RBI Repo Rate: In the results of MPC on 9 April, RBI had cut the repo rate by 25 basis points for the second consecutive time. After this, banks have started reducing their interest rates.
PNB FD Interest Rate: After cutting the repo rate in February, the Reserve Bank has now announced to reduce the policy rate for the second consecutive time in April. After the change made by RBI, it was expected that it would soon be implemented by public and private sector banks as well. Earlier, four government banks including PNB had given relief to their customers by reducing the interest rate on loans. But now PNB has also reduced the interest paid on FD.
Interest rate changed on FDs of less than Rs 3 crore
Punjab National Bank (PNB) has cut the interest rate on FDs on deposits of less than Rs 3 crore. Banks like Yes Bank, Canara Bank, Kotak Mahindra Bank, Equitas and Shivalik Small Finance Bank have also cut interest rates. After the change, PNB is giving interest ranging from 3.50% to 7.10% on FDs for a period of 7 days to 10 years to common citizens. The highest interest rate is 7.10%, which is available on FDs with a duration of 390 days. Earlier, the bank was giving a maximum interest of 7.25% on FDs of 400 days.
Interest changed on FDs of different tenures
The bank has changed the interest rate of its FDs for different periods. The interest rate for FDs with a tenure of 300 days has been reduced from 7.05% to 6.50%, while FDs with a tenure of 303 days will get 6.40% interest instead of 7.00%. The interest rate on deposits with a tenure of more than two years and up to three years has been reduced from 7.00% to 6.75%. The interest rate on FDs with a tenure of 1204 days has been changed from 6.40% to 6.15%. The interest rate for a tenure of 1205 days to five years has been reduced from 6.50% to 6.25%.
How much interest on which tenure?
FDs with a tenure of more than five years and up to 1894 days will get 6.00% interest instead of 6.50%. The interest rate on FDs with a duration of 1895 days has been reduced from 6.35% to 5.85%. However, the interest rate on long term deposits from 1896 days to 10 years has been reduced from 6.50% to 6.00%. Senior citizens between 60 years and below 80 years will get 50 basis points more interest than the general interest rates for a period of up to 5 years. At the same time, 80 basis points more interest will be given for a period of more than five years. This facility will be applicable on domestic deposits of less than Rs 3 crore.
Super senior citizens aged 80 years and above will get 80 basis points more interest than the interest rate applicable on all types of deposit periods. After the change, the interest rates for super senior citizens range from 4.30% to 7.90%.
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