The public sector lender Punjab National Bank (PNB) has revised its interest rates on fixed deposits of less than ₹2 Cr. Following the revision, the bank has hiked the interest rate by 45 bps on 444 days tenor but has reduced the interest rate by 20 bps on 666 days tenor. On a tenor of 444 days, PNB is now offering a maximum interest rate of 7.25% for the general public, 7.75% for senior citizens and 8.05% for super senior citizens.
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PNB FD Rates
The bank will continue to give an interest rate of 3.50% on fixed deposits that mature within the next 7 to 45 days, while PNB will continue to offer an interest rate of 4.50% on deposits maturing in the next 46 to 179 days. PNB will keep its current interest rates of 5.50% for deposits with a term of 180 days to 270 days and 5.80% for deposits with a term of 271 days to less than a year.
Deposits that mature in 1 year to 443 days will still earn interest at a rate of 6.80%, while those that mature in 444 days will now earn interest at a rate of 7.25%, up from 6.80% before. The bank will continue to give an interest rate of 6.80% on fixed deposits maturing in 445 days to 665 days, and PNB has lowered its interest rate from 7.25% to 7.05% on deposits maturing in 666 days.
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On tenors of 667 days to 2 years and above 2 years & up to 3 years, PNB will continue to give an interest rate of 6.80% and 7% respectively. Deposits that mature in more than three years and up to ten years will continue to pay a 6.50% interest rate.
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On domestic deposits of less than Rs. 2 crore, elderly individuals who are 60 years of age and over (up to and including 80 years) would get an additional rate of interest of 50 basis points (bps) over the appropriate card rates for a term up to 5 years and 80 bps additional for a period above 5 years. Additionally, super senior citizens who are 80 years of age and above will get a rate of interest that is 80 basis points higher than the applicable card rate for all maturity tenures.
On May 19, Punjab National Bank (PNB) released its Q4FY23 results, revealing a net profit of ₹1,158 crore, up significantly by 474.7% YoY from ₹201.6 crore in the same period the previous year. Net non-performing assets (NPAs) for the state-owned institution fell 2.72 percent in the January-March quarter or Q4FY23 compared to 4.80 percent in Q4FY22.
