Punjab National Bank or SBI has increased interest rates on select fixed deposits by up to 25 basis points. According to PNB’s website, the increase in FD has been done 25 basis points.
New Delhi. There is good news for the customers of Punjab National Bank (PNB), which is one of the biggest banks in the country. The bank has increased the interest rates of Fixed Deposit (FD) and NRO Term Deposits. The interest rate has been increased by 25 basis points. The increased interest rate has come into effect from September 1. Interest rates have been increased on FDs with deposits between Rs 2 crore and Rs 10 crore, which will mature in a period of 271 days to one year.
According to the information given by Punjab National Bank, now customers will get 6.75 percent interest on callable domestic term deposits, while non-callable domestic term deposits will get 6.80 percent interest annually. Similarly, customers will be given interest at the rate of 6.80 percent per annum on callable NRO term deposits.
Interest of PNB Uttam also increased
Punjab National Bank has also increased the interest rates of its non-callable fixed deposit PNB Uttam. The bank will now pay 6.80 per cent interest annually on PNB Uttam FDs with deposits above Rs 15 lakh and maturing in 271 days to less than a year. The bank has also clarified that premature withdrawal will not be allowed in the bank’s non-callable domestic fixed deposits.
Before the increase in interest rates, the interest rates on callable domestic term deposits and non-callable domestic term deposits were 6.50 percent and 6.55 percent per annum respectively. Similarly, earlier customers were getting 6.55 percent annual interest on callable NRO term deposits. Earlier the interest rate for PNB Uttam Scheme was 6.55 percent per annum. Punjab National Bank says that new and existing customers can take advantage of the increased interest rates.
Interest is available up to 7.25 percent
Punjab National Bank is offering 3.50 percent to 7.25 percent annual interest on fixed deposits of less than Rs 2 crore. The bank offers FD for a period ranging from 7 days to 10 years. The bank is offering 6.75 percent interest on FDs maturing in one year with amount less than Rs 2 crore. Similarly, 7.25 percent interest is being given on FDs of more than one year and maturity in 444 days. Customers are being given 6.50 percent interest on FDs maturing above five and 10 years.
