State-run Punjab National Bank (PNB) provides interest rates to the tune of 5.75-6.25 per cent to the general public on fixed deposits (FD) of less than Rs. 2 crore, according to its website, pnbindia.in. These interest rates on fixed deposits of less than Rs. 2 crore are applicable with effect from March 1, 2019, according to PNB's website. The bank pays slightly higher returns to senior citizen customers. In the same range of maturities, the bank pays interest at the rate of 6.25-7.25 per cent on FDs up to Rs. 2 crore, according to the bank.
Here are the latest interest rates paid by PNB on fixed deposits (FD) less than Rs. 2 crore with effect from March 1, 2019:
|Period||General public (% p.a.)||Senior citizen (% p.a.)|
|7 to 14 days||5.75||6.25|
|15 to 29 days||5.75||6.25|
|30 to 45 days||5.75||6.25|
|46 to 90 days||6.35||6.85|
|91 to 179 days||6.35||6.85|
|180 days to 270 Days||6.35||6.85|
|271 days to less than 1 year||6.35||6.85|
|above 1 year & up to 3 years||6.75||7.25|
|above 3 year & up to 5 years||6.25||6.75|
|above 5 years & up to 10 years||6.25||6.75|
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.
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