PNB Raises Interest Rates On Fixed Deposits; Those Over 80 Years Of Age To Now Get 8.05%

State-owned Punjab National Bank has revised upwards its interest rate offering on select tenures, with effect from Monday, December 19. The lender will now offer 7.25 per cent on deposits for 666 days to general public, compared with 6.30 per cent earlier. It has also raised FD interest rates by 40 basis points each on deposit tenure of ‘above 3 years and up to 5 years’ and ‘above 5 years and up to 10 years’ to 6.50 per cent each.

“Senior citizens of age 60 years and up to 80 years shall get an additional rate of interest of 50 bps over applicable card rates for a period up to 5 years and 80bps for a period above 5 years on domestic deposits of less than Rs. 2 Crore. In the case of staff members as well as retired staff members who are also Senior Citizens, a maximum rate of interest to be allowed over the applicable card rate shall be 150 bps for a period up to 5 years and 180 bps for a period above 5 years,” according to PNB’s website.

It added that super senior citizens of age above 80 years shall get an additional rate of interest of 80 bps over the applicable card rate across all maturity buckets. In the case of staff members as well as retired staff members who are also Super Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 180 bps over applicable card rate across all maturity buckets.

So, super senior citizens will be eligible to get up to 8.05 per cent annual interest on deposits for 666 days.

Here are the revised interest rates on fixed deposits below Rs 2 crore at the Punjab National Bank (per annum) effective from December 19:

7 days to 14 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent

15 days to 29 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent

30 days to 45 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent

46 days to 90 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent

91 days to 179 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent

180 days to 270 days: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

271 days to less than 1 year: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

1 year: For General Public – 6.30 per cent; For Senior Citizens – 6.80 per cent

Above 1 year to 599 days: For General Public – 6.30 per cent; For Senior Citizens – 6.80 per cent

600 days: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent

601 days to 665 days: For General Public – 6.30 per cent; For Senior Citizens – 6.80 per cent

666 days: For General Public – 7.25 per cent; For Senior Citizens – 7.75 per cent

667 days to 2 Years: For General Public – 6.30 per cent; For Senior Citizens – 6.80 per cent

Above 2 years up to 3 years: For General Public – 6.25 per cent; For Senior Citizens – 6.75 per cent

Above 3 years up to 5 years: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent

Above 5 years to 10 years: For General Public – 6.50 per cent; For Senior Citizens – 7.30 per cent.

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