Punjab National Bank hikes interest rates on FDs below Rs 2 crore (indicative picture)
On FDs of 7 to 14 days, 3% and senior citizens are getting 3.5% interest. On FDs of 15 to 29 days, the general depositor is getting 3% and senior citizens are getting 3.5% interest.
Punjab National Bank (PNB) Fixed Deposit interest rates ,PNB FD Rates) has been announced to increase. Now on fixed deposits of less than 2 crores, you will get more interest than before. The new rates of Punjab National Bank FD are applicable from July 4. The bank has announced the increase in FD rate on its official website. If you look at FDs of one to three years, then the maturity has been increased by 10 to 20 basis points. Ever since the Reserve Bank has increased its policy rate, home loan rates have been increasing. Whereas FD and recurring deposit (RD Rates) is showing an increase in interest. It is believed that the Reserve Bank can increase the repo rate in July and August also. With this, it is possible to increase the rates of FD and RD further in the coming days.
The Reserve Bank has increased the repo rate by 90 basis points in the last one month. This step has been taken to check inflation. Due to the increase in repo rate, banks have increased the lending rate of the loan, due to which the home loan has become expensive. Due to increase in the lending rate, the interest rates of the loan have increased, due to which the EMI has increased. However, those investing in FD and RD have benefited as the rate of FD and RD is seeing an increase due to increase in repo.
FD rates of PNB
On FDs of 7 to 14 days, 3% and senior citizens are getting 3.5% interest. On FDs of 15 to 29 days, the general depositor is getting 3% and senior citizens are getting 3.5% interest. Similarly, the interest rate on FDs of 30 to 45 days is also the same. For 46 to 90 days, general public is getting 3.25 and senior citizens are getting 3.75 percent interest. 4% interest is being given on FDs with maturity of 91 to 179 days and 4.5% for senior citizens.
FDs of 180 days to 270 days are 4.5 and senior citizens 5%, 271 to 1 year FDs 4.5 and senior citizens 5 percent, 1 year FDs 5.3 and senior citizens 5.8, 1 to 2 year FDs But 5.3 and 5.8 to senior citizens, 5.5 and 6% interest is being given to senior citizens on FDs of 2 to 3 years. On FDs of 3 to 5 years, 5.5 and 6% for senior citizens, 5.6 for 5 to 10 years and 6.1% for senior citizens and FDs of 1111 days, 5.5 and 6% for senior citizens are being given to the general public.