Punjab National Bank (PNB) has modified/changed its fixed deposit (FD) interest rates with effect from 1st September 2019. The bank has reduced the interest rates by up to 0.50 percentage point on select maturities, as per PNB’s official website. On maturity periods between 7 to 14 days and 15 to 29 days, the lender is giving an interest rate of 4.5% to the general public & 5% to senior citizens on deposits of up to Rs. 2 crore. Earlier, PNB provided interest rates of 5% and 5.5% on these FD maturities respectively.
On FDs of 1 to 3 years maturity period, the bank has cut its interest rates by 0.25 percentage point. After the change, now it is offering interest at the rates of 6.5% and 7% on such deposits to the general public as well as senior citizens respectively.
Latest PNB Fixed Deposits Interest Rates
Have a look at the new interest rates paid by Punjab National Bank on FDs up to Rs. 2 crore with effect from 1st September:
|
Period |
General public |
Senior citizens |
|
7 to 14 days |
4.5% |
5% |
|
15 to 29 days |
4.5% |
5% |
|
30 to 45 days |
4.5% |
5% |
|
46 to 90 days |
5.5% |
6% |
|
91 to 179 days |
5.5% |
6% |
|
180 days to 270 days |
6% |
6.5% |
|
271 days to less than 1 year |
6.25% |
6.75% |
|
333 days |
6.3% |
6.8% |
|
1 year |
6.6% |
7.1% |
|
444 days |
6.6% |
7.1% |
|
555 days |
6.6% |
7.1% |
|
above 1 year & up to 3 years |
6.5% |
7% |
|
above 3 year & up to 5 years |
6.5% |
7% |
|
above 5 years & up to 10 years |
6.5% |
7% |
On Friday (30th August 2019), the government had announced that Punjab National Bank, Oriental Bank of Commerce & United Bank will be amalgamated to form the country's second largest public sector bank, after the State Bank of India.
After the mega Public Sector banks merger, only 12 banks will remain in the system instead of previous 27, told Finance Minister Nirmala Sitharaman.
It is important to understand that the Fixed Deposit interest rates are subject to change time to time. Just few days back, the country's largest private lender HDFC Bank modified its FD rates.
For more details, you may contact the nearest PNB branch or check the official website.
