Mumbai: Leading public sector bank in the country, Punjab National Bank ( PNB) has hiked interest rates on bulk term deposits. The lender has increased the interest rates of term deposits of Rs 2 crore and above but below Rs 10 crore. The lender will give up to 7.05% interest for a deposit that is greater than or equal to Rs 2 crore, but below Rs 10 crore, for a period of 1 year under the Punjab National Bank Uttam (Non Callable) Fixed Deposit Scheme. For a Domestic/NRO fixed deposit scheme of the same tenure, the interest rate is 7%.
In case the tenure for the Domestic/NRO deposit is 7 to 45 days, Punjab National Bank offers an interest rate of 6%. The lender offers an interest rate of 6.25% for a tenure of 46 to 90 days.
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Non-Callable Fixed Deposit schemes do not have a lock-in period. The amount that the investor has deposited cannot be withdrawn until it matures with exceptions including bankruptcy of the account holder, winding up of business, orders by, in the case of death, et cetera.
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