The third largest Public Sector Bank (PSB) recently increased its FD rates. The bank will continue to offer a 3% & 3.25 % interest rate on fixed deposits with maturities between 7 and 45 days & 46 and 90 days. Similarly, the bank will continue to offer 4% and 4.5% on deposits maturing in 91 to 179 days and 180 days or less than a year, respectively.
The bank will now offer 5.30% interest on deposits maturing in one year and up to two years, up from 5.20%, or a 10 basis point increase. The interest rate on deposits with maturities of two to three years has been raised by 20 basis points, from 5.30 percent to 5.50 percent. Depositors will receive 5.50 percent for deposits maturing between two and three years and up to five years, and 5.60 percent for deposits maturing between five years and ten years. The bank will offer a 5.50 percent interest rate on a special 1111-day term deposit.
Rate Of Interest On Single Domestic / NRO / NRE Term Deposits (TD) Up To Rs.2 Cr. (Callable)
| Period | ROI (% p.a.) | For Senior Citizen ROI (% p.a.) |
|---|---|---|
| 7 to 14 days | 300.00% | 3.5 |
| 15 to 29days | 3 | 3.5 |
| 30 to 45 days | 3 | 3.5 |
| 46 to 90 days | 3.25 | 3.75 |
| 91 to 179 days | 4 | 4.5 |
| 180 days to 270 Days | 4.5 | 5 |
| 271 days to less than 1 year | 4.5 | 5 |
| 1 year | 5.3 | 5.8 |
| above 1 year & upto 2 years | 5.3 | 5.8 |
| above 2 year & upto 3 years | 5.5 | 6 |
| above 3 year & upto 5 years | 5.5 | 6 |
| above 5 years & upto 10 years | 5.6 | 6.1 |
| 1111 days | 5.5 | 6 |
Please Note – For all maturities on domestic deposits of less than Rs. 2 Crore, senior citizens will receive an additional rate of interest of 50 basis points over applicable card rates. The maximum rate of interest allowed over the applicable card rate for staff members and retired staff members who are also Senior Citizens is 150 bps, except in the case of the PNB Tax Saver Fixed deposit scheme, where the maximum rate of interest allowed over the applicable card rate is 100 bps.
PNB Uttam Fixed Deposit Scheme (Non-Callable)
The PNB Uttam Fixed Deposit Scheme is a special deposit scheme offered by the bank to customers that allows them to deposit amounts greater than Rs 15 lakh and above. The term of this deposit plan can range between 91 and 1111 days, and the interest rate can range between 4.05 and 5.55 percent. This scheme also provides a 111-day tenure maturity period deposit, but it is only available for deposits ranging from Rs 15 lakh to less than Rs 2 crore.
Interest rates with effect from 04 July 2022 for deposits above 15 lakh
| Period | ROI (% p.a.) on Above Rs 15 Lakh To Less Than Rs.2cr | ROI (% p.a.) Above Rs.2 Cr. To Rs 10 Cr |
|---|---|---|
| 91 to 179 days | 4.05 | 5.05 |
| 180 days to 270 Days | 4.55 | 5.05 |
| 271 days to less than 1 year | 4.55 | 5.05 |
| 1 year | 5.35 | 5.35 |
| above 1 year & upto 2 years | 5.35 | 5.35 |
| above 2 year & upto 3 years | 5.55 | 5.55 |
| above 3 year & upto 5 years | 5.55 | 5.55 |
| above 5 years & upto 10 years | 5.65 | 5.65 |
| 1111 days | 5.55 |
Please Note – With effect from October 1, 2020, the scheme of 333 days, 444 days, and 555 days tenure Domestic Term Deposit under Callable and PNB Uttam (Non-Callable) deposits, including NRE and NRO deposits, will be discontinued.
Source- PNBindia.in