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PNB Fixed Deposit Interest Rates: Public Sector lender Punjab National Bank, or PNB, has announced a hike in its fixed deposit interest rates. The PNB FD rates are applicable on deposits below Rs 2 crore and will be effective from July 4, Monday. Following the PNB fixed deposit interest rate hike, deposits with tenors between 1 to 3 years will be increased by 10 to 20 bps. Rates for other tenors have been kept unchanged, PNB said on its website. Recently, several lenders, including ICICI Bank, State Bank of India and HDFC Bank, increased their interest rates for deposits. PNB’s move comes after that.

For deposits between tenures of over one year and up to two years, the PNB FD rates have been hiked by 10 bps to 5.30 per cent, up from the earlier 5.20 per cent. For deposits maturing in 2 years and up to three years, PNB FD interest rates have been hiked to 5.50 per cent, up by 20 bps. Other rates have been kept unchanged by the Punjab National Bank.

Here are the revised interest rates on fixed deposits below Rs 2 crore at the Kotak Mahindra Bank (per annum) effective from July 4:

7 days to 14 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent

15 days to 29 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent

30 days to 45 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent

46 days to 90 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent

91 days to 179 days: For General Public – 4.00 per cent; For Senior Citizens – 4.50 per cent

180 days to 270 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent

271 days to less than 1 year: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent

1 year: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent

Above 1 year to 2 years: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent

Above 2 Years to 3 Years: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

Above 3 years to 5 years: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

Above 5 years to 10 years: For General Public – 5.60 per cent; For Senior Citizens – 6.10 per cent

1111 days: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

“The Senior citizens shall get an additional rate of interest of 50 bps over applicable card rates for all maturities on domestic deposits of less than Rs. 2 Crore. In case of staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 150 bps except in case of PNB Tax Saver Fixed deposit scheme, where the maximum rate of interest to be allowed over applicable card rate is 100 bps,” said the PNB on its website.

The new PNB FD interest rates have become effective nearly a month after the Reserve Bank of India hiked its repo rates by 50 basis points to tackle inflation.

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