PNB Announced Second Hike of Fixed Deposit Rate Increases in 10 Days

‘Punjab National Bank’ (PNB), India’s second-largest public sector bank, has raised interest rates on its fixed deposit (FD) for the second time this month. The new interest rate will apply to deposits of less than 2 crore.

Previously, the PSU bank raised interest rates, which took effect on January 1, and now PNB has raised rates on certain term deposits, which take effect on January 8.

The public sector lender increased rates by 80 basis points (bps) in the same period. Earlier The bank hiked rates by up to 45 basis points (bps) in some tenures and lowered rates on others on January 1.

PNB Latest FD Rates for General Citizens

Following the change, PNB offers ordinary citizens 3.5% to 7.25% on deposits due in 7 days to 10 years.

• PNB Interest rate for 7 to 14 Days is 3.50%
• PNB Interest rate for 15 to 29 Days is 3.50%
• PNB Interest rate for 30 to 45 Days is 3.50%
• PNB Interest rate for 46 to 60 Days is 4.50%
• PNB Interest rate for 61 to 90 Days is 4.50%
• PNB Interest rate for 91 to 178 Days is 4.50%
• PNB Interest rate for 180 to 270 Days is 6.00%
• PNB Interest rate for 271 to 299 Days is Days 6.25%
• PNB Interest rate for 300 Days is 7.05%
• PNB Interest rate for 301 Days to less than a year is 6.25%
• PNB Interest rate for 1 Year is 6.75%
• PNB Interest rate for 365 days to 399 days – 6.80%
• PNB Interest rate for 400 Days is 7.25%
• PNB Interest rate for 401 Days to 2 Years – 6.80%
• PNB Interest rate the period above 2 years and up to 3 years- 7.00%
• PNB Interest rate the period above 3 years and up to 5 years – 6.50%
• PNB Interest rate the period above 5 years and up to 10 years -6.50%

Following a recent modification, PNB’s latest FD rates for senior citizens currently range from 4% to 7.75% for FDs with maturities ranging from seven days to 10 years. The interest rate for super elderly people ranges from 4.3% to 8.05%.

In January, PNB raised the interest rate on fixed deposits for the second time. Previously, state-owned Punjab National Bank reported a 13.5% increase in December quarter earnings to 9.72 lakh crore on January 2.