PNB hikes interest rates on fixed deposits

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Panjab National Bank, the country’s second-largest public-sector bank, has raised interest rates on fixed deposits of less than two crore rupees. The bank made the announcement today, June 14, 2022, and as a result of the change, interest rates on deposits maturing in one year to 10 years have been raised. The bank will continue to pay 3% interest on fixed deposits maturing in 7 to 45 days and 3.25 per cent interest on fixed deposits maturing in 46 to 90 days. Term deposits maturing in 91 to 179 days will continue to pay 4% interest, while fixed deposits maturing in 180 days to less than a year will pay 4.5% interest. PNB will now pay 5.20 per cent interest on one-year and up to two-year deposits, up from 5.10 per cent.

The bank will now offer an interest rate of 5.30% on deposits maturing in more than two years and up to three years, a 20 basis point increase from the previous rate of 5.10%. PNB will now offer an interest rate of 5.50 per cent on deposits of more than three years and up to five years, a 25 basis point rise from the previous rate of 5.25 per cent. PNB will now offer an interest rate of 5.60 per cent, up from 5.25 per cent previously, and a 35 basis point increase on deposits of 5 years or more and up to 10 years. The bank has established a new 1111-day tenure with an interest rate of 5.50 per cent for regular consumers and 6% for senior citizens.

PNB has said on its website, “Senior citizens shall receive an additional rate of interest of 50 bps over relevant card rates for all maturities on domestic deposits of less than Rs. 2 Crore.” The highest rate of interest allowed over the applicable card rate for staff members and retired staff members who are also Senior Citizens is 150 bps, except in the case of the PNB Tax Saver Fixed deposit plan, where the maximum rate of interest allowed over the applicable card rate is 100 bps.”

“With effect from 14.06.2022, the amended interest rates will apply to new deposits and renewals of existing deposits.” “The bank stated on its website. Meanwhile, the State Bank of India (SBI), the country’s largest lender, has raised interest rates on fixed deposits of less than Rs 2 crore. The bank increased interest rates on deposits from 211 days to less than three years by 15 to 20 basis points. The new SBI fixed deposit interest rates go into effect today, June 14, 2022.

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