PNB hikes fixed deposit rates by 50 basis points across various tenures

Punjab National Bank (PNB) on Tuesday increased the interest rate of fixed deposits across various tenures by 50 basis points or 0.5 per cent in a bid to attract deposits.

Interest rates on term deposits below Rs 2 crore between one year and three years have been raised by 50 basis points to 6.75 per cent from earlier rate of 6.25 per cent, PNB said in a statement.

The bank said that new rates of FDs are effective from January 1, 2023.

It has also said that senior citizens will be getting an additional 50 basis points hike in interest rate of fixed deposits on any domestic deposit maturities which is worth less than Rs 2 crore.

On PNB Uttam Scheme with no premature withdrawal option, the rate has been revised to 6.80 per cent from 6.30 per cent, it said.

Apart from the revised interest rates, it said, the bank will continue to offer attractive interest rates 8.1 per annum for fixed deposit of 666 days.