PNB offers 80 bps extra to these senior citizens on fixed deposits; know more here

An extra 80 basis points (bps) is being offered by the Punjab National Bank (PNB) on fixed deposits (FDs) to senior citizens above the age of 80 years. PNB is the first such bank to currently provide a higher interest rate to super senior citizens on term deposits. PNB increased interest rates on fixed deposits across all tenors for super senior citizens on 13 September.

The bank is providing fixed deposits from 7 days to 10 years. Super senior citizens are being offered interest rates ranging from 3.80 percent to 6.55 percent on fixed deposits that mature in 7 to 1,111 days.

If a super senior citizen prematurely withdraws a fixed deposit, then a penal interest will be levied. A penal interest of 1 percent will be charged at the time of premature cancellation/part withdrawal of domestic term deposits for all tenors.

During the coronavirus pandemic, banks such as State Bank of India (SBI), ICICI Bank, HDFC Bank, and Bank of Baroda (BoB) had introduced special fixed deposits for senior citizens wherein a higher interest rate was given on FDs with tenure of 5 years and above. Some of these banks are continuing with schemes even now.

In its attempt to make banking services more accessible, PNB has introduced banking services via WhatsApp for both customers and non-customers.

The WhatsApp banking service is going to be available 24x7, including holidays, on both android and iOS phones. As per PNB, to activate its banking service on WhatsApp, customers will have to first save its official number, which is +919264092640. Then, they will have to initiate a conversation with PNB on WhatsApp by sending hi/hello. To ensure that the WhatsApp profile is original, customers should look for the green tick on the profile.

Banks usually give an additional 50 bps to senior citizens (60 years and above) over and above what is provided to the general public.

The share price of PNB rose by 0.69 percent, and the stock ended the day at Rs 36.70 on 6 October.

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