PNB FD Interest Rate: The Punjab national bank (PNB), the country’s second-largest public-sector lender, has hiked fixed deposit interest rates on select tenors.
The bank has increased FD interest rate by 15 basis points. One basis point is one-hundredth of a percentage point.
The revised interest rates on FDs are applicable from July 20 and will benefit both new deposits and existing deposits.
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Interest rates for FDs lasting one year and more than a year and up to 2 years has been hiked by 0.15 per cent to 5.45. FDs lasting more than 3 years to 5 years will attract 5.75 per cent return, an increase of 15 basis points.
For FDs having tenure of 1111 days, the interest rate would be to 5.75 per against 5.50 per cent offered earlier.
Interest rates for other tenures remain unchanged.
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The public lender has also increased the interest rates on FDs exclusively for senior citizens. According to the PNB’s website, senior citizens will get an additional 50 basis points return over the applicable card rates for deposits maturities under Rs 2 crore.
PNB customers are advised to visit the bank’s website or visit the bank’s nearest branch for more information.
Several banks have increased their FD interest rates multiple times since the RBI adopted a hawkish stance by increasing the repo rate to tame inflation and also withdraw surplus funds from the system.
