Punjab National Bank (PNB) has risen Rate of interest Of fixed deposits (FDs) of less than Rs 2 crore. The bank has increased fixed deposit interest rates by up to 20 basis points (bps) for select tenors. According to the website, the new interest rates are effective from August 17, 2022.

The increased interest rates will be applicable on both fresh deposits and renewal of existing deposits.


PNB Fixed Deposit Interest Rates

PNB has increased the interest rate for FD tenors above one year by 20 basis points. The bank will now offer an interest rate of 5.50 per cent on deposits maturing in one year at the rate of 20 bps. PNB has increased the interest rate on deposits maturing in above one year and up to two years by 15 basis points (bps) from 5.45% to 5.50%. On deposits of more than two years and up to three years, the bank will continue to offer an interest rate of 5.50 per cent to 5.60%, an increase of 10 bps.

Deposits with maturities of more than three years and up to five years will continue to earn an interest rate of 5.75 per cent. The interest rate on fixed deposits maturing in 1111 days will be 5.75 percent, while for deposits of more than 5 years and up to 10 years, the interest rate will be 5.60 percent.

PNB Senior Citizen Fixed Deposit Interest Rates

The bank’s website states that for any domestic deposit maturity of less than Rs 2 crore, senior individuals will get an additional 50 basis points at the appropriate card rates. Senior citizens who are currently or previously employed in PNB can get an interest rate of 150 basis points higher than the applicable card rate.

RBI Monetary Policy

The Reserve Bank of India in its August monetary policy meeting raised repo rates by 50 basis points. Following this trend, many banks have increased their fixed deposit interest rates, including

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