Curated By: Business Desk
Last Updated: November 06, 2023, 13:29 IST
According to the financial institution’s official web site, the brand new FD charges take impact on November 1, 2023.
For fastened deposits (FDs) value lower than Rs 2 Cr, the general public sector lender Punjab National Bank has raised rates of interest by as much as 50 foundation factors.
Punjab National Bank (PNB) has come bearing a pre-Diwali reward for its prospects, saying a considerable improve in rates of interest for fastened deposits (FDs) valued at lower than Rs 2 crore. This public sector lender has raised its FD charges by as much as 50 foundation factors, efficient from November 1, 2023. The transfer presents prospects with a possibility to earn increased returns on their deposits.
Here’s a breakdown of the revised PNB FD charges (for deposits lower than Rs 2 crore):
7 days to 14 days: General public – 3.50 per cent; Senior residents – 4.00 per cent
15 days to 29 days: General public – 3.50 per cent; Senior residents – 4.00 per cent
30 days to 45 days: General public – 3.50 per cent; Senior residents – 4.00 per cent
46 days to 90 days: General public – 4.50 per cent; Senior residents – 5.00 per cent
91 days to 179 days: General public – 4.50 per cent; Senior residents – 5.00 per cent
180 days to 270 days: General public – 6 per cent; Senior residents – 6.50 per cent
271 days to lower than 1 yr: General public – 6.25 per cent; Senior residents – 6.75 per cent
1 yr: General public – 6.75 per cent; Senior residents – 7.25 per cent
More than 1 yr to 443 days: General public – 6.80 per cent; Senior residents – 7.30 per cent
444 days: General public – 7.25 per cent; Senior residents – 7.75 per cent
445 to 665 days: General public – 6.80 per cent; Senior residents – 7.30 per cent
666 days: General public – 7.05 per cent; Senior residents – 7.55 per cent
667 days to 2 years: General public – 6.80 per cent; Senior residents – 7.30 per cent
More than 2 to three years: General public – 7.00 per cent; Senior residents – 7.50 per cent
More than 3 to five years: General public – 6.50 per cent; Senior residents – 7.00 per cent
From 5 years to 10 years: General public – 6.50 per cent; Senior residents – 7.30 per cent
The most notable rate of interest of seven.25 per cent, 7.75 per cent for senior residents and eight.05 per cent for tremendous senior residents is obtainable for a 444-day time period. The financial institution’s revised FD charges purpose to supply prospects with extra aggressive returns on their deposits, making it a fascinating funding possibility.
PNB not too long ago reported a major enhance in web revenue for the July-September quarter of the present monetary yr, recording a exceptional 327 per cent improve from Rs 411.27 crore in Q2 FY23 to Rs 1,756 crore. The financial institution’s web curiosity revenue additionally exhibited substantial progress, marking a 20 per cent yr-on-yr improve to Rs 9,922 crore in Q2 FY24 from Rs 8,271 crore in the identical quarter of the earlier fiscal yr.
