PNB raises interest rates by up to 1.25 per cent for term savings

New Delhi : Punjab National Bank on Saturday announced hike in interest rates by up to 1.25% on domestic term deposits of up to Rs10 crore for different tenures, effective 1 January 2018.

For domestic term deposits of less than Rs 1 Crores, the interest rates have been increased from 4 per cent to 5.25 per cent from the current 4% in the maturity tenure of 7 to 29 days.

For tenure of 30-45 days, the interest rates have been revised from 4.50% to 5.25%.  

For the tenure of 46 to 90 days, the interest would be up from 5.50% to 6.25%. In the maturity bucket of 91 to 179 days, the rate is up from 6 to 6.25%. 

For domestic bulk term deposits of Rs1 crore to Rs10 crore, the bank has increased the rate from 4% to 4.8% in the maturity bucket of 7 to 45 days.

Similarly, for 46 to 179 days, the rate is increased from 4% to 4.90%. In the maturity bucket of 180 days to less than one year, the rate went up from 4.25% to 5%.

For 1-year term, PNB has increased the rate from 5% to 5.7% on bulk term deposits. For the maturity term of more than 1 year to 3 years, the rate would be up from 5% to 5.5%. In the maturity buckets of 3 years to 10 years, the rate has been increased from 5% to 5.25% from Monday.

(With inputs from Agencies)