Punjab National Bank (PNB) has risen Rate of interest of Fixed deposit (FD) for an amount less than Rs 2 crore. The bank has increased fixed deposit interest rates by 15 basis points (bps) for maturity on select tenors. According to the website, the new interest rates are effective from July 20, 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 by 15 basis points to 5.45 per cent on FDs above one year and up to two years. On deposits with tenor of more than three years and up to five years, the bank will now offer an interest rate of 5.75 per cent with an increase of 15 basis points. It has increased the interest rate from 5.50 per cent to 5.75 per cent for a tenure of 1111 days. Interest rates remain unchanged for other periods.

Senior Citizen FD Interest Rate

According to the bank’s website, senior citizens will get an additional 50 basis points on the applicable card rates for all domestic deposit maturities of less than Rs 2 crore. Senior citizens who are also current employees or former employees are eligible for an interest rate of 150 bps over the applicable card rate.

Earlier, the bank had revised FD Interest Rates From July 4, 2022 on different periods. It had increased the interest rate on fixed deposits by 10 to 20 basis points for maturities up to three years.