PNB: Punjab National Bank ranks among the largest public sector banks in India. Following the recent reduction in the repo rate, numerous banks have adjusted their fixed deposit interest rates during February and March, and PNB is among those that have made changes. The bank has modified the interest rates for domestic term deposits of Rs 3 crore and above, with a reduction of 0.75% for selected tenures. These new rates took effect at the beginning of March.
Interest rate has been decreased
The interest rate for fixed deposits with tenures of less than 91 days has been decreased. The bank now offers an interest rate of 5.25% instead of the previous 6% for tenures ranging from 7 to 14 days, 15 to 29 days, and 30 to 45 days. For tenures of 46 to 60 days and 61 to 90 days, the interest rate stands at 6.25%. Currently, the bank provides a minimum interest rate of 5.25% and a maximum of 7.25% for fixed deposits with tenures from 7 days to 10 years. The highest return is available for a tenure of one year, where the bank offers an interest rate of 6.75% for three different tenures: 271 days to 299 days, 300 days, and 301 to 302 days.
Additionally, an interest rate of 6.80% is applicable for tenures ranging from 399 days to 505 days, while a rate of 6.70% is offered for a tenure of 506 days.
The revised interest rates are as follows:
– 7 days to 14 days – 5.25%
– 15 days to 29 days – 5.25%
– 30 days to 45 days – 5.25%
– 46 days to 60 days – 6.25%
– 61 days to 90 days – 6.25%
– 91 days to 179 days – 6.50%
– 180 days to 270 days – 6.65%
– 271 days to 299 days – 6.75%
– 300 days – 6.75%
– 301 days to 302 days – 6.75%
– 303 days – 7%
– 304 days to less than 1 year – 6.75%
– One year – 7.25%
– More than 1 year to 399 days – 6.80