PNB introduces two new FD tenures with interest rates up to 6.1%

Punjab National Bank () has added two new tenures for fixed deposits (FD) for amounts less than Rs 2 crore.

PNB has added a new tenure of 405 days with an interest rate of 6.10 percent, effective from August 19, 2022. The other tenure which is added is 406 days to two years with an interest rate of 5.50 percent.

On August 17, the bank hiked fixed deposit interest rates by up to 20 basis points (BPS) for select tenors.

Source: Bank website

Deposits with maturities of more than three years and up to five years will continue to earn 5.75 percent interest. Fixed deposits maturing in 1111 days will pay 5.75 percent interest, while deposits maturing in more than 5 years and up to 10 years will pay 5.65 percent interest.

Senior Citizens

According to the bank’s website, senior citizens will receive an additional 50 basis points over the applicable card rates for any domestic deposit maturities of less than Rs 2 crore. Senior citizens will earn 6.60 percent interest rate on the new tenure of 405 days.