 "PNB hikes interest rates on fixed deposits by up to 2%")
New Delhi: State-owned Punjab National Bank today realigned interest rates on fixed deposits of Rs 1crore-Rs 10 crore by up to 2 percent.
Term deposits of 7-14 days would now earn an interest rate of 6 per cent, an increase of 2 per cent, PNB said in a statement.
Further, fixed deposits in the maturity bucket of 15-29 days would attract an interest rate of 6 per cent, up from
4.50 per cent.
The realignment is with immediate effect. In case of maturity period of 30-45 days, the interest rate has been cut by 25 basis points to 6.25 per cent.
Similarly, for 46-90 days, interest is 7 per cent, down from 7.25 per cent.
Fixed deposit between 271 days and less than 1 year would now earn 8.50 per cent compared to existing 8.75 per cent.
Decision of deposit rate hike come days after the RBI kept its policy rate unchanged.
The repo rate or the short term lending rate has been kept static at 8 per cent. The cash reserve ratio (CRR), the
portion of deposits that banks are required to maintain with the RBI in cash, unchanged at 4 per cent.
PTI
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