PNB launches special 600 days FD scheme with a maximum interest rate of 7.85%

2 min read . Updated: 11 Nov 2022, 08:01 PM IST Vipul Das

PNB's special 600-day FD programme offers callable and non-callable options.

The nation's leading public sector bank, Punjab National Bank (PNB), has introduced a special 600 Days FD Scheme.

The nation's leading public sector bank, Punjab National Bank (PNB), has introduced a special 600 Days FD Scheme. For elderly persons 60 years of age and older and super senior citizens 80 years of age and older, the scheme is available for single deposit term deposits under ₹2 crore. PNB's special 600-day FD programme offers callable and non-callable options. PNB is providing a regular interest rate of 7.00% p.a. under the callable option, 7.50% p.a. for senior citizens, and 7.80% p.a. for super senior citizens. Whereas the bank is guaranteeing a regular interest rate of 7.05% per annum under the non-callable option, 7.55% per annum for senior citizens, and 7.85% for super senior citizens. As a result, PNB is now offering a maximum interest rate of 7.85% on its special FD scheme.

Speaking on the offer, Shri Atul Kumar Goel, MD & CEO, Punjab National Bank, said “Our aim is to offer the best-in-class schemes to our valuable customers and we are pleased to offer a higher interest rate to consumers so that they earn more on their saving. For further ease, our existing customers can avail this scheme online also through PNB ONE app and internet banking."

PNB special 600 days FD rates

With effect from 11th November 2022, PNB is offering the following interest rates on its special FD scheme.

Period	Domestic TD	Senior Citizens	Super Senior Citizens
600 days (Callable)	7.00% p.a.	7.50% p.a. (7.00 + 0.50)	7.80% p.a. (7.30 + 0.50)
600 days (Non-Callable) With No premature withdrawal option	7.05% p.a.	7.55% p.a. (7.05 + 0.50)	7.85% p.a. (7.35 + 0.50)

On October 26, 2022, the Punjab National Bank increased interest rates on fixed deposits under ₹2 crore by up to 75 basis points. Following the modification, the bank is currently providing interest rates on deposits that mature in 7 days to 10 years that range from 3.50% to 6.10% for the general public, 4% to 6.90% for senior citizens and 4.30% to 6.905 for super senior citizens. For deposits maturing in 600 days, the Punjab National Bank will now give a maximum interest rate of 7% to the general public, 7.50% to older adults, and 7.80% to super elderly individuals. PNB has said on its website that “The additional rate of interest applicable on domestic deposits accepted from senior citizens is not applicable for NRO deposits."

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Senior citizens who are 60 years of age and over, but up to 80 years old, would receive an additional rate of interest of 50 basis points (bps) over and above the standard rates for a term up to 5 years and an additional rate of 80 bps on a maturity bucket of more than 5 years on domestic deposits of less than Rs. 2 crore. Furthermore, for all tenors, super senior citizens who are above 80 years of age will get an additional rate of interest that is 80 basis points higher than the standard rates applicable to the general public.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).