As the RBI raised the standard interest rate by 35 basis points earlier this month, major Indian banks, both private and public, recently announced a change in their Fixed Deposit (FD) rates. Punjab National Bank (PNB) is the most recent bank to follow suit, revising its FD interest rates effective today, February 20th, 2023.
Punjab National Bank has announced a change 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 |
The bank has also increased the rates for the PNB Uttam (Non Callable) Fixed Deposit Plan (For Deposits Over Rs. 15 Lakh) with effect 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 |
On domestic deposits of less than Rs. 2 crore, senior people 60 years of age and older (up to 80 years of age) will receive an additional rate of interest of 50 basis points (bps) over the applicable card rates for a term up to 5 years and 80 bps for a period above 5 years. According to the bank, the maximum rate of interest over the applicable card rate for current employees and retired employees who are also senior citizens shall be 150 bps for a term up to 5 years and 180 bps for a time above 5 years.
Additionally, Super Senior Citizens who are over 80 years old will receive an additional rate of interest that is 80 basis points higher than the corresponding card rate for all maturity buckets.
The maximum rate of interest that can be charged above the applicable card rate for employees and retired employees who are also Super Senior Citizens is 180 bps over the applicable card rate for all maturity buckets, according to PNB.
The benchmark repo rate was increased by the Reserve Bank of India on December 7 by 35 basis points to 6.25 percent, marking the sixth straight increase since May. Since May of this year, the RBI has increased the benchmark rate a total of 2.25 percent. As a result, the bank rate, marginal standing facility rate, and standing deposit facility rate are all changed to 6.50 percent.
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