PremiumFor fixed deposits under ₹2 crore, the leading public sector lender Punjab National Bank (PNB) has raised the interest rates. According to the bank's official website, the new rates are in effect as of 19.12.2022. Following the revision, the bank has hiked FD rates by 95 bps on 666 days and by 40 bps on tenors of above 3 years to 10 years. According to the announcement, PNB will begin offering a maximum interest rate of 7.25% for the general public, 7.75% for elderly individuals, and 8.05% for super senior citizens on deposits that mature in 666 days.
The bank is offering an interest rate of 3.50% on deposits that mature in the next 7 to 45 days, while PNB will continue to give an interest rate of 4.50% on deposits that mature in the next 46 to 179 days. On deposits maturing in 180 days to less than one year, PNB will continue to give an interest rate of 5.50%, and on deposits maturing in one year to 599 days, PNB will continue to offer an interest rate of 6.30%.
The interest rate on deposits that mature in 600 days will remain at 7.00%, while the interest rate on deposits that mature in 601 days to 665 days will remain at 6.30%. The bank increased the interest rate on deposits maturing in 666 days by 95 basis points from 6.30% to 7.25%, while PNB will continue to give a 6.30% interest rate on deposits maturing in 667 days to 2 years.
PNB will continue to pay 6.25% interest on deposits maturing in more than 2 years and up to 3 years, but it has increased the interest rate on deposits maturing in more than 3 years and up to 10 years by 40 basis points, from 6.10% to 6.50%.
On PNB Tax Saver Scheme, the general public will get an interest rate of 6.10%, senior citizens will get an interest rate of 6.60%, staff members will get an interest rate of 7.10% and retired senior citizens will get an interest rate of 7.10%. PNB has mentioned on its website that “In case of staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed is 100 bps over the applicable card rates. In case of PNB Tax Saver Fixed deposit scheme, staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over applicable card rate is 100 bps."
On domestic deposits of less than Rs. 2 crore, senior citizens 60 years of age and over (up to 80 years of age) would get an additional rate of interest of 50 basis points (bps) over the prevailing standard rates for a term up to 5 years and 80 bps for a tenure above 5 years. The highest rate of interest that can be charged over the appropriate standard rate for existing employees and retired employees who are also senior citizens should be 150 bps for a tenure up to 5 years and 180 bps for a term above 5 years. PNB has mentioned on its website that “Further, Super Senior Citizens of age above 80 years shall get additional rate of interest of 80bps over applicable card rate across all maturity buckets. In case of staff members as well as retired staff members who are also Super Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 180 bps over applicable card rate across all maturity buckets."