After banks raised fixed deposit (FD) rates, Punjab National Bank (PNB) also raised FD rates) on select tenures on Monday. The new interest rates will be effective from today, according to the bank’s website.
The rates will be applicable on deposits of less than Rs2 crore.
PNB hikes FD rates
The latest interest rate hike on FD ranges between 5 and 30 bps. For deposits maturing between 271 days and less than 1 year, the rate has been hiked by 30 bps to 5.80 per cent. FDs maturing between one year and 665 days will witness a 5 bps rise to 6.80 per cent. FDs maturing between 667 days and 2 years will get an interest rate of 6.80 per cent. The bank is now offering an interest rate ranging from 3.5 per cent to 7.25 per cent on deposits maturing in 7 days to 10 years.
PNB revised FD rates
7 to 14 days 3.50%
15 to 29days 3.50%
30 to 45 days 3.5%
46 to 90 days 4.50%
91 to 179 days 4.50%
180 days to 270 Days 5.50%
271 days to less than 1 year 5.80%
1 year 6.80%
Above 1 year to 665 days 6.80%
666 days 7.25%
667 days to 2 years 6.80%
above 2 year & upto 3 years 7%
above 3 year & upto 5 years 6.50%
above 5 years & upto 10 years 6.50%
PNB FD interest rate for senior citizens
Senior citizens will earn interest rates ranging from 4 per cent to 7.75 per cent on deposits maturing in 7 days to 10 years.
PNB FD interest rate for super senior citizens
PNB is offering an interest rate ranging from 4.3 per cent to 8.05 per cent on deposits maturing in 7 days to 10 years to super senior citizens. Super senior citizens are those who are aged 80 and above.
Meanwhile, private sector lender HDFC Bank on Saturday also raised its interest rates on bulk fixed deposits (FDs) of more than RS2 Crore to Rs5 crores. Following the announcement, HDFC Bank is now providing interest rates on deposits with terms ranging from 7 days to 10 years that range from 4.75% to 7.00% for the general public and 5.25% to 7.75% for senior citizens. As per the official website of HDFC Bank, the latest FD rates are effective as of 17th February 2023.
The State Bank of India (SBI), Axis Bank, Kotak Mahindra, Federal Bank, and others also raised the interest on FD after the RBI increased the repo rate by 25 basis points on February 8.