Punjab National Bank (PNB) has changed the interest rates on fixed deposits (FD) on select maturities w.e.f. 2nd August 2019. The bank has reduced the interest rates by up to 50 basis points on maturity periods like - 7 to 14 days, 15 to 29 days, 30 to 45 days, 46 to 90 days and 91 to 179 days.
Latest PNB FD Rates
On deposits maturing in 7 to 45 days, Punjab National Bank is offering an interest rate of 5 percent to the general public while 5.5 percent to senior citizens on FDs of up to Rs.2 crore. Earlier, it paid interest rates of 5.50 percent and 6 percent on these fixed deposit maturities respectively.
Punjab National Bank's interest rate cut has come just days before the RBI Monetary Policy Review meeting on 7 August.
On FDs maturing in 46 days to 179 days, the bank has reduced the interest rate from 6.25 percent to 5.75 percent. The rates of deposits maturing in 180 days to 270 days stay unchanged at 6.25 percent.
On deposits maturing in 271 days to less than 1 year, PNB has reduced the interest rate by 20 basis points. Now these term deposits will obtain an interest rate of 6.30 percent. On 333 days, the bank has cut the interest rate from 6.75 percent to 6.30 percent.
Check PNB's Latest Interest Rate on FDs
|
Period |
General public |
Senior Citizens |
|
7 to 14 days |
5% |
5.5% |
|
15 to 29 days |
5% |
5.5% |
|
30 to 45 days |
5% |
5.5% |
|
46 to 90 days |
5.75% |
6.25% |
|
91 to 179 days |
5.75% |
6.25% |
|
180 days to 270 Days |
6.25% |
6.75% |
|
271 days to less than 1 year |
6.3% |
6.8% |
|
333 days
|
6.3% |
6.8% |
|
1 year |
6.75% |
7.25% |
|
444 days |
6.75% |
7.25% |
|
555 days |
6.75% |
7.25% |
|
Above 1 year and up to 3 years |
6.75% |
7.25% |
|
Above 3 year and up to 5 years |
6.5% |
7% |
|
Above 5 years and up to 10 years |
6.5% |
7% |
For deposits maturing in 1 year, PNB has lowered the interest rate by 5 basis points. It would offer an interest rate of 6.75 percent. For term deposits maturing in 444 or 555 days, the bank has cut the interest rate by 10 percentage points. That means you will now get an interest rate of 6.75 percent on these deposits.
PNB had revised the interest rate on its maturities just 30 days back i.e. on 1 July 2019. Senior citizens will continue to get an extra rate of interest of 0.5% on their deposits.
Meanwhile, the State Bank of India (SBI) had also cut interest rates on retail fixed deposits by up to 75 basis points (bps), w.e.f. 1 August 2019.
Many leading banks in India that includes Axis Bank, HDFC Bank, Bank of Baroda and Kotak Mahindra Bank had revised their interest rates in the month of July.
