FD rates at PNB: Punjab National Bank (PNB) customers have some good news at the start of the new year. In an effort to attract deposits, the state-owned bank has increased the interest rates on fixed deposits (FD) across a variety of tenures by 50 basis points, or 0.5%.
Between one and three years, interest rates on term deposits under Rs 2 crore have increased by 50 basis points to 6.75 percent. The rate for the same had previously been 6.25 percent. According to the bank, the new rates for FDs will go into effect on January 1, 2023.
Additionally, it stated that senior citizens will receive an additional 50 basis points of interest rate hike on domestic deposit maturities of less than Rs 2 crore for fixed deposits.
State Bank of India (SBI), a different bank owned by the state, offers fixed deposits with terms of one to two years at interest rates of 6.75%. For the same time period, seniors receive interest rates of 7.25 percent. On fixed deposits for one to two years, Bank of Baroda also offers the same interest rates.
It stated that the rate for the PNB Uttam Scheme with no option for premature withdrawal has been revised to 6.80 percent from 6.30 percent. It stated that the bank will continue to offer attractive interest rates of 8.1 percent annually for fixed deposits of 666 days in addition to the revised interest rates.
