Banking Business News

PNB: increased interest rate twice in 7 days, strong returns

PNB: increased interest rate twice in 7 days, strong returns
Written by Zimmy

PNB: increased interest rate twice in 7 days, strong returns: Punjab National Bank has once time announced a rise in rates of interest for Fixed deposit clients. The bank will now pay an interest rate of up to 6.10 percent for various tenures for Fixed deposits (FDs) less than Rs 2 crore. The previous day, on the 17th of August Punjab National Bank (PNB), raised interest rates by 5-20 basis points for various durations. Punjab National Bank (PNB) is now allowing Fixed deposits (FDs) with a rate of 5.50 percent for maturities between 1 year and 404 days. 6.10 percent for FDs that are made for 405 days, and those whose FDs last for 406 days or more until two years (FD) are subject to an interest rate of 5.50 percent. The higher interest rates start on the 19th of August 2022.

PNB: increased interest rate twice in 7 days, strong returns

The most recent PNB interest rates

With the recent change in interest rates offered through Punjab National Bank, now the bank is offering an interest rate of 6.10 percent to common citizens who make FDs with a term of fewer than two crores. However, the bank will pay an interest rate of 6.60 percent to senior citizens who make FDs with the same duration.

After today’s changes, the bank will now offer an interest rate of 5.75 percent for citizens of all ages and 6.25 percent for senior citizens for tax-saving deposits for five years. However, the bank will offer a rate of 3.5% or 5.75 percent for citizens of all ages and 3.50 percent to 6.25 percent for senior citizens when making FDs with maturities ranging from 7 days up to 1111 days. The bank will also provide an additional rate of 50 basis points on the card rates for senior citizens who make deposits of less than 2 crores for any domestic deposit.

What banks raised the interest rates for FD

In the past, several major banks, including State Bank of India (SBI) and HDFC Bank have also increased the interest rates they offer on their fixed deposit (FD). The banks have opted for this step after increasing repo rates by 50 basis points under the policy on monetary policies of the RBI this month.

We’ll inform you this: Fixed deposit (FD) provides guarantees on returns after a specific period of time and the guarantee of a fixed interest rate. With FD you are able to easily reach your long-term and short-term objectives. It is for this reason that it is safe to perform FD.

About the author

Zimmy

Leave a Comment