Recently, the Reserve Bank of India held an important meeting of the MPC in August, in which no change was made in the repo rate. Earlier, the RBI had cut the repo rate by 1 percent. RBI had reduced the repo rate by 0.25 percent in February, 0.25 percent in April, and then 0.50 percent in June. After the RBI cut the repo rate by 1 percent, banks cut the interest rates of FDs. Currently, Punjab National Bank (PNB) is offering interest rates ranging from 3.25 percent to 7.40 percent on its FD.
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Interest rate on PNB FD
FD can be taken in PNB for a period of 7 days to 10 years. PNB is giving the highest interest on an FD of 390 days. PNB is offering a 6.60% interest rate to general citizens, 7.10% to senior citizens, and 7.40% to super senior citizens (elderly people above 80 years of age) on its 390-day FD. On the other hand, Punjab National Bank is offering a 6.40% interest rate to general citizens, 6.90% to senior citizens, and 7.20% to super senior citizens on its 2-year FD.
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How much will be the profit on depositing 2 lakh rupees in 2 2-year FDs?
If 2 lakh rupees are deposited in 2 2-year FDs in PNB, then general citizens will get a total of 2,27,080 rupees on maturity, out of which 27,080 rupees is for interest. On the other hand, if a senior citizen deposits 2 lakh rupees in 2 2-year FDs in PNB, then a total of 2,29,325 rupees will be received, out of which 29,325 rupees will be received as interest. If a super senior citizen deposits Rs 2 lakh in a 2-year FD in PNB, he will get a total of Rs 2,30,681, of which Rs 30,681 will be interest.