Fixed Deposits With Punjab National Bank Getting More Interest: Punjab National Bank (PNB) has hiked interest rates on Fixed Deposits (FDs) of less than Rs 2 crore. Customers will now get 0.10% to 0.20% more interest on FDs. The new interest rates have come into effect from July 4, 2022. Now you will get 3% to 5.60% interest on getting an FD in PNB.
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How Much Interest On Fixed Deposits Depending On Tenure
Tenure Interest Rate (in %)
7 to 45 days 3.00
46 to 90 days 3.25
91 to 179 days 4.40
180 to 270 days 4.50
271 days or more but less than 1 year 4.50
1 year 5.30
1 year 1 day to 2 years 5.30
2 years 1 day to 3 years 5.50
3 years 1 day to 5 years 5.50
5 years 1 day to 10 years 5.60
IDFC First and Kotak Mahindra Bank also increase interest rates
Earlier this month, IDFC First and Kotak Mahindra Bank also increased the interest on FDs. By making an FD in IDFC First, you are now getting a maximum interest of 6.50%. At the same time, Kotak Mahindra Bank is offering a maximum interest of 5.90% on FD.
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It is important to choose the right tenure while making Fixed Deposit
Before investing in an FD, it is important to think about its tenure. This is because if investors withdraw before maturity, they will have to pay the penalty. Breaking the FD before maturity will result in a penalty of up to 1%. This can reduce the total interest earned on the deposit.
