Top Govt Bank Hikes FD Interest Rate To 8.05% For This Tenor: Key Takeaways

Leading public sector bank, Punjab National Bank has hiked rate of interest for fixed deposits under Rs 2 crore. The new fixed deposit rates have already become effective beginning from December 19, 2022.

The bank has increased fixed deposit rates by 95 bps for FDs for the tenor of 666 days. PNB has increased FD rates by 40 bps for the tenor of 3 years to 10 years.

After the interest rate revision on fixed deposits, the bank will now offer 7.25% interest rates to general citizens, for senior citizens, the bank has decided to offer 7.75% interest rates and for super senior citizens, the interest rate has gone to a new high of 8.05% for deposits maturing in 666 days.

Presently, PNB is giving an interest rate of 3.50% for deposit maturing in 7 to 45 days. The bank offers an interest rate of 4.50% for deposits maturing in 46 to 179 days.

Meanwhile, for deposits with a maturity period of 180 days to less than one year, the bank will be offering 5.50% interest rate and for deposits with the maturity of 1 year to 599 days, the interest rate continues to remain 6.30%.

It is worth noting that the bank's interest rates for deposits maturing in 600 days will be 7.00% and for deposits maturing in 601 days to 665 days, the citizens can fetch an interest rate of 6.30%.

PNB has raised the interest rates for deposits maturing in 666 days by 95 bps from the earlier 6.30% to now 7.25%. The bank has decided to continue to offer 6.30% interest rates for deposits with the tenor of 667 days to 2 years.

The bank will continue to offer 6.25% interest rate for deposits with the tenor of over 2 years and up to 3 years. However, it has decided to raise the interest rate on deposits with the maturity period of over 3 years and up to 10 years by 40 bps from the previous 6.10% to now 6.50%.