PNB Hikes Interest Rates On Fixed Deposit Effective From 04 July 2022; Check Rates Here

In a recent development, the 3rd largest Public Sector Bank (PSB) hiked its FD rates. On fixed deposits with maturities between 7 and 45 days & 46 and 90 days, the bank will continue to offer a 3 per cent & 3.25 per cent interest rate, respectively. Similarly, the Bank will also continue to offer 4 per cent & 4.50 per cent for deposits that mature in 91 to 179 days & 180 days or less than a year, respectively.

The bank will now offer an interest rate of 5.30 per cent on deposits maturing in one year and up to two years, up from 5.20 per cent, or a 10 basis points increase. The Bank has raised the interest rate on deposits with maturities of two years up to three years by 20 basis points, from 5.30 per cent to 5.50 per cent. For deposits maturing between above two-three years and up to 5 years, the depositors will get 5.50 per cent, and for deposits maturing between above 5 years up to 10 years will get 5.60 per cent. The bank will provide an interest rate of 5.50 per cent on a special 1111-day term deposit.

Rate Of Interest On Single Domestic / NRO / NRE Term Deposits (TD) Up To Rs.2 Cr. (Callable)

Please Note - 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, the maximum rate of interest to be allowed over the applicable card rate shall be 150 bps except in the case of the PNB Tax Saver Fixed deposit scheme, where the maximum rate of interest to be allowed over applicable card rate is 100 bps.

PNB Uttam Fixed Deposit Scheme (Non-Callable)

The PNB Uttam Fixed Deposit Scheme is a special deposit scheme provided by the bank, to customers that allows them to deposit amounts more than a minimum of Rs 15 lakh & above. This deposit plan's term can last anywhere between 91 and 1111 days, and its interest rate can be found between 4.05 and 5.55 per cent. This scheme also offers 111 days tenure maturity period deposit, however, it is only for deposits for Rs 15 Lakh to less than 2 Crore.

Interest rates with effect from 04 July 2022 for deposits above 15 lakh

Please Note - Discontinue the scheme of 333 days, 444 days and 555 days tenure Domestic Term Deposit under Callable & PNB Uttam (Non-Callable) scheme including NRE & NRO deposits w.e.f 01.10.2020.

Source- PNBindia.in