Punjab National Bank (PNB), the second-largest public sector lender, has revised its fixed deposit (FD) interest rates for general citizens and senior citizens. The bank now offers FD interest rates ranging from 3.5% to 6.9% for general citizens. The highest return of 6.9% is available for a 390-day FD, which is a reduction from the earlier rate of 7%.
For term deposits with a tenure of over a year to 389 days, the bank has reduced the FD interest rate by 10 basis points (bps) to 6.70%. Similarly, the interest rate on term deposits with a tenure of 391 days to 505 days, as well as 507 days to two years, has been reduced to 6.7%.
However, the bank has increased the FD rate for certain tenures. For a 1204-day tenure, the rate has been increased by 25 bps to 6.4%. Additionally, for term deposits ranging from 1205 days to five years, the rate has been increased by 25 bps to 6.5%.
Senior citizens are eligible for higher interest rates, ranging from 4% to 7.4% for various tenures. Super senior citizens, who are 80 years old or above, can earn an interest rate of up to 7.7% on a term deposit of 390 days. This makes PNB’s FDs an attractive option for senior citizens looking to invest their savings and earn a higher return.
Overall, PNB’s revised FD interest rates offer competitive returns for general citizens and senior citizens. While the bank has reduced interest rates for some tenures, it has increased rates for others, providing opportunities for investors to earn higher returns on their deposits. As with any investment, it’s essential to review the terms and conditions, including the interest rates, tenures, and any applicable penalties, before making a decision.