Several banks are offering higher interest rates on fixed deposits after the Reserve Bank of India (RBI) increased the repo rates to the maximum level. This move has provided good returns to depositors. However, some banks that were increasing their rates are now reducing them. One such bank is Punjab National Bank (PNB), a leading public sector bank that recently revised its fixed deposit interest rates.
The PNB bank has announced new interest rates on deposits below Rs. 2 crore, which are now available on its official website. The revised rates range from 3.50 % to 7.25 % for regular citizens. Senior citizens are offered an additional 50 basis points of interest compared to ordinary citizens, with rates ranging from 4 % to a maximum of 7.75 %. Super senior citizens are offered interest rates from 4.30 % to 8.05 %.
However, the bank has reduced interest rates on two tenure fixed deposits. Earlier, the bank offered regular citizens an interest rate of 6.50 % on deposits of 1204 days, which has now been reduced by 10 basis points to 6.40 %. Similarly, on deposits of 1895 days, the bank previously offered an interest rate of 6.50 %, which has been reduced to 6.40 %. Senior citizens also receive less interest on deposits, with rates dropping from 7 % to 6.90 % on 1204 days of FD and from 7.30 % to 7.15 % on deposits of 1895 days.
It is worth noting that in April, the bank increased deposit interest rates. The rate for regular citizens on a 300 days deposit increased from 6.25 % to 7.05 %, while senior citizens saw their interest rate increase from 6.75 % to 7.55 %. For super senior citizens, interest rates increased from 7.05 % to 7.85 %.
The interest rates for general citizens range from 3.5 % on deposits of 7 to 14 days, 15 to 29 days, and 30 to 45 days to 4.5 % on deposits of 46 to 60 days, 61 to 90 days, and 91 to 179 days. Deposits from 180 to 270 days earn an interest rate of 6 %, while the highest interest rate of 7.25 % is available on 400-day term deposits. Senior citizens are offered a higher interest rate of 7.75 % on these deposits.
PNB FD Rates 2024 for General Citizens
| Sl. No | Period | Existing Rates For Public W.E.F. 08.01.2024 | Revised Rates For Public W.E.F. 12.04.2024 |
| 1 | 7 to 14 Days | 3.5 | 3.5 |
| 2 | 15 to 29 Days | 3.5 | 3.5 |
| 3 | 30 to 45 Days | 3.5 | 3.5 |
| 4 | 46 to 60 Days | 4.5 | 4.5 |
| 5 | 61 to 90 Days | 4.5 | 4.5 |
| 6 | 91 to 179 Days | 4.5 | 4.5 |
| 7 | 180 to 270 Days | 6 | 6 |
| 8 | 271 Days to 299 Days | 6.25 | 6.25 |
| 9 | 300 Days | 6.25 | 7.05 |
| 10 | 301 Days to < 1 Year | 6.25 | 6.25 |
| 11 | 1 Year | 6.75 | 6.75 |
| 12 | > 1 Year to 399 days | 6.8 | 6.8 |
| 13 | 400 Days | 7.25 | 7.25 |
| 14 | 401 Days to 2 Years | 6.8 | 6.8 |
| 15 | > 2 years to 3 years | 7 | 7 |
| 16 | > 3 years to 1203 days | 6.5 | 6.5 |
| 17 | 1204 days** | 6.5 | 6.4 |
| 18 | 1205 days to 5 years | 6.5 | 6.5 |
| 19 | > 5 years to 1894 days | 6.5 | 6.5 |
| 20 | 1895 days** | 6.5 | 6.35 |
| 21 | 1896 days to 10 years | 6.5 | 6.5 |
PNB FD Interest Rate 2024 for Senior Citizens
| Sl. No | Period | *Existing Rates For Senior Citizens W.E.F. 08.01.2024 | *Revised Rates For Senior Citizens W.E.F. 12.04.2024 |
| 1 | 7 to 14 Days | 4 | 4 |
| 2 | 15 to 29 Days | 4 | 4 |
| 3 | 30 to 45 Days | 4 | 4 |
| 4 | 46 to 60 Days | 5 | 5 |
| 5 | 61 to 90 Days | 5 | 5 |
| 6 | 91 to 179 Days | 5 | 5 |
| 7 | 180 to 270 Days | 6.5 | 6.5 |
| 8 | 271 Days to 299 Days | 6.75 | 6.75 |
| 9 | 300 Days | 6.75 | 7.55 |
| 10 | 301 Days to < 1 Year | 6.75 | 6.75 |
| 11 | 1 Year | 7.25 | 7.25 |
| 12 | > 1 Year to 399 days | 7.3 | 7.3 |
| 13 | 400 Days | 7.75 | 7.75 |
| 14 | 401 Days to 2 Years | 7.3 | 7.3 |
| 15 | > 2 years to 3 years | 7.5 | 7.5 |
| 16 | > 3 years to 1203 days | 7 | 7 |
| 17 | 1204 days** | 7 | 6.9 |
| 18 | 1205 days to 5 years | 7 | 7 |
| 19 | > 5 years to 1894 days | 7.3 | 7.3 |
| 20 | 1895 days** | 7.3 | 7.15 |
| 21 | 1896 days to 10 years | 7.3 | 7.3 |
PNB FD Interest Rate for Super Senior Citizens
| Sl. No | Period | #Existing Rates For Super Senior Citizens W.E.F. 08.01.2024 | #Revised Rates For Super Senior Citizens W.E.F. 12.04.2024 |
| 1 | 7 to 14 Days | 4.3 | 4.3 |
| 2 | 15 to 29 Days | 4.3 | 4.3 |
| 3 | 30 to 45 Days | 4.3 | 4.3 |
| 4 | 46 to 60 Days | 5.3 | 5.3 |
| 5 | 61 to 90 Days | 5.3 | 5.3 |
| 6 | 91 to 179 Days | 5.3 | 5.3 |
| 7 | 180 to 270 Days | 6.8 | 6.8 |
| 8 | 271 Days to 299 Days | 7.05 | 7.05 |
| 9 | 300 Days | 7.05 | 7.85 |
| 10 | 301 Days to < 1 Year | 7.05 | 7.05 |
| 11 | 1 Year | 7.55 | 7.55 |
| 12 | > 1 Year to 399 days | 7.6 | 7.6 |
| 13 | 400 Days | 8.05 | 8.05 |
| 14 | 401 Days to 2 Years | 7.6 | 7.6 |
| 15 | > 2 years to 3 years | 7.8 | 7.8 |
| 16 | > 3 years to 1203 days | 7.3 | 7.3 |
| 17 | 1204 days** | 7.3 | 7.2 |
| 18 | 1205 days to 5 years | 7.3 | 7.3 |
| 19 | > 5 years to 1894 days | 7.3 | 7.3 |
| 20 | 1895 days** | 7.3 | 7.15 |
| 21 | 1896 days to 10 years | 7.3 | 7.3 |
*Senior Citizen-Age 60 Year and upto < 80 Year, #Super Senior Citizen- Age 80 Year and above.
Advised to visit the Punjab National Bank Official Website to get official and updated interest rates at https://www.pnbindia.in/Interest-Rates-Deposit.html
