New Delhi: After a series of fixed deposit rate hikes, state-run Punjab National Bank (PNB) has surprisingly reduced the interest rates on term deposits less than Rs 2 crore. The new rates are effective from 1 June 2023. For one-year deposits, the bank has cut the interest rate by 5 basis points. These deposits will now fetch an interest rate of 6.75 per cent.
Read More: Ujjivan Small Finance Bank hikes deposit rates by 175 basis points
Punjab National Bank: Latest FD Rates
For general citizens, PNB offers interest rates between 3.50 per cent to 7.25 per cent for tenures ranging between 7 days to 10 years. For senior citizens, PNB offers FD interest rates between 4 per cent to 7.75 per cent for tenures ranging between 7 days to 10 years.
For super senior citizens, Punjab National Bank offers FD interest rates between 4.30 per cent to 8.05 per cent for tenures ranging between 7 days to 10 years.
Read More: What is the ideal Fixed Deposit tenor for senior citizens and others amid interest rate hikes?
Punjab National Bank Latest FD Rates (below Rs 2 crore) Effective 1 June 2023
- 7 to 14 days: 3.50 per cent
- 15 to 29 days: 3.50 per cent
- 30 to 45 days: 3.50 per cent
- 46 to 90 days: 4.50 per cent
- 91 to 179 days: 4.50 per cent
- 180 to 270 days: 5.50 per cent
- 271 days to less than 1 year: 5.80 per cent
- 1 year: 6.75 per cent
- above 1 year to 443 days: 6.80 per cent
- 444 days: 7.25 per cent
- 445 to 665 days: 6.80 per cent
- 666 days: 7.05 per cent
- 667 days to 2 years: 6.80 per cent
- above 2 year & upto 3 years: 7.00 per cent
- above 3 year & upto 5 years 6.50 per cent
- above 5 years & upto 10 years 6.50 per cent
Read More: Punjab National Bank raises MCLR: Loans, EMIs to get costlier
Punjab National Bank Hikes MCLR Rates
Punjab National Bank has hiked its marginal cost of lending rates (MCLR) by 10 basis points across all tenures. The new interest rates are effective from 1 June 2023.
As per the PNB website, the bank’s overnight benchmark marginal cost of lending has been increased to 8.10 per The rates for one month, three months, and six months have been hiked to 8.20 per cent, 8.30 per cent, and 8.50 per cent, respectively. The one-year MCLR is increased to 8.60 per cent, while the three-year MCLR has been hiked to 8.90 per cent.
