PNB raises fixed deposit rates by up to 0.50%

State-run Punjab National Bank has hiked interest rates on select maturities by up to 0.50 per cent effective from November 11.

Fixed deposits for less than Rs 1 crore between 271 days to less than one year would yield interest rate of 8 per cent, up from 7.50 per cent earlier, PNB said in a filing to the BSE.

Further, term deposits for 91 days to 179 days would attract an interest rate of 7 per cent, up from 6.75 per cent.

In case of maturity period of one year and above up to 10 years, uniform interest rates of 9 per cent shall be applicable, PNB said.

For NRE term deposits between one year to less than three years maturity, the interest rate has been revised to 9 per cent, up from 8.75 per cent.

However, for domestic term deposits for amount between Rs 1 and Rs 10 crore the interest rate has been lowered to 8 per cent, from from 8.25 per cent for maturity period of 180 days to 270 days.

Earlier this week, private sector Axis Bank had revised the interest rates on select maturities for fixed deposits of less than Rs 1 crore.

The rate revision by various lenders comes after the Reserve Bank hiked interest rates by 0.25 per cent in its monetary policy on October 29.

Following this, country's largest lender State Bank of India (SBI) and HDFC Bank hiked their base rate or the minimum lending rate by 0.20 per cent to 10 per cent.