FD Rates Hike: There is good news for those who have deposited hard earned money in the bank. PNB has announced an increase in interest rates on FD and savings account.
new Delhi. On the first day of the new year, good news has come for the customers of Punjab National Bank. Actually, Public Sector Bank PNB (PNB) has increased the savings account and Fixed Deposit interest rates of less than Rs 2 crore. Explain that after increasing the repo rate by RBI, banks are increasing the rates of deposits.
According to the official website of the bank, the new rates have come into effect from January 1, 2023. After the change, PNB has increased the interest rate on savings account by 25 basis points, while FD interest rates have increased by up to 50 basis points.
PNB Savings Account Interest Rates
PNB will continue to offer an interest rate of 2.70 per cent per annum on savings account balances of less than Rs 10 lakh. PNB will continue to pay 2.75 per cent interest rate if the balance amount of the savings account is less than Rs 10 lakh to Rs 100 crore. The bank has increased the interest rate by 25 basis points (0.25 percent) on the balance of savings account of Rs 100 crore and above, from 2.75 percent to 3 percent per annum.
PNB FD rates
PNB will continue to offer 3.50 per cent interest rate on FDs of 7 to 45 days. The bank will continue to offer an interest rate of 4.50 per cent on FDs of 46 to 179 days and 5.50 per cent on FDs of 180 days to less than 1 year. The bank has increased the interest rate on FDs of 1 year to 665 days by 45 basis points (0.45 per cent) from 6.30 per cent to 6.75 per cent. The interest rate of 7.25 percent will continue on 666 days FD. 6.75 percent interest rate will be available on fixed deposits of 667 days to 2 years. PNB has increased the interest rates on fixed deposits of more than 2 years and up to 3 years to 6.75 percent. The bank will continue to pay 6.50% on FDs of more than 3 years and up to 10 years.
RBI has increased the repo rate 5 times this year
Reserve Bank had increased the repo 5 times last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.