Punjab National Bank (PNB) has increased interest rates of fixed deposits under Rs 2 crore by up to 95 basis points, with effect from 19 December.

 Maximum interest rate

 PNB will now offer a maximum interest rate of 7.25% for the general public, 7.75% for elderly individuals and 8.05% for super senior citizens on deposits that mature in 666 days. The increase is by 95 basis points.

 Interest rate of 6.50%

 The bank has increased rates by 40 basis points to 6.50% on FDs maturing in 3 years and up to 5 years, and above 5 years to up to 10 years.

 Senior citizens

In case of senior citizens, the rate on offer is 7.30% for deposits maturing above 5 years and up to 10 years, an increase of 40 basis points from 6.90% previously.

On deposits maturing over three to five years, the bank will now provide an interest rate of 7%, a 40 basis point increase from the previous rate of 6.60%.

Super senior citizens

 For super senior citizens of above 80 years, PNB has hiked interest rate by 40 basis points to 7.30% on deposits maturing over three and ten years.

Interest rate on FDs across other tenures for general public, senior citizens and super senior citizens are unchanged.

According to the PNB website, “The Senior citizens of age 60 years and up to 80 years shall get an additional rate of interest of 50 bps over applicable card rates for a period up to 5 years and 80bps for a period above 5 years on domestic deposits of less than Rs 2 Crore. Further, Super Senior Citizens of age above 80 years shall get additional rate of interest of 80bps over applicable card rate across all maturity buckets.”

On PNB Tax Saver Scheme, the general public will get an interest rate of 6.10%, senior citizens will get an interest rate of 6.60%, staff members will get an interest rate of 7.10% and retired senior citizens will get an interest rate of 7.10%.

PNB has mentioned on its website that “In case of staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed is 100 bps over the applicable card rates. In case of PNB Tax Saver Fixed deposit scheme, staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over  applicable card rate is 100 bps."