Punjab National Bank Alters Fixed Deposit Rates
In a significant move, Punjab National Bank (PNB), India’s second-largest government bank, has revised the interest rates on its Fixed Deposit (FD) offerings. The changes, which affect FDs of different tenures, became effective on May 18, 2023. The revisions have led to both an increase and a decrease in the interest rates of certain tenure FDs.
Changes for Fixed Deposits of Less Than Rs 2 Crore
The modifications apply to FDs of less than Rs 2 crore. The rates have been updated on the bank’s official website. Notably, the interest rate on a 444-day FD has been raised, while the rate for a 666-day FD has been decreased.
Increased Interest Rates
- PNB has boosted the interest rate for general citizens on a 444-day FD from 6.80 percent to 7.25 percent.
- For senior citizens, the rate for this tenure has been raised from 7.30 percent to 7.75 percent.
- Non-Residential External (NRE) customers will also benefit from a rate increase, from 6.80 percent to 7.25 percent, on this tenure.
Decreased Interest Rates
Conversely, the bank has trimmed the interest rate on the 666-day FD. The rate for general customers has been decreased from 7.25 percent to 7.05 percent. Similarly, the interest rate for senior citizens for this tenure has been lowered from 7.75 percent to 7.55 percent. NRE customers will now receive an interest rate of 7.05 percent, down from the previous 7.25 percent.
News Recap:
- Punjab National Bank (PNB) has revised the interest rates for its Fixed Deposit (FD) offerings, effective May 18, 2023.
- The changes apply to FDs of less than Rs 2 crore, with rates on certain tenures increased and others decreased.
- The interest rate for general citizens, senior citizens, and NRE customers on a 444-day FD has been increased.
- The interest rate for the same categories of customers on a 666-day FD has been decreased.
