Punjab National Bank (PNB) has revised its fixed deposit (FD) interest rates with effect from August 1, 2024.
The maximum rate of interest is now 7.25 percent for 400 days. For 300 days, the rate of interest is 7.05 percent. For other tenures, the rate of interest ranges between 3.5 percent to 7.25 percent.
On one-year tenure, the rate of interest is 6.80 per cent. On two-year tenure, the interest rate is 6.8 percent.
On a three-year tenure, the interest rate is 7 percent. On four-year tenure, the interest rate is 6.5 percent. On five-year tenure, the interest rate is 6.5 percent.
On 7-45-day FD, PNB now offers an interest of 3.5 percent per annum. On 46-179-day FD, the bank offers 4.5 percent per annum.
On 180- 270-day FD, PNB now offers 6.25 percent. On a 271-299-day fixed deposit, PNB offers 6.50 percent.
On a 300-day fixed deposit, PNB now offers 7.05 percent. On 301-day to one year FD, the bank now offers 6.5 percent.
For senior citizens
It is vital to remember that senior citizens are entitled to receive an extra 50 basis points.
Senior citizens are entitled to receive 7.75 per cent on a 400-day FD. When the FD is for 300 days, the rate of interest is 7.55 percent. When the FD is for one year, the rate of interest is 7.30 percent.
At the same time, super senior citizens are offered an extra 30 basis points over and above what is offered to senior citizens.
On 2-3-year FD, rate of interest offered for super senior citizens is 7.80 per cent. On a 400-day FD, rate of interest offered is 8.05 per cent.
Meanwhile, Bank of India also revised its fixed deposit rates for deposits less than ₹3 crore and for deposits ranging from ₹3 crore to ₹10 crore. Now, Bank of India offers interest rates on deposit tenors of 7 days to 10 years ranging from 3 percent to 6 percent for fixed deposits up to ₹10 crore.
These interest rates on these deposits are effective from August 1, 2024.