PNB Hikes FD Rates By 50 Bps On Select Tenures: Check New Rates Here

Fixed deposit (FD) interest rates for amounts under Rs 2 crore have been revised by Punjab National Bank. The bank has increased rates on some tenures by as much as 50 basis points (bps). As of January 1, 2024, the revised rates are in force. As a result of the change, the bank is now providing maximum returns to the general public of 7.25%, senior citizens of 7.75%, and super senior citizens of 8.05% with a 400-day tenure.

PNB FD Rates

The bank will continue to give a 3.50% interest rate on deposits maturing in 7 to 45 days, while PNB will continue to offer a 4.50% interest rate on deposits maturing in 46 to 179 days. PNB increased interest rates on fixed deposits with terms ranging from 180 to 270 days by 50 basis points, or 6.00% from 5.50%, and increased rates on FDs with a duration of 271 days to 1 year by 45 basis points, or 5.80% to 6.25%.

The interest rate on deposits maturing in one year will remain at 6.80%, while the return on deposits maturing in one year to 399 days will remain at 6.75%.

On deposits maturing in 400 Days the bank has hiked interest rates by 45 bps from 6.80% to 7.25% and on those maturing in 401 Days to 443 days, PNB will continue to offer an interest rate of 6.80%. Punjab National Bank will continue to provide an interest rate of 6.80% on deposits with a 445-day to 2-year duration but has reduced its FD rates on 444-day terms by 45 basis points, from 7.25% to 6.8%. The interest rate on deposits maturing after two years and up to three years will remain at 7.00%, while the interest rate on deposits that mature after three years and up to ten years will remain at 6.50%.

Super Senior Citizens, who are 80 years of age or older, will receive an additional rate of interest of 80 bps over applicable standard rates across all maturity buckets, while Senior Citizens, who are 60 years of age and up to 80 years old will receive an additional rate of interest of 50 bps over applicable card rates for a period up to 5 years and 80 bps for duration above 5 years on domestic deposits of less than Rs. 2 Crore, according to Punjab National Bank.

Meanwhile, among the PSU banks SBI and Bank of Baroda have also hiked interest rates on fixed deposits of less than Rs 2 Cr in the first week of January 2024 after the Monetary Policy Committee (MPC) of the Reserve Bank of India kept the Repo rate unchanged for the 5th time at 6.5 per cent on December 8.

Interest rates on retail term deposits have been raised by the Bank of Baroda from 10 basis points to 125 basis points in various maturity buckets. These rates are valid as of December 29, for deposits under Rs 2 crore. SBI, India's largest public sector bank, hiked its FD rates from December 27, 2023.