For fixed deposits (FDs) worth less than Rs 2 Cr, the public sector lender Punjab National Bank has raised interest rates by up to 50 basis points.
Punjab National Bank (PNB) has come bearing a pre-Diwali gift for its customers, announcing a substantial increase in interest rates for fixed deposits (FDs) valued at less than Rs 2 crore. This public sector lender has raised its FD rates by up to 50 basis points, effective from November 1, 2023. The move presents customers with an opportunity to earn higher returns on their deposits.
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Here’s a breakdown of the revised PNB FD rates (for deposits less than Rs 2 crore):
7 days to 14 days: General public – 3.50 per cent; Senior citizens – 4.00 per cent
15 days to 29 days: General public – 3.50 per cent; Senior citizens – 4.00 per cent
30 days to 45 days: General public – 3.50 per cent; Senior citizens – 4.00 per cent
46 days to 90 days: General public – 4.50 per cent; Senior citizens – 5.00 per cent
91 days to 179 days: General public – 4.50 per cent; Senior citizens – 5.00 per cent
180 days to 270 days: General public – 6 per cent; Senior citizens – 6.50 per cent
271 days to less than 1 year: General public – 6.25 per cent; Senior citizens – 6.75 per cent
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1 year: General public – 6.75 per cent; Senior citizens – 7.25 per cent
More than 1 year to 443 days: General public – 6.80 per cent; Senior citizens – 7.30 per cent
444 days: General public – 7.25 per cent; Senior citizens – 7.75 per cent
445 to 665 days: General public – 6.80 per cent; Senior citizens – 7.30 per cent
666 days: General public – 7.05 per cent; Senior citizens – 7.55 per cent
667 days to 2 years: General public – 6.80 per cent; Senior citizens – 7.30 per cent
More than 2 to 3 years: General public – 7.00 per cent; Senior citizens – 7.50 per cent
More than 3 to 5 years: General public – 6.50 per cent; Senior citizens – 7.00 per cent
From 5 years to 10 years: General public – 6.50 per cent; Senior citizens – 7.30 per cent
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The most notable interest rate of 7.25 per cent, 7.75 per cent for senior citizens and 8.05 per cent for super senior citizens is offered for a 444-day term. The bank’s revised FD rates aim to provide customers with more competitive returns on their deposits, making it a desirable investment option.
PNB recently reported a significant boost in net profit for the July-September quarter of the current financial year, recording a remarkable 327 per cent increase from Rs 411.27 crore in Q2 FY23 to Rs 1,756 crore. The bank’s net interest income also exhibited substantial growth, marking a 20 per cent year-on-year increase to Rs 9,922 crore in Q2 FY24 from Rs 8,271 crore in the same quarter of the previous fiscal year.
