Punjab National Bank has made changes to the interest rates for fixed deposits (FDs) with a deposit amount less than Rs 2 crore.
They have increased the interest rates for certain durations, while also decreasing the rates for some other durations. These new rates came into effect from May 18, 2023. It’s worth noting that Axis Bank also reduced the interest rates on FDs for various durations recently.
PNB Increased Interest Rates on Certain Tenures
Under this new revision, PNB has increased the interest rates for certain tenures. For regular citizens, the interest rate on FDs maturing in 444 days has been raised by 45 basis points (bps), from 6.80 percent to 7.25 percent. Senior citizens, on the same tenure, will now enjoy an increased interest rate of 7.75 percent, up by 45 bps from the previous 7.30 percent. Additionally, PNB has also raised the interest rate for non-residential external (NRE) customers by 45 bps, from 6.80 percent to 7.25 percent, on FDs maturing in 444 days.
Punjab National Bank Reduced Interest Rates on Certain Tenures
Conversely, PNB has also reduced the interest rates on certain FD tenures. For regular citizens and senior citizens, the bank has decreased the interest rate on FDs maturing in 666 days. The rate has been adjusted from 7.25 percent to 7.05 percent. Similarly, for senior citizens, the interest rate on FDs of the same tenure has been lowered from 7.75 percent to 7.55 percent. Moreover, NRE customers will now receive a reduced interest rate of 7.05 percent on FDs maturing in 666 days, down from the previous rate of 7.25 percent.
Axis Bank Also Reduced FD Interest Rates
It is noteworthy that Axis Bank has also made changes to its FD interest rates. The bank has reduced the interest rates by up to 20 basis points (bps) for deposits below Rs 2 crore. These new interest rates came into effect from 18th May 2023. Axis Bank is now offering interest rates ranging from 3.5 percent to 7.10 percent on FDs with tenures ranging from 7 days to 10 years.