With effect from December 19, 2022, Punjab National Bank changed its fixed deposit interest rate, which now ranges between 3.50% and 7.00% annually. For deposits under Rs. 2 crore, the highest PNB FD interest rate is 6.50% annually.
For deposits under Rs. 2 crores, senior persons receive an additional 50 bps interest over the going rate. The FD plans include terms of seven days to ten years.
Punjab National Bank (PNB) offers competitive interest rates on fixed deposits, in addition to a number of other benefits including variable duration options, nomination options, loan/overdraft options, etc. Fixed deposit interest rates from PNB are competitive and vary depending on the time period and market conditions.
The Best PNB FD Rates for Deposits Under Rs. 2 Crore:
- Rates for FD schemes range from 3.5% to 7.0 percent annually.
- The maximum PNB FD rate per year is 7.00%.
- PNB Tax Saver FD rates for the general public are 6.10% per year and 6.60% per year for seniors.
Senior people 60 and up to 80 years of age would earn an additional rate of interest on domestic deposits under Rs. 2 crore that is 50 basis points higher than the relevant card rates for a period of up to 5 years and 80 basis points higher for a time longer than 5 years.
According to the bank, the highest interest rate that can be charged to current employees and retired employees who are also senior citizens is 150 bps for a duration up to 5 years and 180 bps for a period more than 5 years.
Additionally, for all maturity buckets, Super Senior Citizens above the age of 80 will be granted an additional rate of interest that is 80 basis points higher than the corresponding card rate.
According to PNB, the highest rate of interest that can be imposed on current and retired employees who are also Super Senior Citizens is 180 bps over the applicable card rate for all maturity buckets.
The Reserve Bank of India raised the benchmark repo rate by 35 basis points to 6.25 percent on December 7, making it the sixth straight increase since May. The RBI has raised the benchmark rate by a total of 2.25 percent since May of this year. The bank rate, marginal standing facility rate, and standing deposit facility rate are consequently all increased to 6.50 percent.
