Punjab National Bank: If you also have an account in Punjab National Bank, then this news is of your use. Yes, Punjab National Bank (PNB), one of the country’s largest public sector banks, has increased the interest rate on fixed deposits (FD) for the second time in a week. The bank has made this increase in interest rate on fixed deposits (FDs) less than Rs 2 crore with effect from October 26. The bank has raised the interest rate on FDs earlier on October 19.
1.90 percent increase
After this in the repo rate, all private and government banks have increased the interest rate on FD, giving its benefit to the customers. Apart from this, the interest rate of savings accounts has also been increased. This has also affected the interest rate of home loans, car loans and personal loans.
6.30 percent interest on FDs from one year to 599 days
According to the information given on the official website of PNB, the interest rate on FDs of 46 days to 90 days has increased by 75 bps. It has increased to 4.50 percent. Similarly, FDs of less than one year from 180 days will get an interest of 5.5 percent instead of 5 percent. For FDs of one year to 599 days, the interest rate has been increased by 60 bps. Now it has become 6.30 percent, earlier it was 5.70 percent.
Interest up to 7.80 percent for very senior citizens
Similarly, interest on FDs from two years to three years has been increased from 5.80 per cent to 6.25 per cent. After the latest hike, the interest rate for tenures ranging from three years to 10 years has increased to 6.10 per cent. Senior citizens will get 50 bps additional interest over the normal rate. They will get interest from 4 per cent to 7.50 per cent. Seniors who are really elderly will receive interest rates between 4.30 and 7.80 percent.
Earlier, on the occasion of Diwali, Punjab National Bank had introduced PNB 600 days FD scheme for the customers. Under this offer, bank customers were offered tremendous returns on FD. Under the PNB 600 days FD scheme, interest ranging from 6.50 to 7.30 per cent was offered to the customers. The information about this offer was tweeted by the bank. The PNB website has information about this deal as well.
Read More: Tax Saving Options: If you want to reduce your taxable income, add these 5 allowances right away.
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