PNB Bank increased the interest rates offered on a few different FD deposit tenors. After the Reserve Bank of India increased repo rates by 90 basis points with two consecutive increases in the last two months, all leading public and private banks increased interest rates.
Fixed deposit interest rates have increased for some maturities for deposits under Rs 2 crore at Punjab National Bank. On July 4, 2022, the new rates will take effect, according to the bank’s website. Deposits with maturities of 1-2 years and up to 3 years will see an increase in FD rates of 10 to 20 basis points.
The state-run bank will now pay an interest rate of 5.30 percent on deposits of one year and up to two years, an increase of 10 basis points from the previous rate of 5.20 percent. Deposits with a maturity of two years or more will earn 5.50 percent, a 20 basis point increase over the previous rate of 5.30 percent. PNB offers a maximum FD rate of 5.60 percent on deposits maturing in more than 5 years and up to 10 years, and an FD rate of 5.50 percent on deposits maturing in more than 3 years and up to 5 years.
Deposit rates for maturities ranging from 7 to 45 days and 46 to 90 days will remain at 3% and 3.25 percent, respectively. In the same way, the rates on FDs with maturities of 91 days to 179 days and 180 days to less than one year will remain the same at 4% and 4.5%, respectively.
The bank stated on its website that senior persons would receive an additional 50 bps over the applicable card rates for all maturities on domestic deposits under Rs 2 crore. The maximum rate of interest to be allowed over the applicable card rate for current employees as well as retired employees who are also senior citizens shall be 150 bps, with the exception of the PNB Tax Saver Fixed Deposit Scheme, where the maximum rate of interest to be allowed over the applicable card rate is 100 bps.