Business

Punjab National Bank hikes interest rates on Term Deposits by 25bps

Published

8 months ago

September 6, 2023

Mumbai, 06 September 2023:  Punjab National Bank (PNB), nation’s leading public sector bank, has increased the interest rates on Domestic (Callable & Non-Callable*) & NRO Term Deposit (Callable) by 25bps. These rates are applicable on deposits of Rs 2Cr to Rs 10Cr for the tenor of 271 days to less than one-year w.e.f. 01 September 2023. On Domestic Term Deposits Callable and Non-Callable, customers will receive interest rates of 6.75% p.a. (per annum) and 6.80% p.a. respectively while on NRO Term Deposits (Callable), it will be 6.75% p.a.

The interest rates for PNB UTTAM (non-callable) Fixed Deposit Scheme have been also increased. The interest rate for a single domestic term deposit (non-callable) above Rs 15 Lakh that matures between 271 days to less than a year will be 6.80% p.a.

New and existing customers of PNB can avail this scheme either in person by visiting the nearest PNB branch or online through internet banking facility or via the PNB ONE mobile app.

Period		Rate of Interest (w.e.f. 01.09.2023)
On Domestic Term Deposits (Callable)
271 days to < 1 year		6.75% p.a.
On Single Domestic Term Deposits (Non- Callable) *
271 days to < 1 year	6.80% p.a.
On Single NRO Term Deposits (Callable)
271 days to < 1 year		6.75% p.a.
*On Single Domestic Term Deposit (Non- Callable) under PNB UTTAM Fixed Deposit Scheme**
-271 days to < 1 year		6.80% p.a.