State-run Punjab National Bank (PNB) has revised its fixed deposit rates. The changes have come into effect from Thursday, August 1. According to the bank's official website, PNB has lowered interest rates by up to 0.50 percentage points on certain maturities. For instance, on maturity periods of 7-14 days and 15-29 days, PNB is offering an interest rate of 5 per cent for general public and 6 per cent for senior citizens as opposed to 5.50 per cent and 5 per cent respectively earlier.
PNB has also increased the interest rates on certain maturities including for a period of 3-5 years. It will provide an interest rate of 6.5 per cent on the same to general public and 7 per cent to senior citizens as opposed to 6.25 per cent and 6.75 per cent respectively.
The bank also stated that senior citizens shall get an additional 50 bps for all maturities on domestic deposits of less than Rs 2 crore. "In case of staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 150 bps except in case of PNB Tax Saver Fixed deposit scheme, where the maximum rate of interest to be allowed over applicable card rate is 100 bps," stated the bank.
State Bank of India has also revised its fixed deposit interest rates across all maturities with effect from August 1.