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PNB Hikes FD Interest Rates On FDs Less Than Rs 2 Cr

A new interest rate increase has been announced by Punjab National Bank (PNB) for fixed deposits (FDs) of less than Rs 2 crore

Photo Credit : Reuters

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A new interest rate increase has been announced by Punjab National Bank (PNB) for fixed deposits (FDs) of less than Rs 2 crore. For maturities of one to two years and up to three years, rates on fixed deposits have been increased in the range of 10 to 20 basis points. FD interest rates have been constant for other tenures.

According to the PNB website, the new interest rates will take effect on 4 July, 2022.

Fixed Deposit Rate

Interest rates on one- to two-year FDs jumped by 10 basis points to 5.30 percent by PNB. With the increase of 20 basis points, customers will now receive an interest rate of 5.50 percent on accounts with a minimum term of two years and a maximum term of three years. 

A revised FD interest rate on various tenors was applied previously by the bank on 14 June, 2022.

FD interest rate for Senior Citizens

A 50 point premium will be applied to all maturities of domestic deposits under Rs 2 crore for senior citizens, in addition to the applicable card rates, as per bank’s website. 

The maximum interest rate for employees and retired employees who are senior citizens is 150 basis points above the applicable card rate.


(PTI) 


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punjab national bank fixed deposits