Mumbai: Leading state-owned lender in the country, Punjab National Bank (PNB) has increased its interest rates on fixed deposits and saving accounts of less than Rs 2 crores. PNB raised the interest rate on savings accounts by 25 basis points. The interest rates on fixed deposits were hiked by 50 basis points on a variety of tenors.
PNB will provide 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, to 3.00% per annum.
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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 1 year, PNB will continue to pay an interest rate of 5.50%. The interest rate on deposits maturing in 1 year to 665 days will be 6.75%.
The interest rate on deposits that mature in 666 days will remain at 7.25%, while it will be 6.75% for deposits that mature in 667 days to 2 years.The interest rates on FDs expiring in more than 2 years and up to 3 years will be 6.75.
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