Mumbai: Public sector bank in the country, Punjab National Bank (PNB) has raised the interest rates on Fixed Deposits (FDs) on amounts below Rs 2 crore. The bank has hiked up to 50 basis points (bps) on certain tenures. PNB has also reduced FD rates on some buckets.
The bank has hiked interest rates on the tenure of 180 to 270 Days by 50 bps. These term deposits will now fetch 6% for general citizens. PNB has hiked FD rates 45 bps on 271 Days to less than 1 year tenure. These FDs will now fetch 7.25% for general citizens. On tenor with 400 days maturity, PNB has hiked rates by 45 bps from 6.80% to 7.25%. After the revision, PNB offers 3.5% to 7.25% to general citizens on deposits maturing in 7 days to ten years.
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Punjab National Bank has cut FD rates on 444 days by 45 bps from 7.25% to 6.8%. After the latest revision, PNB offers an interest rate ranging from 4% to 7.75% on FDs maturing in seven days to ten years, and 4.3% to 8.05% to super seniors.
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