After increasing the repo rate by RBI, many banks have also increased their FD interest rates. In this, a new name is attached to PNB, which has increased the interest rates by 10-20 basis points.
New Delhi. After the RBI increased the repo rate 2 times in 2 months, on the one hand, the banks have made the interest expensive, while the interest rate on FD (Fixed Deposit) has also been increased. This has also brought some relief to the customers. A new name of Punjab National Bank (PNB) has been included in the list of banks increasing the interest rate on FD.
PNB has increased the interest rates of FDs of various tenors by 10-20 basis points. Apart from this, the bank is giving an additional 0.50 percent interest to the aged citizens. The new rates will be applicable from July 4. Let us know about it in detail.
Which FD will get how much interest?
The bank has increased the interest rates on FDs of more than 1 year and up to 3 years. Apart from this, 3 percent interest is being given to customers on FDs of 7 to 45 days, 3.25 percent on FDs of 46-90 days, 4 percent on FDs of 91-179 days, 4.50 percent on FDs completing in 180 days. At the same time, on FDs of 1-2 years, PNB will now give interest at the rate of 5.30 percent to the customers, which was 5.20 percent earlier. Here there has been an increase of 0.10 percent i.e. 10 basis points. After this, the bank has increased the interest on FDs from 2 to 3 years by 20 basis points. The bank will now give an interest of 5.50 percent instead of 5.30 percent on the FD of this tenure. There has been no change in the interest rate of FDs of 3 to 5 years and it is only 5.50 percent. At the same time, the bank is giving the highest interest of 5.60 percent on FDs of more than 5 years and up to 10 years. Notably, these are for deposits of less than Rs 2 crore.
Additional 0.50 percent interest for senior citizens
According to the bank’s website, for whatever time period the general public is getting interest, senior citizens will get an additional 0.50 percent interest. At the same time, a maximum of 150 basis points more interest can be given to the bank’s staff and retired staff. If their investment is in PNB Tax Saver Fixed Deposit, then it can be given 100 basis points more interest than the normal interest rate.
