Mumbai: Second largest public sector bank in the country, Punjab National Bank (PNB), has introduced a special 600 days fixed deposit scheme. The new FD scheme offers callable and non-callable options. Elderly persons 60 years of age and older and super senior citizens 80 years of age and older, can open the scheme for Rs 2 crore or below.
The lender will offer a regular interest rate of 7.00% p.a. under the callable option, 7.50% p.a. for senior citizens, and 7.80% p.a. for super senior citizens. Whereas the bank is guaranteeing a regular interest rate of 7.05% per annum under the non-callable option, 7.55% per annum for senior citizens, and 7.85% for super senior citizens.
Earlier last month the lender had hiked interest rates on fixed deposits under Rs2 crore by up to 75 basis points. Following the modification, the bank is currently providing interest rates on deposits that mature in 7 days to 10 years that range from 3.50% to 6.10% for the general public, 4% to 6.90% for senior citizens and 4.30% to 6.90% for super senior citizens. For deposits maturing in 600 days, the Punjab National Bank will now give a maximum interest rate of 7% to the general public, 7.50% to older adults, and 7.80% to super elderly individuals.