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Fixed deposits that mature in 180 days or less continue to earn 4.50 per cent interest, while those between 91 and 179 days reach 4.00 per cent.
Digital Desk: The interest rate on fixed deposits under Rs. 2 crores has increased, according to Punjab National Bank (PNB). On July 4, 2022, the new interest rates will take effect, remarked the bank's official website.
The bank raised interest rates by 10 to 20 basis points on fixed deposits with maturities of one to two and up to three years after the change.
On fixed deposits with maturities between 7 and 45 days, the bank will continue to offer a 3 per cent interest rate, and PNB will continue to provide a 3.25 per cent interest rate on deposits with maturities between 46 and 90 days.
Fixed deposits that mature in 180 days or less continue to earn 4.50 per cent interest, while those that do so between 91 and 179 days make 4.00 per cent.
However, on deposits maturing in one year and up to two years, PNB will now offer an interest rate of 5.30 per cent, up from 5.20 per cent and a ten basis point increase.
In addition, interest rate on deposits with a maturity of two to three years has increased by 20 basis points, from 5.30 per cent to 5.50 per cent, thanks to PNB.
On its website, PNB states that senior citizens will receive an additional interest rate of 50 bps over card rates that are in effect for all maturities on domestic deposits under Rs. 2 crores.
The maximum interest rate over the applicable card rate for current and retired employees who are also senior citizens is 150 bps, except for the PNB Tax Saver Fixed Deposit Scheme, where the maximum interest speed over the applicable card rate is 100 bps.
Investors can deposit more than Rs 15 lakh into the PNB Uttam Fixed Deposit Program, a unique deposit programme offered by the bank. This deposit plan has a term of 91 to 1111 days and an interest rate range of 4.05 to 5.55 per cent.
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