PNB Increases FD Rates Effective From July 20, 2022Furt

State-run bank passing on the benefit of higher rate in the economy to customer has announced a rate hike on its deposits. The new revised rates are effective from today. It is to be highlighted yet again that it is being debated time and again that though the rate hike when it comes to borrowing is swift, there is a lag in the transmission in the case of deposit rates. This said the higher rates in the economy are fully transmitted to consumer at a little later date.

Here are the latest deposit rates on Fds with PNB effective from today:

So, now Fds with PNB offer interest rate ranging from 3-5.75%, so the rates to senior citizens at its highest shall be 6.25%.

For bulk deposits, between Rs. 2 crore to Rs. 10 crore, the interest rate now ranges from 4.5-6.05%.

For NRE Term deposit and less than Rs. 2 crore, the maximum interest rate offered is 6%.

Further for similar deposits of a higher amount i.e. between Rs. 2 crore to less than Rs. 10 crore, the rate goes as high as 6.3% for 1-year and up to 2-year tenure.