PNB FD Interest Rates: Revised Rates for Fixed Deposits

Punjab National Bank (PNB) has updated its fixed deposit (FD) interest rates for deposits under Rs 2 crore, effective April 12, 2024. These revised rates cater to regular citizens, senior citizens, and super senior citizens.

Regular Citizens

The new FD rates for regular citizens range from 3.50% to 7.25%, depending on the deposit term. These rates reflect a slight reduction from previous levels, with a decrease of up to 15 basis points (bps) for selected terms.

Senior Citizens

Senior citizens, aged 60 to 80 years, enjoy interest rates ranging from 4% to 7.75%.

Super Senior Citizens

Super senior citizens, aged 80 years and above, receive even more favorable rates, ranging from 4.30% to 8.05%.

Special Rates

PNB offers special FD schemes to commemorate its foundation day, called the PNB Palaash scheme. These schemes carry higher interest rates than standard FDs, but the 1204-day and 1895-day term rates have been reduced by 10 bps and 15 bps, respectively.

Insight:

These interest rate adjustments align with the current market conditions, where banks are cautiously navigating the economic landscape. The reduced rates for some terms provide a balance between offering attractive returns to depositors while maintaining financial stability.

Remember:

The additional interest rate benefit for senior citizens does not apply to Non-Resident Ordinary (NRO) deposits. Before making an FD investment, it's advisable to compare rates across different banks and consider your financial goals to make an informed decision.

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