PNB increases FD interest rates by up to 75 basis points, check details

After hiking the FD interest rates last week, Punjab National Bank (PNB) has again increased FD interest rates on deposits less than Rs 2 crore. New rates came into effect from Wednesday, 26 October. The state-owned lender will provide a 4.50 per cent interest rate on FD for 46 days to 90 days, which is a hike of 75 bps. It will now give 5.50 per cent on FD for 180 days to less than a year, which was 5 per cent earlier. The bank’s latest interest rate on deposits maturing from 1 year to up to 599 days has increased to 6.30 per cent, from 5.70 per cent earlier. PNB will provide an interest rate of 7 per cent on deposits maturing in 600 days.

According to PNB, senior citizens of age 60 years and up to 80 years will receive an additional rate of interest of 50 bps over applicable card rates for a duration of up to 5 years and 80bps for a duration above 5 years on domestic deposits of less than Rs 2 Crore. In the case of staff members and retired staff members who are also senior citizens, the maximum interest rate allowed over the applicable card rate will be 150 bps for a duration up to 5 years and 180 bps for a duration above 5 years.

Super Senior Citizens aged above 80 years will receive an additional rate of interest of 80 bps over the applicable card rate across all maturity buckets. In the case of staff members and retired staff members who are also super senior citizens, the maximum rate of interest allowed over the applicable card rate will be 180 bps over the applicable card rate in all maturity buckets.

On tax-saver fixed deposits of 5 years to 10 years, the bank is now giving an interest rate of 6.10 per cent to the general public, 6.60 per cent to senior citizens, and 7.10 per cent to staff members and retired senior citizens.

In a recent development, the National Stock Exchange (NSE) has added PNB to its F&O ban list for 27 October, which is the expiry day for monthly futures & options contracts, after the scrips crossed 95 per cent of the market-wide position limit.

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