PNB hikes fixed deposit rates by up to 30 bps

Punjab National Bank (PNB) has hiked interest rates on fixed deposits (FDs) on select tenures.

The new interest rates will be applicable for deposits of less than ₹2 crore. The new rates are effective from today, 20 February 2023, according to the bank's website.

The interest rate hike ranges between 5 and 30 bps. For deposits maturing between 271 days and less than 1 year, the bank has hiked the interest rate by 30 bps to 5.80%.

FDs maturing between one year and 665 days, will be increased by 5 bps to 6.80%.

FDs maturing between 667 days and 2 years will earn an interest rate of 6.80 %.

After the latest hike, PNB will offer an interest rate ranging from 3.5% to 7.25% on deposits maturing in 7 days to 10 years.

PNB latest FD rates effective 20 February 2023

7 to 14 days 3.50%

15 to 29days 3.50%

30 to 45 days 3.5%

46 to 90 days 4.50%

91 to 179 days 4.50%

180 days to 270 Days 5.50%

271 days to less than 1 year 5.80%

1 year 6.80%

Above 1 year to 665 days 6.80%

666 days 7.25%

667 days to 2 years 6.80%

above 2 year & upto 3 years 7%

above 3 year & upto 5 years 6.50%

above 5 years & upto 10 years 6.50%

PNB will offer an interest rate ranging from 4% to 7.75% on deposits maturing in 7 days to 10 years to senior citizens

PNB will offer an interest rate ranging from 4.3% to 8.05% on deposits maturing in 7 days to 10 years to super senior citizens. Super senior citizens are people aged 80 and above.

Many banks including the State Bank of India (SBI), Axis Bank, Kotak Mahindra, IndusInd Bank, among others have hiked fixed deposit (FD) interest rates soon after the Reserve Bank of India hiked the repo rates by 25 basis points on 8 February.