Punjab National Bank raises term deposit interest rate by 25 basis points - check latest rates

These changes in rates will be applicable to deposits of Rs 2 crore to Rs 10 crore with maturities ranging from 271 days to less than one year, with effect from September 1, 2023.

For the PNB Uttam Scheme, the earlier rates were at 6.55 per cent per annum. Image Courtesy: Reuters.

Good news for PNB account holders! Punjab National Bank (PNB) has announced an increase in the interest rates on domestic term deposits (callable and non-callable) and NRO term deposits (callable) by 25 basis points (bps) on Wednesday, September 6. These changes in rates will be applicable to deposits of Rs 2 crore to Rs 10 crore with maturities ranging from 271 days to less than one year, with effect from September 1, 2023.

As per the official release, PNB account holders can now get an interest rate of 6.75 per cent per annum on callable domestic term deposits and 6.80 per cent per annum on non-callable domestic term deposits. On callable NRO term deposits, customers will get a 6.80 per cent per annum interest rate.

Moreover, the bank has mentioned the increase in interest rates for their non-callable fixed deposit scheme, which is known as PNB Uttam, to 6.80 per cent per annum for amounts above Rs 15 lakh that mature between 271 days and less than one year.

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The bank has also said that non-callable domestic term deposits do not have a premature withdrawal option available in the press release.

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.

*no premature withdrawal option available

Earlier, the interest rates on the callable domestic term deposits and the non-callable domestic term deposits were 6.50 per cent and 6.55 per cent per annum, respectively. On callable NRO term deposits, the previous interest rates were 6.55 per cent per year. For the PNB Uttam Scheme, the earlier rates were at 6.55 per cent per annum.

The bank has mentioned that customers, both new and current, can take advantage of these schemes and rate changes in person by visiting their nearest PNB branch, online via internet banking, or via the PNB ONE mobile app.

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