Punjab National Bank Hikes Interest Rates On Savings Accounts And Fixed Deposits

Punjab National Bank, India’s leading private sector bank, has revised its rates for saving accounts and fixed deposits of less than Rs 2 crores. On January 1, 2023, the new rates will take effect, according to the institution’s official web page.

As a result of the revision, PNB raised the interest rate on savings accounts by 25 basis points, while fixed deposit depositors will see a gain of up to 50 basis points on a variety of tenors.

PNB will keep offering an interest rate of 2.75% p.a on deposits between Rs 10 lakh and less than Rs 100 crores holding. The bank will continue to offer an interest rate of 2.70% p.a. on amounts under Rs 10 lakh. PNB increased the interest rate on savings accounts with balances of at least Rs 100 crores up to 25 basis points, from 2.75% per annum to 3.00 per annum.

On deposits maturing in 7 to 45 days, the bank will continue to pay a 3.50% interest rate, while PNB will continue to pay a 4.50% interest rate on deposits maturing in 46 to 179 days. On deposits maturing in 180 days or less to one year, PNB will continue to pay an interest rate of 5.50%; but the bank has raised the interest rate on deposits maturing in one year to 665 days by 45 basis points, from 6.30% to 6.75%.

The interest rate on deposits that mature in 666 days will remain at 7.25%, while it will increase by 45 basis points to 6.75% for deposits that mature in 667 days to 2 years. PNB raised the interest rates on FDs expiring in more than two years and up to three years by 50 basis points, from 6.25% to 6.75%, while maintaining its 6.50% offering on FDs concluding in more than three years and up to 10 years.

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