Punjab National Bank Increases Fixed Deposit Rates --Check Latest FD Rates Here

New Delhi: Major banks private and public sector banks in India have recently announced a revision in their Fixed Deposit (FD) rates after the RBI raised the key interest rate by 35 basis points earlier this month. The latest Bank to follow suit is Punjab National Bank (PNB) which has revised its FD interest rates effective from today 20th February 2023.

Punjab National Bank has announced revision in Domestic Term Deposits (Below Rs. 2 Crore) 'Interest Rates Revised W.E.F. 20.02.2023". 

Domestic/NRO $ Fixed Deposit Scheme
Sl. No	Period	Existing Rates For Public W.E.F. 01.01.2023	Revised Rates For Public W.E.F. 20.02.2023	*Existing Rates For Senior Citizens W.E.F. 01.01.2023	*Revised Rates For Senior Citizens W.E.F. 20.02.2023	#Existing Rates For Super Senior Citizens W.E.F. 01.01.2023	#Revised Rates For Super Senior Citizens W.E.F. 20.02.2023
1	7 to 14 days	3.50	3.50	4.00	4.00	4.30	4.30
2	15 to 29days	3.50	3.50	4.00	4.00	4.30	4.30
3	30 to 45 days	3.50	3.50	4.00	4.00	4.30	4.30
4	46 to 90 days	4.50	4.50	5.00	5.00	5.30	5.30
5	91 to 179 days	4.50	4.50	5.00	5.00	5.30	5.30
6	180 days to 270 Days	5.50	5.50	6.00	6.00	6.30	6.30
7	271 days to less than 1 year	5.50	5.80	6.00	6.30	6.30	6.60
8	1 year	6.75	6.80	7.25	7.30	7.55	7.60
9	above 1 year to 665 days	6.75	6.80	7.25	7.30	7.55	7.60
10	666 days	7.25	7.25	7.75	7.75	8.05	8.05
11	667 days to 2 years	6.75	6.80	7.25	7.30	7.55	7.60
12	above 2 year & upto 3 years	6.75	7.00	7.25	7.50	7.55	7.80
13	above 3 year & upto 5 years	6.50	6.50	7.00	7.00	7.30	7.30
14	above 5 years & upto 10 years	6.50	6.50	7.30	7.30	7.30	7.30

Also, the rates for PNB Uttam (Non Callable) Fixed Deposit Scheme( For Deposit Above Rs. 15 Lakh) has also been revised by the bank effective from February 20.

PNB Uttam (Non Callable) Fixed Deposit Scheme( For Deposit Above Rs. 15 Lakh)
Sl. No	Period	Existing Rates For Public W.E.F. 01.01.2023	Revised Rates For Public W.E.F. 20.02.2023	*Existing Rates For Senior Citizens W.E.F. 01.01.2023	*Revised Rates For Senior Citizens W.E.F. 20.02.2023	#Existing Rates For Super Senior Citizens W.E.F. 01.01.2023	#Revised Rates For Super Senior Citizens W.E.F. 20.02.2023
1	91 to 179 days	4.55	4.55	5.05	5.05	5.35	5.35
2	180 days to 270 Days	5.55	5.55	6.05	6.05	6.35	6.35
3	271 days to less than 1 year	5.55	5.85	6.05	6.35	6.35	6.65
4	1 year	6.80	6.85	7.30	7.35	7.60	7.65
5	above 1 year to 665 days	6.80	6.85	7.30	7.35	7.60	7.65
6	666 days	7.30	7.30	7.80	7.80	8.10	8.10
7	667 days to 2 years	6.80	6.85	7.30	7.35	7.60	7.65
8	above 2 year & upto 3 years	6.80	7.05	7.30	7.55	7.60	7.85
9	above 3 year & upto 5 years	6.55	6.55	7.05	7.05	7.35	7.35
10	above 5 years & upto 10 years	6.55	6.55	7.35	7.35	7.35	7.35

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, said the bank.

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. 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, PNB added.

On December 7, the Reserve Bank of India hiked the key repo rate by 35 basis points to 6.25 per cent, the fifth straight increase since May. In all, the RBI has raised the benchmark rate by 2.25 per cent since May this year. Consequently, the standing deposit facility (SDF) rate is adjusted to 6 per cent and the marginal standing facility (MSF) rate and bank rate to 6.50 per cent.