PNB hikes FD interest rates: These senior citizens can earn 8.05%

Punjab National Bank (PNB) has increased interest rates of fixed deposits (FD) for amounts less than Rs 2 crore. The new interest rates are effective from December 19, 2022, according to the PNB website

Previously, PNB had hiked FD interest rates on October 26, 2022

PNB fixed deposit interest rates

PNB raised the interest rate on deposits maturing in 666 days from 6.30% to 7.25% by 95 basis points (bps). On deposits maturing over three and ten years, the bank will now provide an interest rate of 6.50%, a 40 basis point increase from the previous rate of 6.10%.

Source: Bank website

Senior citizen PNB fixed deposit interest 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. For Senior citizen bank offers interest rate between 4% to 7.75% for tenure ranging from 7 days to ten years.

PNB raised the interest rate on deposits maturing in 666 days from 6.80% to 7.75% by 95 basis points (bps). On deposits maturing over three to five years, the bank will now provide an interest rate of 7%, a 40 basis point increase from the previous rate of 6.60%. The bank will now offer an interest rate of 7.30% on deposits due over five years to ten years, from earlier 6.90%

Super senior citizen PNB fixed deposit interest rates
For super senior citizens, the bank offers interest rates between 4.30% to 8.05% for tenure ranging from 7 days to ten years. PNB raised the interest rate on deposits maturing in 666 days from 7.10% to 8.05% by 95 basis points (bps). On deposits maturing over three and ten years, the bank will now provide an interest rate of 7.30%, a 40 basis point increase from the previous rate of 6.90%.

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. Further, Super Senior Citizens of age above 80 years shall get additional rate of interest of 80bps over applicable card rate across all maturity buckets.