PNB Increases Interest Rates on FD; Know How Much Return Will You Get Now

PNB FD Interest Rates: In order to control high inflation, the Reserve Bank of India (RBI) is in the monetary policy tightening mode raising the key repo rates. It is increasing the cost of borrowing for lenders. As a result, the banks are also pushing up their interest rates on loans and deposits. Several lenders, including ICICI Bank, HDFC and Punjab National Bank, have raised their interest rates on loans and fixed deposits. Here’re the latest FD interest rates of PNB applicable to deposits below Rs 2 crore:

Punjab National Bank’s FD Interest Rate (On Deposits Below Rs 2 Crore):

7 days to 14 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent

15 days to 29 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent

30 days to 45 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent

46 days to 90 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent

91 days to 179 days: For General Public – 4.00 per cent; For Senior Citizens – 4.50 per cent

180 days to 270 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent

271 days to less than 1 year: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent

1 year: For General Public – 5.20 per cent; For Senior Citizens – 5.70 per cent

Above 1 year to 2 years: For General Public – 5.20 per cent; For Senior Citizens – 5.70 per cent

Above 2 Years to 3 Years: For General Public – 5.30 per cent; For Senior Citizens – 5.80 per cent

Above 3 years to 5 years: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

Above 5 years to 10 years: For General Public – 5.60 per cent; For Senior Citizens – 6.10 per cent

1111 days: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent.

The RBI’s Monetary Policy Committee last week unanimously decided to raise the repo rate by 50 basis points to 4.90 per cent with the focus on withdrawal of accommodation. It has prompted the lenders to hike interest rates on loans.

According to the latest official data, retail inflation slightly eased to 7.04 per cent in May. Core CPI inflation fell to 6.2 per cent in May. It stood at 7 per cent in April. Food inflation marginally lowered to 7.97 per cent in May, compared to 8.38 per cent in April. Fuel and light inflation dropped to 9.54 per cent in May, against 10.80 per cent in April. However, vegetable inflation in May jumped to 18.26 per cent, from 15.41 per cent in April.

Wholesale price-based inflation rose to a record high of 15.88 per cent in May on rising prices of food items and crude oil. The Wholesale Price Index-based inflation was 15.08 per cent in April and 13.11 per cent in May last year.

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