PNB raises interest rates on 1-10 year term deposits: Details inside

The Punjab National Bank (PNB), the country’s second largest public lender, has raised interest rates on term deposits of less than 2 crores. The bank released this announcement today, June 14, 2022, and following the change, the bank raised interest rates on deposits maturing in one year to ten years.

PNB FD tariffs

The bank will continue to offer an interest rate of 3% on term deposits maturing between 7 and 45 days and an interest rate of 3.25% on term deposits maturing between 46 and 90 days. Term deposits with maturities between 91 and 179 days will continue to earn 4.00% interest, while term deposits with maturities between 180 days and less than one year will earn interest 4.50%. The PNB will now pay an interest rate of 5.20% on deposits of one year and up to two years, compared to 5.10% previously.

The bank will now offer an interest rate of 5.30% on deposits maturing in more than two years and up to three years, up from 5.10% previously, an increase of 20 basis points. PNB will now offer an interest rate of 5.50% on deposits over three years and up to five years, up from 5.25% previously, an increase of 25 basis points. The PNB will now grant an interest rate of 5.60%, up from 5.25% previously, a hike of 35 basis points on deposits of 5 years or more and up to 10 years. The bank has introduced a new term of 1111 days with an interest rate of 5.50% for regular customers and a rate of 6% for seniors.

For the added benefit of the seniors interest rate, PNB mentioned on its website that “seniors will benefit from an additional interest rate of 50 basis points over the applicable card rates for all maturities on domestic deposits below Rs. 2 Crore. In the case of staff members as well as retired staff members who are also senior citizens, the maximum interest rate allowed on the applicable card rate is 150 basis points, except in the case of the fixed deposit scheme PNB Tax Saver, where the maximum interest rate to be allowed on the applicable card rate is 100 bps.”

“The revised interest rates will apply to new deposits and renewal of existing deposits from 14.06.2022,” the bank said on its website.

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Meanwhile, the country’s largest lender, the State Bank of India (SBI), has also hiked interest rates on fixed deposits of less than 2 cr. The bank raised interest rates by 15 to 20 basis points on deposits of 211 days to less than 3 years. The new SBI term deposit interest rates are effective as of today, June 14, 2022.

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