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Punjab National Bank (PNB) raises fixed deposit rate up to 50 bps


On fixed deposits under 2 crore, Punjab Public Sector Lenders National Bank (PNB) raised interest rates. According to the bank’s official website, the new rate is effective from today, October 19, 2022. Following the adjustment, PNB has increased its fixed deposit interest rate on a range of maturities up to 50 bps. Under the new interest rate, the maximum public interest rate is now 6.50%, while the seniors maximum interest rate is now 7% and the super seniors maximum interest rate is currently 7.30%.

Rate PNB FD

For fixed deposits maturing in 7 days to 45 days, the bank increased the interest rate by 50 bps from 3% to 3.50% and for deposits with a term of 46 to 90 days, PNB raised interest rates by 50 bps from 3.25% to 3.75%. Deposits with a term of 91 days to 179 days will now have an interest rate of 4.50%, previously 4%, up 50 bps, and deposits with a term of 180 days to 1 year now have an interest rate of 5%, before that’s 4.50 % increase of 50 bps. PNB raised the interest rate by 20 bps from 5.50% to 5.70% for 1 year to 404 day deposits but the bank will continue to apply 6.10% interest rate for term deposits in 405 days.

PNB increased the interest rate on term deposits from 406 days to 599 days by 20 basis points, from 5.50% to 5.70% and will now stipulate a maximum interest rate of 6.50% on deposits with a term of 600 days. Deposits with a term of 601 days to two years will now have an interest rate of 5.70%, up from 5.5% previously and up 20 bps, while deposits with a term of two to three years now have an interest rate 5.80%, up from 5.6%. PNB raised the interest rate by 5 bps from 5.75% to 5.80% for term deposits from 3 to 5 years and also increased by 20 bps from 5.65% to 5.85% for deposits term from 5 to 10 years.

Rate PNB FD

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Rate PNB FD (pnbindia.in)

PNB Tax Saver FD

For tax savings deposits maturing in 5 years, PNB will now offer interest rates of 5.80% for the general public, 6.30% for senior citizens and 6.80% for officers and employees. retired member. While tax savings deposits have terms from 5 years to 10 years, the bank will now offer interest rates of 5.85% for the general public, 6.35% for seniors and 6.85% for officers and retired employees.

PNB Tax Saver FD

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PNB Tax Saver FD (pnbindia.in)

For domestic deposits under Rs. 2 seniors, seniors aged 60 and over (up to 80 years old) will receive an additional rate of 50 basis points (bps) above the standard rate for terms up to 5 years and 80 bps for period of more than 5 years. The maximum applicable interest rate over the card interest rate applicable to current employees and retired seniors is 150 bps for a term of up to 5 years and 180 bps for a period of more than 5 years. In addition, super senior citizens over the age of 80 will receive an additional interest rate 80 basis points higher than the standard rate for all maturities.

The maximum interest rate that can be charged on the relevant card level for employees and senior citizens is 180 bps and is above the standard rate for all maturities. The maximum and above standard rate for the PNB Tax Savings Fixed Deposit Program for Employees and Retired Seniors is 100 bps.

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