Public sector lender, Punjab National Bank (PNB) has once more announced an increase in interest rates for fixed deposits under Rs. 2 crores. According to the bank’s official website, the higher interest rates on fixed deposits will go into effect on August 19, 2022. Before this, PNB raised the interest rates on fixed deposits over various tenors by 5 to 20 bps on August 17, 2022. After today’s increase, the bank’s fixed deposit rates, which have increased twice this week, now range to 6.10%.

PNB will now offer interest rates of 5.50% on fixed deposits maturing in 404 days or more and up to 1 year, 6.10% on deposits maturing in 405 days, and 5.50% on deposits maturing in 406 days to 2 years. Previously, the bank had guaranteed to pay deposits maturing in more than a year to two years of interest at a rate of 5.50%. PNB has said on its website that “the increased interest rates will apply to new Deposits and renewal of existing Deposits with effect from 19.08.2022.”

PNB now offers a maximum interest rate of fixed deposits due in 405 days to the public at 6.10% and senior citizens of 6.60%. PNB currently gives an interest rate of 5.75% to the public and 6.25% to senior citizens on 5-year tax-saving deposits.

PNB changed the interest rate today for the non-callable “PNB UTTAM FIXED DEPOSIT SCHEME.” From 19.08.2022, PNB will provide an interest rate range of 4.05% to 5.80% on Uttam Deposit Accounts with maturities between 91 and 1111 days. When the PNB Uttam Deposit Scheme matures in 405 days, investors would now get a maximum interest rate of 6.15%.