Punjab National Bank (PNB), a public sector undertaking, has announced changes in the interest rate on fixed deposits (FDs) of less than Rs 2 crore.
Following the bank’s decision, fixed deposits that mature in 7 to 45 days will now receive an interest rate of 3 per cent instead of 2.9 per cent. The bank’s new rates came into effect on May 7.
However, there is no change in the interest rate on fixed deposits that reach maturity in 46 to 90 days. For this period, only 3.25 per cent interest is available.
At the same time, fixed deposits that mature in 91 to 179 days now carry an interest rate of 4 per cent instead of 3.8 per cent.
The interest rate on fixed deposits maturing in 180 days to 1 year has been increased by 10 basis points from 4.4 per cent to 4.5 per cent.
Similarly, maturities of 1 year to 2 years now carry 5.1 per cent interest instead of 5 per cent. The interest rate on deposits of over 2 years and up to 3 years in the bank is fixed at 5.1 per cent.
Similarly, the interest rate on fixed deposits maturing in 3 to 10 years is fixed at 5.25 per cent.
Punjab National Bank offers 3% interest rate on fixed deposits maturing in 7 to 14 days. For FTs of 15 to 29 days and 30 to 45 days, the bank will charge 3% interest.
3.25 per cent interest for FTs of 46 to 90 days and 4 per cent interest for FTs of 91 to 179 days. For 180 to 270 days and less than 271 to 1 year, 4.5 per cent interest is available.
At the same time, the interest rate is 5.1 per cent for 1 year and 1 year to 2 years, 2 years to 3 years. At the same time, 5.25 per cent interest is paid for 10 years over 3 years. Senior citizens will be charged an additional 5% interest on fixed deposits.