DelhiDesk Punjab National Bank (PNB) has revised its interest rates on fixed deposits of less than 2 crore rupees. The bank has increased the interest rate by 45 basis points (bps) on 444-day tenor, but has reduced the interest rate by 20 bps on 666-day tenor. PNB is now offering a maximum interest rate of 7.25% for the general public, 7.75% for senior citizens, and 8.05% for super senior citizens on a tenor of 444 days. The bank will continue to offer an interest rate of 3.50% on fixed deposits that mature within the next 7 to 45 days. On May 19, PNB reported a net profit of 1,158 crore rupees for Q4FY23, up by 474.7% YoY.
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👉 The public sector lender Punjab National Bank (PNB) has revised its interest rates on fixed deposits of less than 2 Cr.
👉 The bank has hiked the interest rate by 45 bps on 444 days tenor but has reduced the interest rate by 20 bps on 666 days tenor.
👉 PNB is now offering a maximum interest rate of 7.25% for the general public, 7.75% for senior citizens and 8.05% for super senior citizens on a tenor of 444 days.
👉 PNB will continue to offer an interest rate of 3.50% on fixed deposits that mature within the next 7 to 45 days.
👉 PNB will keep its current interest rates of 5.50% for deposits with a term of 180 days to 270 days and 5.80% for deposits with a term of 271 days to less than a year.
👉 Deposits that mature in 1 year to 443 days will still earn interest at a rate of 6.80%, while those that mature in 444 days will now earn interest at a rate of 7.25%.
👉 PNB has lowered its interest rate from 7.25% to 7.05% on deposits maturing in 666 days.
👉 On domestic deposits of less than Rs. 2 crore, elderly individuals who are 60 years of age and over (up to and including 80 years) would get an additional rate of interest of 50 basis points (bps) over the appropriate card rates for a term up to 5 years and 80 bps additional for a period above 5 years.
👉 PNB reported a net profit of 1,158 crore, up significantly by 474.7% YoY in Q4FY23 and net non-performing assets (NPAs) fell 2.72 per cent in the January-March quarter.
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