PNB revises fixed deposit rate to 8%

Punjab National Bank (PNB) on Tuesday revised interest rates on fixed deposits above Rs one crore to 8 per cent for maturity over one year.

The bank has decided to revise interest rates on single domestic term depsoit for Rs 1 crore to Rs 10 crore from December 1, PNB informed the Bombay Stock Exchange. With this revision, the peak rate in this segment is 8 per cent, it said.

Meanwhile, Allahabad Bank also launched 300 days deposit scheme with 8 per cent interest rate.