The country's second largest PSB both in terms of its business volume as well as network- PNB or Punjab National Bank post the RBI's latest repo rate hike has revised its FD rates higher. The new rates are revised w.e.f. August 17, 2022 for Fds less than Rs. 2 crore.
As per the bank website, now the 1-year FD at the bank shall get a higher return of 5.5%, a 20 bps increase. Senior citizens for the same tenure will get a still better return of 6%. On PNB Fds maturing in more than 1 year and up to 2 years, the rate shall be again 5.5%, which is a 15 bps higher return than the earlier rate of 5.45%. On deposits maturing in more than two years and up to three years, the bank will continue to offer an interest rate of 5.60% from 5.50 percent, an increase of 10 bps.
The interest rate on deposits with maturities of more than three years and up to five years will be 5.75 percent. The interest rate for fixed deposits maturing in 1111 days will be 5.75 percent, while the interest rate on deposits maturing in more than 5 years and up to 10 years will be 5.65 percent.
So, accordingly, post the latest revision in FD rates, senior citizens will be able to earn the highest rate of 6.25% on an FD tenure of more than 3 years and up to 5 years.