Punjab National Bank (PNB) has revised its fixed deposit (FD) interest rates with effect from October 1, 2019. PNB has lowered the interest rates by up to 0.25 percentage point (25 basis points) on select maturities, according to the public sector lender's website -- pnbindia.in. On fixed deposits up to Rs 2 crore of a maturity period of between 271 days and 1 year, PNB now offers an interest rate of 6 per cent to the general public and 6.5 per cent to senior citizens. Previously, the bank paid interest rates of 6.25 per cent and 6.75 per cent to the general public and senior citizens respectively on FDs of this term.
After the revision, PNB now pays interest to the tune of 6.5 per cent to the general public and 7 per cent to senior citizens on fixed deposits of a one-year term, according to its website.
Here are the interest rates offered by PNB on FDs up to Rs 2 crore with effect from October 1:
|Period||General public||Senior citizens|
|7 to 14 days||4.5%||5%|
|15 to 29days||4.5%||5%|
|30 to 45 days||4.5%||5%|
|46 to 90 days||5.5%||6%|
|91 to 179 days||5.5%||6%|
|180 days to 270 Days||6%||6.5%|
|271 days to less than 1 year||6%||6.5%|
|Above 1 year & up to 2 years||6.4%||6.9%|
|Above 2 year & up to 3 years||6.25%||6.75%|
|Above 3 year & up to 5 years||6.25||6.75%|
|Above 5 years & up to 10 years||6.5||7%|
Fixed deposit interest rates are subject to change from time to time. Last month, private sector banking majors ICICI Bank and HDFC Bank cut their FD rates.
The Reserve Bank of India has so far this year reduced the repo rate by a total 110 basis points in four consecutive bi-monthly reviews. The central bank will release its fourth bi-monthly policy statement of the current financial year on Friday, October 4.
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