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On fixed deposits below ₹2 crore, the public sector lender Punjab National Bank (PNB) has increased interest rates. The bank's official website states that the new interest rates will take effect tomorrow, July 4, 2022. Following the adjustment, the bank increased interest rates on fixed deposits maturing in 1 year to 2 years and up to 3 years by 10 to 20 bps.
The bank will continue to give a 3 per cent interest rate on fixed deposits with a maturity period of 7 to 45 days, while PNB will continue to offer a 3.25 per cent interest rate on deposits with a maturity tenure of 46 to 90 days. Fixed deposits maturing in 180 days or less than one year continue to earn an interest rate of 4.50 per cent, while deposits maturing in 91 to 179 days continue to pay an interest rate of 4.00 per cent. On deposits maturing in 1 year and up to two years, PNB will now provide an interest rate of 5.30 per cent, up from 5.20 per cent, a hike of 10 bps. On deposits maturing in 2 years and up to three years, PNB has increased the interest rate by 20 basis points, from 5.30 per cent to 5.50 per cent. Deposits maturing in more than three years and up to five years will continue to provide an interest rate of 5.50 per cent, while deposits maturing in more than five years and up to ten years will get PNB's maximum interest rate of 5.60 per cent. The bank will provide an interest rate of 5.50 per cent on a unique, 1111-day term.
On behalf of senior citizens, PNB has mentioned on its website that “The Senior citizens shall get an additional rate of interest of 50 bps over applicable card rates for all maturities on domestic deposits of less than Rs. 2 Crore. In case of staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 150 bps except in case of PNB Tax Saver Fixed depost scheme, where the maximum rate of interest to be allowed over applicable card rate is 100 bps."
Investors can deposit more than ₹15 lakh into the PNB Uttam Fixed Deposit Scheme, a special deposit scheme offered by the bank. The duration of this deposit scheme ranges from 91 days to 1111 days, and the interest rate ranges from 4.05% to 5.55% respectively.
