Investment
oi-Shubham Kumar
Due to the continuous increase in the repo rate from the Reserve Bank of India (RBI), banks are continuously increasing the interest rates of FDs. In the last one year, the repo rate has increased to 6.50%. However, the RBI paused the repo rate hike in its last MPC meeting held in April.
Punjab National Bank FD Rates
Recently, leading Public sector lender Punjab National Bank (PNB) revised the Interest Rates on Bulk FDs from Rs 2 crore to Rs 10 crore for a period of 7 days to 10 years. The revised Interest rates on Bulk deposits are effective from May 04, 2023, according to the official website of the bank.
Domestic/NRO fixed Deposits Scheme
PNB has increased the interest rate of bulk FDs from 7 days to 1 year. Bank hikes interest rates on deposit periods of 7 days to 14 days, 15 days to 29 days and 30 days to 45 days from 5.50% to 6%. On deposit periods of 46 days to 90 days the bank hikes interest rates by 0.75% from 5.50% to 6.25%. The interest rate on bulk FDs ranging from 46 days to 90 days has been increased by 0.75%.
On a deposit period of 91 days to 179 days, 180 days to 270 days, and 271 days to less than 1 year, the bank hikes interest rates by 0.25% from 6.25% to 6.50%. On the deposit period of 1 year, the bank hikes interest rates by 0.25% from 6.75% to 7%. Interest rates on deposit periods above 1 year to 10 years continue to be the same as earlier.
Interest Rates on Domestic/NRO fixed deposits
| Sr.No. | Period | Existing Rates For Public W.E.F. 19.12.2022 | Revised Rates For Public W.E.F. 04.05.2023 |
|---|---|---|---|
| 1 | 7 to 14 days | 5.5 | 6 |
| 2 | 15 to 29days | 5.5 | 6 |
| 3 | 30 to 45 days | 5.5 | 6 |
| 4 | 46 to 90 days | 5.5 | 6.25 |
| 5 | 91 to 179 days | 6 | 6.5 |
| 6 | 180 days to 270 Days | 6.25 | 6.5 |
| 7 | 271 days to less than 1 year | 6.25 | 6.5 |
| 8 | 1 year | 6.75 | 7 |
| 9 | above 1 year & upto 2 years | 6.5 | 6.5 |
| 10 | above 2 year & upto 3 years | 6.5 | 6.5 |
| 11 | above 3 year & upto 5 years | 6.25 | 6.25 |
| 12 | above 5 years & upto 10 years | 5.6 | 5.6 |
PNB Uttam (Non-Callable) Fixed Deposit Scheme
Under the PNB Uttam (Non-Callable) Fixed Deposit Scheme, the bank also revised the interest rates. The bank hikes interest rates by 0.50% from 6.05% to 6.55% on the deposit period of 91 days to 179 days. On the deposit period of 180 days to 270 days, and 271 days to less than 1 year, the bank hikes interest rates by 0.25% from 6.30% to 6.55%. On the deposit period of 1 year, the bank hikes interest rates by 0.25% from 6.80% to 7.05%.
Interest rates on PNB Uttam (Non-Callable) Fixed Deposit Scheme
| Sr.No. | Period | Existing Rates For Public W.E.F. 19.12.2022 | Revised Rates For Public W.E.F. 04.05.2023 |
|---|---|---|---|
| 1 | 7 to 14 days | NA | NA |
| 2 | 15 to 29days | NA | NA |
| 3 | 30 to 45 days | NA | NA |
| 4 | 46 to 90 days | NA | NA |
| 5 | 91 to 179 days | 6.05 | 6.55 |
| 6 | 180 days to 270 Days | 6.3 | 6.55 |
| 7 | 271 days to less than 1 year | 6.3 | 6.55 |
| 8 | 1 year | 6.8 | 7.05 |
| 9 | above 1 year & upto 2 years | 6.55 | 6.55 |
| 10 | above 2 year & upto 3 years | 6.55 | 6.55 |
| 11 | above 3 year & upto 5 years | 6.3 | 6.3 |
| 12 | above 5 years & upto 10 years | 5.65 | 5.65 |
Source – pnbindia.in
According to the bank’s official website, the rates for Rs.2 Crore to Rs.10 Crore are not to be loaded with additional rate of interest for Sr. Citizens, staff accounts etc.
Story first published: Saturday, May 6, 2023, 15:36 [IST]
