PNB hikes FD interest rates again this month; super senior citizens to get 7.8% on this FD tenure

Punjab National Bank (PNB) has increased interest rates of fixed deposits (FD) again this month for amounts less than Rs 2 crore. The new interest rates are effective from October 26, 2022, according to the PNB website.

Previously, PNB had hiked FD interest rates on October 19, 2022.

PNB fixed deposit interest rates

Effective from October 26, 2022, PNB will offer an interest rate of 4.50% on deposits maturing in 46 days to 90 days, an increase of 75 bps. On deposits maturing in 180 days to less than one year, the bank will now offer an interest rate of 5.50% from 5%.

PNB has increased the interest rate on deposits maturing from one year and up to 599 days by 60 basis points (bps), raising it from 5.70% to 6.30%. The bank will offer an interest rate of 7% on deposits maturing in 600 days.

The rate of interest on fixed deposits maturing in two to three years will now earn 6.25% from earlier 5.80%.

Deposits with maturities of more than three years and up to 10 years will earn an interest rate of 6.10% after the latest hike.

Senior citizen and super senior citizen FD rates
Senior citizens will receive an additional 50 basis points over the normal card rates for any domestic deposit maturity of less than Rs 2 crore, according to the bank's website.

The bank will offer interest rates ranging from 4% to 7.50% for elderly citizens with terms ranging from 7 days to 10 years, and 4.30% to 7.80% for super senior citizens on tenure of 600 days.

According to the PNB website, “The Senior citizens of age 60 years and up to 80 years shall get an additional rate of interest of 50 bps over applicable card rates for a period up to 5years and 80bps for a period above 5 years 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 for a period upto 5 years and 180bps for period above 5 years.”