% on deposits maturing in one year for 599 days the bank raised the interest rate by 50 bps from 6.50% to 7% on deposits maturing in 600 days. Deposits maturing in 601 days for two years will now fetch an interest rate of 6.30% which was previously 5.70% an increase of 60 bps. PNB raised interest rates by 45 bps from 5.80% to 6.25% on deposits maturing within 2 to 3 years and raised interest rates by 30 bps from 5.80% to 6.10% on deposits that they mature within 3 to 5 years. On fixed deposits maturing in 5 to 10 years, the bank raised the interest rate by 25 bps from 5.85% to 6.10% on deposits maturing in 5 to 10 years.

PNB FD Rates

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PNB FD Rates (pnbindia.in)

PNB NRO, NRE FD Rates

The interest rate on NRO and NRE one term deposits has increased in PNB. The following are the most recently amended rates.

PNB NRO, NRE FD Rates

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PNB NRO, NRE FD Rates (pnbindia.in)

PNB Tax Saver FD

On tax-saving fixed deposits of 5 years to 10 years, the bank is now offering an interest rate of 6.10% to the general public, 6.60% to senior citizens, and 7.10% to staff members and retired seniors.

PNB Tax Saver FD

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PNB Tax Saver FD (pnbindia.in)

On domestic deposits of less than Rs. 2 crores, senior citizens aged 60 years and above (up to 80 years) get an additional interest rate of 50 basis points (bps) over the regular card rates for a term of up to 5 years and 80 bps for a period of over 5 years. The maximum rate of interest that can be charged on the effective rate of the cards for existing employees and retired employees who are also senior citizens shall be 150 bps for a period of up to 5 years and 180 bps for a period of more than 5 years.

In addition, super senior citizens who are over 80 years old will get an additional interest rate that is 80 basis points higher than the respective card rate for all tenors. The highest interest rate that can be charged above the relevant card rate for employees and retired employees who are also Super Seniors is 180 bps over the card rate applicable to the all tenors. The highest interest rate on the appropriate card rate for PNB Tax Saver Fixed Deposit Scheme employees and retired employees who are Seniors is 100 bps.

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