PNB FD Interest Rate 2022: Fixed deposit rates hiked for senior, super senior citizens; details here

Punjab National Bank (PNB) has come out with a lucrative offer on fixed deposits for senior citizens and super senior citizens. According to the website of the PNB, the FD interest rate has been increased for one tenure for senior citizens and on all tenures for super senior citizens. 

The bank has hiked the rates by up to 30 bps for amounts up to Rs 2 crore and the new rates came into effect from September 13, 2022. The PNB has increased the FD interest rate for senior citizens to 6.45 per cent from 6.15 per cent for the tenure of 5-10 years.

"The revised interest rates is applicable to fresh Deposits and renewal of existing deposits with effect from 13.09.2022," said the bank on its website.

The bank further added, "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 5 years and 80bps for a period above 5 years on domestic deposits of less than Rs 2 crore."

It said that in the case of staff members as well as retired staff members who are also Senior Citizens, the maximum rate of interest to be allowed over the applicable card rate shall be 150 bps for a period up to 5 years and 180bps for a period above 5 years.

The PNB said that super senior citizens (aged above 80 years) will get an additional rate of interest of 80bps over the applicable card rate across all maturity tenures. 

"In case of staff members as well as retired staff members who are also Super Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 180 bps over applicable card rate across all maturity buckets," it said.

The bank added that in the case of the PNB Tax Saver Fixed deposit scheme, staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest over the applicable card rate will be 100 bps.