There is good news for the customers of Punjab National Bank (PNB), one of the big banks of the country. The bank has increased the interest rates on Fixed Deposit (FD) and NRO Term Deposits.
The interest rate has been increased by 25 basis points. The increased interest rate has come into effect from September 1. The interest rates on FDs with deposits between Rs 2 crore and Rs 10 crore which will mature in a period of 271 days to one year have been increased.
According to the information given by Punjab National Bank, now customers will get 6.75 percent interest on callable domestic term deposits, while non-callable domestic term deposits will get 6.80 percent interest annually. Similarly, customers will be given interest at the rate of 6.80 percent per annum on callable NRO term deposits.
Interest rates of PNB Uttam also increased.
Punjab National Bank has also increased the interest rates of its non-callable fixed deposit PNB Uttam. The bank will now pay 6.80 per cent interest annually on PNB Uttam FDs with deposits above Rs 15 lakh and maturing in 271 days to less than a year. The bank has also clarified that premature withdrawal will not be allowed in non-callable domestic fixed deposits of the bank.
Before the increase in interest rates, the interest rates on callable domestic term deposits and non-callable domestic term deposits were 6.50 percent and 6.55 percent per annum respectively. Similarly, earlier customers were getting 6.55 percent annual interest on callable NRO term deposits. Earlier the interest rate for PNB Uttam Scheme was 6.55 percent per annum. Punjab National Bank says that new and existing customers can take advantage of the increased interest rates.
Interest is available up to 7.25 percent.
Punjab National Bank is offering 3.50 percent to 7.25 percent annual interest on fixed deposits of less than Rs 2 crore. The bank offers FD for a period ranging from 7 days to 10 years. The bank is offering 6.75 percent interest on FDs maturing in one year with amount less than Rs 2 crore. Similarly, 7.25 percent interest is being given on FDs of more than one year and maturity in 444 days. Customers are being given 6.50 percent interest on FDs maturing above five and 10 years.
