Many banks currently offer higher interest rates on fixed deposits due to the Reserve Bank of India’s (RBI) recent increase in repo rates. This means that depositors can expect good returns on their investments. However, some banks have been increasing their interest rates recently and are now gradually reducing them. One such bank is Punjab National Bank (PNB), a leading public sector bank that recently announced a change in its fixed deposit interest rates for deposits below Rs. 2 crore. The bank has announced these new interest rates on its official website.
PNB values its senior citizen depositors and continues to offer them an additional 50 basis points of interest compared to regular citizens, a practice common in most banks. The revised interest rates for senior citizens range from 4% to a maximum of 7.75%, while super senior citizens are offered 4.30% to 8.05% interest. This commitment to senior citizens is a testament to PNB’s dedication to its diverse customer base.
It’s important to note that the bank has reduced interest rates on two tenure fixed deposits. Earlier, the bank offered regular citizens a 6.50% interest rate on deposits of 1204 days, but now it has reduced it by 10 basis points to 6.40% interest. Similarly, on deposits of 1895 days, the bank previously offered a 6.50%interest rate, which has been reduced.
Senior citizens also get less interest on deposits. Previously, they were given 7% interest on 1204 days FD, but now it has been reduced to 6.90%. Similarly, while earlier, they were given 7.30% interest on a fixed deposit of 1895 days, it has now been reduced by 15 basis points to 7.15%.
It’s worth noting that the bank had increased deposit interest rates in April. The rate for regular citizens on a 300-day deposit was increased by 80 basis points from 6.25% to 7.05%. Similarly, the interest rate for senior citizens increased from 6.75% to 7.55%. It was increased from 7.05% to 7.85% for super senior citizens.
Regarding interest rates for general citizens, 3.5% interest is given on deposits of 7 to 14 days, 15 to 29 days, 30 to 45 days, and 4.5% on deposits of 46 to 60 days, 61 to 90 days, and 91 to 179 days. Similarly, 6% interest is given on deposits from 180 days to 270 days, while the highest interest rate of 7.25% is offered on 400-day term deposits. Senior citizens are offered 7.75% interest on 400-day term deposits.
