PNB Housing Finance Hikes Interest Rate On FDs Below Rs 5 Cr, Check New Rates Here

PNB Housing Finance has hiked the interest rates on fixed deposits (FD). The new FD interest rates are effective from October 7, 2022, according to the housing finance's official website.

This hike comes after the RBI in September hiked repo rate by 50 bps. Following the repo rate hike several banks such as ICICI Bank, Kotak Mahindra Bank, and Axis Bank has raised their fixed deposit rates.

PNB Housing Finance FD

 The Housing Finance will now offer interest rates ranging from 7 per cent to 7.55 per cent on cumulative fixed deposits option, with maturities ranging from 12 months to 120 months. Under the non-cumulative option, it offers FD on Monthly, Quarterly, Half yearly, and annual basis. 

For the cumulative option, the interest rate is compounded annually on March 31st. The yield mentioned is calculated using the first month of each tenure grid. Senior citizens (above 60 years) will be eligible for 0.25% additional Rate of Interest.

According to the official website of PNB Housing Finance, Senior citizen special rates are applicable for deposits up to Rs 1 crore.

PNB Housing offers the option of early withdrawal from your fixed deposit. The fixed deposit must be locked in for three months before being withdrawn. Although it would be less than the FD interest rate that was initially agreed upon, the interest rate would still be charged.

Cumulative Option - FD Rates up to Rs 5 Cr w.e.f 07 October 2022

Tenure (Months)	Interest Rate (p.a.)
12 - 23	7.00%
24 - 35	6.80%
36 - 47	7.55%
48 - 59	7.40%
60 -71	7.40%
72 - 84	7.40%
120	7.40%

Non-Cumulative Option - FD Rates up to Rs 5 Cr w.e.f 07 October 2022

Tenor (months)	Monthly	Quarterly	Half Yearly	Annual
12 - 23	6.78%	6.82%	6.88%	7.00%
24 - 35	6.57%	6.63%	6.69%	6.80%
36 - 47	7.30%	7.34%	7.41%	7.55%
48 - 59	7.16%	7.20%	7.26%	7.40%
60 -71	7.16%	7.20%	7.27%	7.40%
72 - 84	7.16%	7.20%	7.27%	7.40%
120	7.16%	7.20%	7.27%	7.40%

Source-pnbhousing.com