Punjab National Bank Revises Fixed Deposit Interest Rates
State-run Punjab National Bank (PNB) has revised its fixed deposit interest rates with effect from Thursday, August 1, 2019. PNB has lowered the interest rates by up to 0.50 percentage point on select maturities, according to the public sector lender's website -- pnbindia.in. On maturity periods such as 7-14 days and 15-29 days, the bank is offering an interest rate of 5 per cent to the general public and 5.5 per cent to senior citizens on fixed deposits of up to Rs 2 crore. Previously, the public sector bank paid interest rates of 5.50 per cent and 6 per cent on these FD maturities respectively.
However, PNB has also increased interest rates on select maturities. In the maturity period of 3-5 years, the bank will provide an interest rates of 6.5 per cent to the general public and 7 per cent to senior citizens on fixed deposits of up to Rs 2 crore. Therefore, the revision marks an increase of 0.25 percentage point from the previous rates.
Here are the interest rates paid by PNB on fixed deposits (FDs) up to Rs. 2 crore with effect from August 1, 2019:
| Period | General public | Senior Citizens |
|---|---|---|
| 7 to 14 days | 5% | 5.5% |
| 15 to 29 days | 5% | 5.5% |
| 30 to 45 days | 5% | 5.5% |
| 46 to 90 days | 5.75% | 6.25% |
| 91 to 179 days | 5.75% | 6.25% |
| 180 days to 270 Days | 6.25% | 6.75% |
| 271 days to less than 1 year | 6.3% | 6.8% |
| 333 days | 6.3% | 6.8% |
| 1 year | 6.75% | 7.25% |
| 444 days | 6.75% | 7.25% |
| 555 days | 6.75% | 7.25% |
| Above 1 year and up to 3 years | 6.75% | 7.25% |
| Above 3 year and up to 5 years | 6.5% | 7% |
| Above 5 years and up to 10 years | 6.5% | 7% |
Fixed deposit interest rates are subject to change from time to time. Earlier this week, the country's largest lender State Bank of India (SBI) revised its FD rates across all maturities. SBI's interest rates also came into effect from August 1. (Also read: How to decide the best size and lock-in period for your fixed deposit)
